Your preapproval letter attached to your offer makes the seller take it seriously and can be the difference between acceptance and a counter or rejection. For example, when Ryan and Brittany felt ready to buy their first home, they met with a lender they had chosen after talking to several possibilities.
A branch manager at First American Title Company has estimated that about 30 percent of the transactions at her branch fall apart or are delayed before closing. The most common reason for this is the buyers’ failure to be preapproved for a loan before making an offer. This mishap can result in lost time and embarrassment; it can also result in the forfeiture of earnest money.
Don’t ask sellers what would the lowest price would be that they would accept. This puts them on the defensive, makes you look like a predatory bargain hunter and hurts your credibility. Again, if you feel the price is too high, make a written offer and let them accept or counter with their lowest price.
Buyers often say and do things when dealing with sellers that can cost them the deal or cause the sellers to dig in their heels and cut off negotiations. You can use the following dos and don’ts as you look at homes and talk to sellers. Don’t badmouth a home as you walk through it. Sellers (and their agents) are extremely sensitive to anyone’s telling them their orange and black paint is bizarre, for example. True, you’ll find some decorating that’s over the edge, but it’s best to withhold comments.