-When you’re still home shopping don’t allow real estate agents to motivate you to contract or to start out higher because there are several other offers or supposed offers on the table. Verify the existence of all other offers first. Many buyers drop out after hearing they will be competing for a property. And, never give your highest and best offer as your first.
-Verbal offers. The low-ball buyers love to ask the seller in person would you take “X” for your home. Or another tactic is to inquire directly or through their agent, “what is the bottom line price-wise on your home?” In most states, verbal offers are not enforceable, so demand that all offers be in writing. Never tip your hand concerning price and terms before drafting an offer. It backfires most of the time, and I’ve seen buyers pay more than they thought after playing verbal volleyball.
-Invisible negotiator. Most real estate contracts today utilized by real estate professionals have a clause making the offer contingent on “third party approval”. This third party could be an attorney or Uncle Milt in Cleveland. If you get involved with this scenario, find out the role of the third party at the beginning. If not you might end up having them derail already agreed-upon conditions.
-Endless negotiator. Buckle your seat belt for the anxious buyer type. They believe the deal isn’t over until you walk out of closing or escrow. They bring in the pickiest home inspectors, find irresolvable issues, and protest prorated credits from sellers on property taxes, when new information is available the day before closing. I recently had one of these buyers on a home I listed. My problem UTs both the buyers agent and the buyer were endless negotiators. 3 days before closing they were still at us. I called their bluff and placed the listing back on the market, my seller’s real estate attorney drafted purchase contract cancellation papers. They closed without further requests.
-Jekyll and Hyde. Couples can play this game. One can be affable and flexible, the offer firm and entrenched. And don’t think these roles are played along gender lines, many a sugar coated spouse or partner, turned ugly. Determine early on what the issues are if you find you’re in a stalemate with these bait and switchers.
Mark Nash is the author of five real estate books, new for 2007; Real Estate A-Z for Buying & Selling a Home. William J. Sittig, Chief of the Science, Technology and Business Division of The Library of Congress has invited Mark to make a presentation on 1001 Tips for Buying and Selling a Home to the members, public and staff of the Library on March 21, 2007. Nash has been featured on Bloomberg Video-on-Demand, CBS The Early Show, CNN, and The Today Show. He is a syndicated columnist for RealtyTimes.com and reviews books for MyShelf.com and The Midwest Review of Books.To subscribe to his free monthly ezine; Agent to Agent visit: http://www.AgenttoAgentezine.com. Article Source: http://EzineArticles.com/?expert=Mark_Nash