Mistake No. 5: Lowballing instead of negotiating realistically
All homebuyers want the lowest possible price, but there's a big difference between firm negotiating and lowballing, says Tracie Hamersley, senior vice president and associate broker at Citi Habitats in New York City.
"Buyers can come in with unrealistic expectations about what a property should go for," says Hamersley, adding: "It's best for a buyer to make a realistic bid not too far off from where he or she would ultimately like to end up."
Lowball offers run the risk of being rejected out of hand or lengthening the process and annoying the sellers. Either way, Hamersley says buyers who lowball run a big risk of losing the property.
While all buyers are capable of lowballing, Hamersley says it's a problem especially common among cash buyers who don't need to borrow money. Such buyers are more attractive, especially to sellers who need to move quickly, but often the cash discount isn't worth as much as some buyers think, Hamersley says.