How To Spot a Vendor Who Isn’t Serious About Selling!

» How To Spot a Vendor Who Isn’t Serious About Selling!

How To Spot a Vendor Who Isn’t Serious About Selling!

When a homeowner lists a house, sticks a sign in the front lawn and hires an agent, it’s evident they’re committed to selling their property… or is it?

house chained up and locked

The same way a home buyer could be doing window shopping is the same way a seller could be uncertain of moving out, but not showing it.

Follow the indicators that something is not right and save yourself the heartache of  raised hopes and wasted time.

# 1- The Asking Price is Off the Charts

If you find a property that is way above the price as compared to the market value, then the seller might be trying to gauge the market to see if someone is interested, but is not very serious about selling it.

In the present-day market, most correctly priced homes are flying off the shelves.

Listing a property at $50,000 above the price of similar homes in the area shows that the seller was not in the market for the right reasons.

All the same, someone selling their property without using an agent might not know the market price.

# 2- The House is a Mess

Dirty houses don’t attract buyers so if a seller lives in the home but it’s horribly untidy, then they’re not committed to selling it and the buyer should not have high hopes.

#3- The Seller Won’t Budge on Price

According to the old adage, time is money. If a property has been up for sale for more than 30 days without any decrease in price, it’s an indication that the homeowner is not gung-ho about selling.

The general rule is that if there has been little or no activity for about two weeks and no offers, the agent should talk to the homeowner about lowering the price. If the seller is not ready to lower it, then he’s not committed to moving.

This kind of inflexibility is a red flag for other behaviours that could burn buyers.

A person who refuses to reduce the price could be the type of seller who will not agree to make any requests for home inspection-related repairs. Thus, one should handle such sellers with caution.

#4- The Listing Has many Stops and Starts

In case you find someone who keeps putting up a property up for sale, pulling it down, and putting it up for sale gain; then they may not be really serious about selling it.”

The reason is that they are unable to committing to selling thus they cannot commit to you either.

#5- Negotiations are Off the Table

If a seller rejects a very reasonable offer, then he or she is not serious. What price is reasonable?

It’s one which is a few percentage points below the full asking price. Others might even refuse an offer at the full asking price, expecting a bidding war.

All in all, isn’t the aim of an asking price to get what you wanted?

#6- The Seller Drags Things Out

If the owner ever insists on an extension on the offer, be cautioned, as this is a red flag.

A homeowner dragging his feet like that is not excited by the offer and is probably wondering what the next offer will be.

Such buyers will always claim that they’re still reviewing the offer but he’s buying time to get a better one.

Though it’s unfair to the purchaser, the seller is in control. He possesses what the customer desires and can hold the process up as much as he desires.

That is why having a lawyer is important. A notary can write up a notice claiming that they will not allow the seller to drag out the process.

They can also state that they will only be patient until a specified date, after which they will walk away.

Lawyers who have a tendency to put the heat up tend to fasten the process.

2018-08-15T01:25:18+10:00August 14th, 2018|Categories: Real Estate|Tags: , , |