Buying a home can come in parts. However, one of the most critical segments of the process is coming up with a deal with the home seller, getting the best deal possible out of their offer. Therefore, homebuyers should observe the most common red flags that home sellers may manifest while acquiring the home—here are some of them.
1. Sits on Offers for Too Long
Sitting for too long on an offer is a ubiquitous red flag for home sellers as it might be challenging for a seller to decide on a specific request that they receive from a buyer. If a seller takes longer than two to three weeks to decide on a particular offer, that’s a bad sign. Since a seller will only accept an amount that they are already satisfied with, they will take their time because they are not going to sign anything that they are not happy with.
2. Silly Counter Offers
A seller should never present a counteroffer completely over the offered price, especially if they have an accepted offer. It can result in the seller losing out on the property as the buyer can easily just walk away from the deal.
Counteroffers are a terrible idea because home sellers might end up liking their counter offers more, thinking that they would be able to get a better deal because of said counteroffers. It can be very discouraging to homebuyers as it might force them to make a better deal for their sellers to get their house.
3. Demands for Fast Closing
If a seller is demanding fast closing on the deal, it is a ubiquitous red flag that they are not interested in it. It happens the most when the seller is old, and the only thing they want is to be able to get rid of the property as soon as possible.
A seller who demands a fast closing is someone you should stay away from, but if they are your last resort, you might want to ask them to slow down on their demands and be patient and see what happens.
4. Insane Contingencies
A seller who puts an insane contingency on their property is not serious about selling it. It is tough to meet all the demands to get an accepted offer, especially if some of their needs are very outlandish. Contingencies are not worth putting up with because they can cost a lot of money and be very risky.
5. Bad Reputation
If the seller has a bad reputation, then it is best to stay away from them because they are someone who cannot be trusted. In this article, the author lists a few reasons why a seller with a bad reputation should be avoided.
A seller with a bad reputation may not be trustworthy at all, so you need to be wary when dealing with them. A seller with a bad reputation might not keep their word, so it is recommended that you do your research about them first before buying the house from them.
It is always best to steer away from sellers with red flags as they may lead to some big regrets in the future. Focusing on these sellers will only get in the way of getting the deal you want and need when it comes to purchasing a home. Always try your best to avoid them, and you will be able to find the great house you have been looking for.
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