Everyone loves a great bargain, especially when it comes to major purchases like a house. So, if you’re planning to buy a house, either for living or investing, naturally, you’ll want to get the best value for the lowest price possible. By being observant and knowing what to watch out for, you can significantly improve your chances of reaching that objective and avoid falling for sellers who might try to sell low and take advantage of the situation. Just keep an eye out for these 4 signs that indicate a seller is not-so-savvy and might try to sell low.
4 Signs A Seller Is Not-So-Savvy And Might Try To Sell Low in Chicago Suburbs
1. Not Getting the House Ready for Sale
Getting a home ready for sale involves a lot of work, including repairs, careful staging, and a thorough cleanup. But here’s the catch – if the seller hasn’t even bothered to clean and stage their home, it could work in your favor to “sell low.”
For instance, if the seller hasn’t taken the time to fill holes in walls, do a bit of repainting, or eliminate pet odors, it might indicate that they are not fully committed to maximizing the home’s value and are willing to “sell low.” This could be due to laziness, lack of knowledge, or unwillingness to invest time and money. Nevertheless, this situation presents an advantage for you in negotiations. You gain bargaining power and the opportunity to inquire about other potential issues with the home.
By raising these doubts during negotiations, you increase your leverage. The seller becomes defensive and finds themselves in a more vulnerable position. In essence, their neglect to prepare the home can actually work to your benefit throughout the selling process, allowing you to capitalize on the opportunity to buy at a lower price.
2. Trying to Sell During Winter
In the wintertime, home sales usually slow down. With holidays, social gatherings, and chilly weather that keeps folks indoors, it’s no surprise. When someone decides to put their house up for sale during this season, it can be seen as a sign that they might not be as experienced in selling homes and could end up settling for a lower price, trying to sell low.
During winter, fewer potential buyers tend to view homes, which often leads to a lengthier selling process. In some cases, the seller might even reach a point of desperation, making them more inclined to accept a lower offer and sell low.
3. Being Too Willing, Too Early to Negotiate on Price
Sure, it’s usually a smart move to be somewhat flexible about the price when negotiating. But keep your eyes peeled for any signs that the seller is overly eager to agree too quickly and sell low. This could be a red flag that they’re reaching a desperate point.
Another important thing to watch out for is when a seller is too keen to make concessions for repairs, like offering a brand-new roof or replacing the carpet. Typically, buyers have to push and negotiate hard to get such concessions. If a seller is voluntarily offering them without much effort on your part, it might indicate that they’re not as experienced in the art of negotiation and could be willing to sell low.
4. Mentioning Number of Showings and How Long on Market
Keep a close eye out for this crucial sign that the seller may not be very savvy and might try to sell low, giving you a prime opportunity to score a better deal. It can reveal a lot about the seller and their willingness to negotiate.
During your negotiations, if the seller happens to mention that the home has had numerous showings and has been on the market for many months, make sure to leverage that information. This will give you the perfect opportunity to ask the seller what’s wrong with the home and/or why it’s so overpriced, potentially leading them to consider lowering the price. By taking the offensive approach with an inexperienced seller, you’ll have the upper hand in bargaining and increasing your chances of getting them to sell low.
By paying attention to these signs and being vigilant about seller inexperience, you may end up getting the home for a much lower price than you initially expected. Moreover, having a skilled agent by your side can further enhance your chances of securing a great deal as they can effectively use their expertise to negotiate and help you buy the property at a favorable price.