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- 2009
- 2011
Beware the pushy buyer
Posted: 29th April 2009
It's definitely a buyers' market in the real estate sector right now – but that does not mean that sellers have to put up with being exploited.
So says Martin Schultheiss, who notes that in the current tight sales situation, more and more buyers are "taking a chance" with anxious sellers and trying to push for concessions not usually included in a home sale. Some are even going so far as to make demands after the sale agreement has been signed.
Common demands from pushy buyers range from the inclusion in the sale price of "freebies" such as furniture, curtains or appliances, the insistence on costly repairs being made after the home price has been agreed and demanding to take occupation of the property earlier than the date stated in the sale agreement.
What is more, says Schultheiss, such individuals usually have no qualms about threatening to "cancel" a sale should the seller not agree to their new terms, even when they are legally bound by the sale agreement. "They bank on the fact that sellers who may have waited a long time to find a buyer will panic just at the thought of losing the deal and will probably give in without asking any questions."
He adds that buyers need to understand that the time to negotiate repairs or the inclusion of certain items is before the sale agreement is signed, not afterwards.
"Of course, there are instances when buyers genuinely do need to move in earlier than expected. Unfortunately, the reality is that they might then have to pay occupational rent. Likewise, buyers who want repairs done or certain pieces of furniture or equipment to be left in place may have to pay cash for these.
"In short, both parties need to play ball, because even in a buyers' market, sellers don't have to let themselves be bullied."
So says Martin Schultheiss, who notes that in the current tight sales situation, more and more buyers are "taking a chance" with anxious sellers and trying to push for concessions not usually included in a home sale. Some are even going so far as to make demands after the sale agreement has been signed.
Common demands from pushy buyers range from the inclusion in the sale price of "freebies" such as furniture, curtains or appliances, the insistence on costly repairs being made after the home price has been agreed and demanding to take occupation of the property earlier than the date stated in the sale agreement.
What is more, says Schultheiss, such individuals usually have no qualms about threatening to "cancel" a sale should the seller not agree to their new terms, even when they are legally bound by the sale agreement. "They bank on the fact that sellers who may have waited a long time to find a buyer will panic just at the thought of losing the deal and will probably give in without asking any questions."
He adds that buyers need to understand that the time to negotiate repairs or the inclusion of certain items is before the sale agreement is signed, not afterwards.
"Of course, there are instances when buyers genuinely do need to move in earlier than expected. Unfortunately, the reality is that they might then have to pay occupational rent. Likewise, buyers who want repairs done or certain pieces of furniture or equipment to be left in place may have to pay cash for these.
"In short, both parties need to play ball, because even in a buyers' market, sellers don't have to let themselves be bullied."
Posted by: Property 100