Entering a home sales contract can often be like a marriage and honeymoon. During the contract negotiation time in this hot market, the buyer is courting you to take their offer. Once they have you bound and committed, you may start to notice some not-so-courtship-friendly behavior. Here are a few signs that your next home’s potential owner may be more of a bully than a buyer.
1. Appraisal day causes him to laugh sinisterly. While your REALTOR priced your house correctly, in the bidding war, he decided to offer an amount that was unrealistically high. Now, you may have been advised that the home might not appraise, you still saw dollar signs in your eyes and thought, “There might be a chance!” Your buyer’s strategy was to beat out all the other offers, knowing your home would not appraise. He could, then, “innocently” get you to meet him at the appraised price, since…you know…it’s going to appraise the same way for everyone else.
2. He expects perfection after his inspection repair list is sent. You know that if you did everything on the inspection repair list, your home would be worth a lot more. Part of a REALTOR’s job is to price your home, taking into consideration all its needs and shortcomings. While the ideal home seller will have a pre-inspection, repair the major items and price it accordingly, life isn’t perfect. You may have priced your home $10K below everyone else because you knew it had a pretty hefty punch list, but your buyer decides to sock it to you after the inspection and request every little thing to be fixed, forgetting the bargain he is getting in the neighborhood.
3. He uses the phrase, “Well, I’m not closing then!” He may pull this phrase out several times during final walkthrough and the days leading up to closing. He may get upset over a nail hole that was behind a small picture hung on the wall or a roll-around, kitchen island cart that he forgot to write into the contract to stay. Sometimes, he’s just got cold feet and is looking for a last minute reason to get out of the contract for something petty.
As your real estate professional, it’s tough for us to manage the bully buyer. The best way we manage this buyer is by knowing our contracts inside out, backward and forward. Protecting you from this terror is one of the things that keep our team up at night. That’s why we tend to tell you a little bit more on the front end than you care to know about what could go wrong, but we know at the end of the day, we’ve got your back and we’ve just about seen it all.