Homeowners can sometimes be frustrating to work with. They already have the mentality through homeownership of being protected as well as knowing a lot in the area of items related to a home.
That makes sense obviously, but you start to see a different side when it comes to them as a retail buyer of a home for sale. It may seem harsh, but retail buyers themselves are a harsh bunch who end up overcriticizing everything that can be related to your home.
They also diminish all the effort you put into your home, and sometimes inadvertently mock you and your lifestyle, all in the name of getting the best deal possible for themselves.
Retail Buyers are overly perceptive
You’re selling your home for any reason, whether it’s to liquidate and move out of state, or because you’re about to buy a new home somewhere nearby. Whatever the reason is, there’s a time pressure that starts to grow, and that can lead to stress. When you decide to sell your home, it sometimes feels as if you wish you already sold it yesterday.
Then you need to start presenting your home as ready to sell. That means weekly cleanings and landscaping to make everything look organized and pretty. This is another layer of stress that will be added on. Let’s say you decide to make the mistake of using a broker too who is supposedly negotiating on your behalf, but never seems to get a buyer for your offering price. This begins to compound that headache that is starting to form.
Then the buyers come and notice every possible thing that is wrong with the home. No matter the level of effort put into maintenance and repairs, the mission of the buyer is to get the price down to their mindset, regardless of whether it’s misaligned with your price target.
It can almost come off condescending that your home, where you live, is being reviewed under a microscope. It’s understandable that a buyer may want to be informed of any major issues that could be expensive to repair or handle in the future, but this is looking at every little detail, and magnifying the issue.
Retail Buyers have all the time in the world
Remember when it comes to selling your home, are speed and efficiency key? Well, buyers are usually not in that type of a rush as you are. They already have their home and are simply looking to switch out their primary residence or consider getting a second investment property. This is one of the biggest advantages that a retail buyer has, is this time, and the ability to walk away from the deal.
Even if you get an interested party to go through the process and accept the offer that isn’t necessarily a done deal. They still need to re-apply for a proper mortgage, and even after they sign, they always have the right to rescind, closing out the deal at the last minute without a second thought. There’s no penalty to them, and you, as the seller, simply need to restart the entire process all over again.
The time crunch is known to retail buyers, and if they ever feel that there’s a sense of urgency, that’s when they start to offer deals that significantly undercut your offering price.
Consider Alternatives
What can a seller do, if retail buyers seem to be the highest available pool that is looking to buy a home? That doesn’t mean that they control the entire buying market 100%. There are also some times that you may want to give preference to retail buyers with all-cash offers, or just all-cash offers in general. They are really the most serious when it comes to buying any home and should be given preferential treatment.
All cash offers really help speed things along, and get your home converted into liquid and usable assets much faster than with a retail buyer. All-cash buyers are already willing to close the deal with 100% cash over 100% financing meaning they most likely have the liquidity to handle any repairs and are looking at your property and other properties in the area as an investment.
When it comes to speed and efficiency, you will not find that when selling your home to retail home buyers. They simply have a completely opposing mindset and have a much larger pool of homes they can go for. Also, since they are only looking for one home, they will take a lot more time picking one out.