Should You Share Everything With The Homeowner When Buying His Or Her Home?

For both homeowners and homebuyers, there are certain disclosures that should be made during the process to help ensure the sale meets state and federal guidelines. However, as the buyer, there are certain things you can say that might make an owner less than excited to sell his or home to you. Even though honesty is important, it is equally important to avoid saying too much or the wrong thing. To help keep your purchase of a home on the right path, here are some things you should avoid saying to the owner.  

The Home Is Your Dream Home

Even though the home you want to buy might be your dream home, avoid sharing that information with the owner. No matter how nice the owner might seem, he or she is going to look out for his or her best interests. In this instance, his or her best interests is getting the most money out of you for a home. If the owner feels that you have an emotional attachment to the home, he or she might be tempted to finagle more money out of you.   

Keeping your emotions in check could also mean a chance to negotiate for a lower price. The seller might be more motivated to negotiate with you if he or she feels that you are on the fence about the home. 

You Do Not Have Financing Yet

When you sign a purchase contract with a seller and his or her listing agent, they want to know that the deal will actually close. Part of that is ensuring that you can pay the agreed upon price for the home. If you do not have financing secured, the seller could be forced to delay the sale until you do or relist the home. Relisting the home means going through all of the steps of selling the home again.  

Ideally, you should get pre-approval for a loan before the contract is signed. With a pre-approval letter in hand, you know exactly how much you can afford and the maximum amount the lender is likely to agree to finance. If you have not received pre-approval yet, you do not have to tell the seller. However, you should avoid making a bid on the home until you know that you can afford it.  

Work with a real estate agent at a place like Realty One Group to identify other little tidbits you should keep to yourself when purchasing a home.