(Mar 27, 2023)
Amazingly, all sellers appear genuine from the start. But as you continue to negotiate, some circumstances ultimately prove that they aren’t genuine. If you don’t know how to identify fake sellers, you may end up wasting time and money in a fruitless effort.
Signs of a Good Seller
If you’ve already begun negotiations or are about to agree to terms with a seller and believe you’ve made the wrong call, look for these indicators that differentiate good and dubious sellers.
Realistic Home Prices
Most houses fail to sell for the simplest reason that they have unrealistic asking prices. Ideally, a good seller should use the relevant home prices in recent sales or compare prices within the neighborhood. That way, they’ll have the right price for a property, regardless of how costly it may be.
Well-defined Motivation
Most sellers don’t focus on generating hefty commissions for their agents. Instead, they derive motivation from life’s events such as upcoming weddings, job transfers, retirement, or the death of a loved one. Moreover, they could have an imminent foreclosure or divorce that prompts selling the property.
If a seller lacks motivation, it could be a serious red flag.
Clear Timeframes
Genuine home sellers have a clear time frame for completing the property sale. Their deadlines depend on critical factors, such as when an escrow will close on a new property they’re buying or when to report for a job posting in a different city.
Having a seller who works with a time frame is a plus for you. You can easily negotiate the process, knowing you won’t have the pressure of a last-minute rush. Learn more about negotiating here!
Candid Information About the Property
A good property vendor doesn’t withhold vital information about the property on sale. They can willingly let you know the precise location of the house, any legal objections, or potential financial obstacles. Thus, you can have adequate time to settle any hindrances that may come forth.
Cooperative Throughout the Process
Real sellers show behavior consistency and co-operation through the process. They focus on making the transaction trouble-free. Additionally, they’re willing to help you overcome every obstacle so that you can close the deal.
If a dealer shows inconsistency in their attitude during the process, it could be a warning sign. Similarly, if they start missing contract deadlines or become less cooperative midway, they might have lost motivation to sell the property.
Signs You Have a Fake Seller
Purchasing a family home is among the most substantial investments you can consider. Subsequently, you should hire a merchant you can trust.
Here are three indicators that you have a fake seller:
Communication Problems
When you begin home-buying negotiations, you depend on the seller to guide you through the complex process. You risk losing out on amazing opportunities if you don’t get concise updates or find it hard to communicate with the seller.
If you ask a question, express a concern, or assert a need, you should get a response within 24 – 48 hours.
If you call, text, or send an email and do not receive a prompt response, you may lose an opportunity to purchase the home you truly desire. Don’t accept a vendor who chooses to ignore you.
Pushy With a Plan
The seller should usher you through the buying process rather than forcing you to do so. If you ever feel compelled to decide based on something other than your needs and objectives, this is a big warning sign.
Similarly, if you feel pressured to accept a low bid or to buy a home you don’t really like, it’s a sign you’re dealing with a fictitious seller.
Dishonesty or Unethical Behavior
In your negotiations, a bad seller portrays outright dishonesty. For example, they might want you to make a vague claim in an advertisement or conceal some disclosures.
But interacting with a dishonest vendor can cost you a lot of money.
So, if you have reasons to suspect that the property owner is providing false facts or pressuring you to conceal information in a deal, you should consider walking away.
Did You Get a Bad Seller? Here’s What to Do
Choosing a seller for your investment is a personal choice. However, an ideal property owner will ensure you find a home in your favorite community, price range, and preferences.
If you’ve encountered a wrong seller who completely ignores you or lures you into bad deals, it’s time to get out.
However, it would help if you exercised caution regarding your contract. Typically, sellers will require you to sign a buyer’s agreement with an expiration date. You can request that they release you from the contract entirely.
If that doesn’t work, it could be time to hire a lawyer.
Meanwhile, you can begin interviewing candidates for a substitute, keeping the top qualities mentioned above in mind.
Interested in learning about becoming a resident in Florida or moving there? Read more.
(Mar 27, 2023)
