What to do if negotiations stall

shutterstock_175786865Although it could take weeks or even months just to find your dream home, that is actually only the first step towards making it your own. Next you need to get the sellers to accept your offer to purchase, and that might not be as easy as you think.

For example, you may have competition from other prospective buyers, or the sellers may be determined to achieve a certain price and unwilling to negotiate, even if that price is above market value.

Unfortunately, just because you’re a serious and financially able buyer, it does not mean that the property sellers are equally keen to seal a deal – or that they are obliged to accept your offer. However it also does not mean that they should be able to keep you on a string while they see if a better offer comes along.

Indeed, if they don’t respond to your offer by the expiry date, or if they come back with a really unrealistic counter-offer, you should cut to the chase. Put the very best offer you can afford to make on the table and let them know that this is your last attempt.

To make it really attractive, you should be sure to get home loan pre-qualification with the help of a reputable mortgage originator such as BetterBond before you go house-hunting, and include this information with your offer so that the sellers will have the assurance that you are able to afford their property and are ready to push the button on home financing.

Then if you still don’t get a positive response, walk away and start looking at other homes. Of course buying a home is personal and emotional, and it may not be easy to “let go” of a home that you’ve fallen in love with. But if your offer was fair and reasonable, you really shouldn’t waste time trying to work out why it didn’t succeed or why the sellers were “just not that into you”.

If they have a change of heart, they will know where to find you – but in the meanwhile, you should rather focus on your main objective, which is home ownership, because if you do that the chances are very good that you will find an equal or even better property.

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About BetterLife Home Loans

Since 2003 BetterLife Home Loans has been SA’s No.1 Bond Originator, handling the entire home loan application process on your behalf – free of charge! Our aim is still to source the best interest rate for you by submitting your home loan application to all the major banks. There is no easier way to apply for a Bond or Home Loan in South Africa!

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