Mistakes You Should Never Make When Bidding On A Home

Posted by Jennifer Dollar on Wednesday, June 12th, 2013 at 9:47pm

sales__houses_400_01Bidding on a home is a delicate operation.  It is not only the offer that you submit but the way that you submit it that can make all the difference.  The following are mistakes that you should never make while bidding on a home.  Memorize them because they couldn't be more important.

Insulting The Home

Never insult the house for sale or anything about it.  The seller and their real estate agent both already know the details of the house.  You don't need to remind them of any of those details or point out their importance to try to drive the price down.  The seller knows all about the house and chose the asking price accordingly.  If you can work out a deal, that's great.  If you can't, move on.  But don't insult the house.

Not Caring About The Owners

You hear people talk about winning a bidding war as though one side always wins and another loses.  What you should be aiming for is a situation where both sides win.  You don't need to give up what you want, but don't expect the seller to do that either.  If what the seller wants is within reason, then do everything you can to make sure that they get what they want as you are working to get what you want.  This makes deals happen a lot faster and a lot more amiably.

Making A Ridiculously Low Offer

Don't make a ridiculously low offer when bidding on a home.  You want to make sure that all your offers are within the range of the fair market value of the home.  It's rude and unkind to try to submit such an offer just to see if you can take advantage of someone.  You both know what the market says that the house for sale is worth, so keep all your negotiations in that ballpark.  If the asking price is genuinely far too high, then there is a very good chance that the seller isn't looking for a buyer who is offering to pay an appropriate amount for the house anyway.

Trying To Tell The Seller What Their Home Is Worth

Even if you're being nice about it, never try to tell a seller what the house for sale is worth.  They have already sought out as many opinions and as many facts on that topic as they care to, so they don't need you trying to pitch in your thoughts on the matter.  If a seller really has no idea what their home is really worth, then it is highly unlikely that you will be the one to make them see the light.  Allow the seller to believe that the house for sale is worth whatever they believe it is worth without you trying to change their mind

Bidding on a home is a tricky situation.  One wrong move could end the whole deal even if your bid is at or above the asking price.  For this reason, know the mistakes that you should never make, and don't make them.  You're more likely to get the winning bid that way.

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