You Snooze You Lose

By
Real Estate Broker/Owner with SD Home Source Realty BRE #01363537

I am not a Realtor that plays hard core with my clients. Buying a home is a huge purchase, and I don't believe you can/should nudge people before they are ready. Having said that, there are times when if you snooze you lose.

There exists a very distinct personality type that is detailed, thoughtful, and analytic in nature. People with these traits often take a bit of extra time in making decisions, wanting to dot the i's and cross the t's first.

I am currently working with a couple who are more analytical. The first homes we've seen that they like, sold quickly, before they could do their 'homework.' One of the most common buyer mistakes I see in general is that people forget about the 'competition.'

If you look at 10-20 homes within a given price point, chances are one or two are going to be standouts - perhaps a little more upgraded or special than the rest. Probem? If you notice that a home is unusually nice, so too will other people.

One of the best features of the California Purchase Contract is that buyers get 17 days to inspect a home and cancel for absolutely any reason. If buyers cancel at day 16, they are entitled to a full refund on their deposit. This time period may be used for inspections, checking out the neighborhood, obtaining crime statistics, and talking to neighbors.

I remind buyers of this frequently, hoping it makes them more comfortable writing an offer. Even as you write your offer, you still have an escape valve if you change your mind. You don't want to rely on this but it's good to know it's there.

Have you found a nice home? If so, remember that if you snooze you lose. Take a chance, write the offer, and back out if you need to. This may be a better option for some than losing a home you love.

 

Comments (4)

Anita Clark
Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Cindy: I deal with a lot of analytical buyers and they all share one trait...they are very slow about making a decision. Clearly they have to weigh all their options, but in many instances when they do decide to make an offer on a home, that property has already been contracted.

Jan 03, 2015 08:16 AM
Cindy Davis
SD Home Source Realty - San Diego, CA

Yup. And I find it difficult to find that balance between respecting their process, and betting them a home!

 

Jan 03, 2015 08:27 AM
Tanya Van Blake-Coleman
Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com - St Thomas, VI
Improving the Quality of Your Life

I agree Cindy! Many buyers forget they are not the only ones looking at the better homes in their market, and unless some are specifically told that there is another offer most of the time they think they have more time to make a decision than there actually is. It also gives the seller some leverage but if the home is worth it that's not a bad thing. It's good to know all of the options for both the buyers and sellers. Good luck!

Jan 03, 2015 08:40 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

In CT, buyers get very little chance to be analytical as the contract is binding once its signed and only the inability to secure the mortgage, or issues with inspections allow the buyers to rescind the contract with no penalty.

Jan 03, 2015 09:15 AM