Lindenhurst NY Home Buying: What You Say, Will Go Against You!
Buying a home is exciting and can be stressful. Hiring a real estate agent can help relieve some of that stress.
Having representation is beneficial. Your agent can and will search for homes that meet your criteria, preview homes first to make sure that home meets your needs, and negotiate for you and to make sure you are not overpaying for a home.
You can also go to Open Houses and For Sale By Owner and give the listing agent and homeowner your agent's business card. The listing agent works for the seller's best interests. The FSBO is working for their own best interests. What you say in front of the listing agent and FSBO will go against you during negotiations.
Here is what not to do when you are unescorted at an Open House or a For Sale By Owner:
- Never, ever disclose what you are pre-approved for. If you are pre-approved for let's say $450K and the home you are viewing is priced at $350K, the listing agent will tell their seller that they know for a fact you can afford more. This means that they will be more diligent at negotiating a higher price for their seller. That is their job!
- Never disclose your excitement about the home you are viewing. If you demonstrate how much you love the house in front of the listing agent, that will be used against you as well. The listing agent will tell the seller to hold out for a higher price. Most times, it works. Yes, I know you "LOVE THE HOUSE" but why pay a higher price when you don't have to?
- The listing agent may ask, "how long have you been looking?" You can say, "not long". If you say "we've been at it for months" this can hurt you. This tells the listing agent you may be desperate at this point in the house hunting arena. So, when you want to purchase that home and your buyer's agent submits your offer, you can bet the farm that the listing agent will use your "desperate" attitude against you.
I stress the above to my buyers every time!
Even though it's a buyer's market, the good, solid homes in great locations sell faster than you think. The listing agents and homeowners know this and this is why they can afford to hold out for higher prices.
Just think before you speak. That is in your best interests!