Buyers look for time-sensitive situations to push their price. Sellers who are behind on mortgage payments, recently retired, or are under contract for another home dependent on this home sale are candidates for high-pressure tactics from savvy buyers. Buyers may come to you and ask questions to find out if any of these situations apply to you. Eagerness to please them may be read as desperation. Buyers also play the waiting game. In real estate, acceptance time can be a powerful tool in price negotiations. From a buyer's perspective, the longer the house has been on the market, the more flexible the seller will be. The same applies to negotiations. The more buyers prolong the time spent in negotiating the sale, the more likely they will get the price they want. Buyers will invest time with you to create relationships, trust, and willingness on your part to agree to their terms. The advantage that may arise for you is that they may not want to walk away empty-handed after gaining your trust. By exercising patience, you can maintain your position on terms and price.
The Buyer Inspection Process
Once your home is under contract the buyer will do a series of inspections. See appendix A for a list and description of inspections. It is the inspector’s job to check on the major and minor systems in your home. All resale homes will have some items the buyer may want addressed. It is important to note, however, when the item is related to an upgraded building code the seller is not expected to meet new code on a resale home. Once the buyer receives the home inspection report, they will generally review it with their agent and seek advice.
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