3 Inspection Negotiation Strategies that Ruin Buyer-Seller Relationships
The real estate process includes many interactions between buyers and sellers, although typically through their agents. Buyers will gain the most from negotiations when they maintain good relationships with sellers. Some buyers will unintentionally jeopardize otherwise strong relationships by taking the wrong approach to inspection results. Here are 5 common inspection negotiation strategies that ruin buyer-seller relationships.
1. Negotiating Known Issues
Known issues with a property are often disclosed by sellers in advance. Buyers should take them into account when submitting an offer. Negotiating them after an inspection is considered poor home buyer etiquette. Buyers are almost never successful in doing so and will often upset sellers in the process.
2. Using Inspection to Negotiate Price
The purpose of an inspection is to evaluate the condition of a property. Buyers should never approach it as a means for renegotiating price. For instance, if an inspection identified minor issues but a buyer is asking for a $20,000 price reduction, the buyer's intentions become very clear. This approach will undoubtedly upset a seller.
3. Requesting Upgrades
Requesting upgrades to a home is another common inspection negotiation strategy that ruins buyer-seller relationships. Homes are priced based on their current features and conditions. Inspectors commonly cover both issues and recommended upgrades in their report. However, this does not open the door for buyers to ask sellers for those upgrades. Older homes naturally have older features. If everything were upgraded or made compliant with modern building codes, then that same home would be selling for much more than the current price.
Why Avoid Inspection Negotiation Strategies that Ruin Buyer-Seller Relationships
Some buyers are under the mistaken impression that a seller will do anything to keep a deal together. The fact is, it's a seller's market right now. Sellers will have an easier time finding another buyer to purchase their home than a buyer would finding another suitable property to purchase. Most sellers are willing to work with buyers to keep a deal moving forward, as long as those requests are reasonable and fair. After all, such requests may be submitted by future buyers as well.
The tricky part comes when sellers feel that they are being treated unfairly or taken advantage of. In this case, that same seller who was very accommodating could end up being less so. This happens sometimes out of anger and other times out of sheer principle. In either case, it's never beneficial for a buyer to use negotiation strategies that ruin buyer-seller relationships. These strategies almost never work and do unnecessary damage.
Working with an experienced real estate team can help you avoid this and other common home buyer mistakes. Contact us today to receive the proper advice and guidance on your next home purchase in the Apopka Florida area.