If your offer is a low one plus you are making requests the seller deems unreal.istic, your offer is at even greater risk of rejection.
Asking for the seller to pay your closing costs will likely be an issue, at least in a seller’s market. You might demand all the appliances, as well as request the seller leave other items, but if the seller already stated certain appliances aren’t staying. and you are asking for personal items, that will also make your offer a no go. Put yourself in the seller’s shoes … are you being unrealistic about your terms and conditions?! And adding insult to injury by including a low price?
LOW EARNEST MONEY DEPOSIT
What is typical for a deposit (EMO) will vary by the market, but a low deposit is certainly not going to demonstrate to the seller you are a serious buyer. This is even more critical when there are multiple offers and others are submitting substantial deposits. If your deposit is lower that what is typical for the marketplace, or not competitive with others, you can be sure the seller will not be impressed, and the listing agent will be advising them on this as well. Don’t be cheap and sabotage your offer!
SUBMIT A SLOPPY INCOMPLETE OFFER
This may not be totally in your control since you are working with a buyer agent (you are, aren’t you?) but any offer submitted should be complete, without errors, contain all the appropriate signatures, and include all the necessary paper work (that will vary from state to state, and even by mail
Before you sign you should review the offer in its entirety, whether you do this
MOVING TOO SLOWLY
They say “when you snooze you lose” and that’s certainly a strong possibility in a busy seller’s market. Waiting to make an offer because you need to think about your decision will certainly sabotage your offer pretty quickly in many cases.
This is not to say you should decide hastily … that can be a huge mistake, too. But being prepared to move forward, by being pre-approved, understanding the local market conditions, and creating a strong offer and clean terms and conditions, will maximize your chances and avoid sabotaging all the efforts made in creating an offer in the first place.
NOT KNOWING THE LOCAL MARKET CONDITIONS, OR IGNORING THEM
This is key, and it covers a lot of issues. The local market conditions – such as buyer demand and available inventory -play a big role in pricing, whether there are multiple offers, the types of terms and conditions included in offers, how quickly you need to move, and more.
Your agent will presumably explain these conditions to you and help you understand what they mean for your offer strategy. If your agent doesn’t, you have a more serious proble1n!!.
Not knowing the local market conditions, or worse ignoring them and just going down your own path, despite the best advice, will surely sabotage your offer. Yes, you have the right to make decisions when offering on a property, but ignoring good advice will have consequences.
It’s your choice!
If you want the house, listen up and put your best foot forward!