real estate

7 ways homebuyers overpay

'Shifting the goalpost' sale
Shifting the goalpost sale © nik7ch/Shutterstock.com

A deal is supposed to be a deal. But in hypercompetitive markets, sometimes sellers renege after accepting an offer, only to jack up the price. The phenomenon is common enough to have a name: the shift-the-goalpost sale. Unfortunately, says Jennifer Chiongbian of Rutenberg Realty in New York, "some buyers do fall for it."

Sometimes, according to Chiongbian, buyers put up with sellers reneging on offers because they fear losing out on the property or just don't want to go through another round of searching. But, Chiongbian, says, buyers can end up paying tens of thousands of dollars more when they continue negotiating with sellers who reneged on accepted offers.

What's a buyer to do? Taking legal action likely just means more money spent on lawyers. Instead, says Chiongbian, "buyers need to either take a firm stand and say no, or risk losing the property."

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
MORTGAGE & REAL ESTATE NEWSLETTER

Timely market news and advice for consumers ready to buy, sell or invest in real estate. Delivered weekly.

Blog

Polyana da Costa

Bullish jobs report bad for rates?

The employment report released this morning is great news for the economy but not so much for mortgage borrowers.  ... Read more

advertisement
Partner Center
advertisement

Connect with us