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No matter how you decide to market your home, whether on your own or
with the assistance of an Agent, the one "player" that is absolutely necessary is the Buyer! They come
in all shapes and sizes and have a wide variety of motivations and philosophies. Knowing about some traits of many
buyers can only put yourself in a better position when it comes time to market your home and negotiate a sale.
Some Types of Buyers You May Encounter
The First Time Buyer:
If your home falls into the pricing area that will be of primary interest to first time buyers, it is important
to understand that, to a large degree, nervousness and uncertainty often fuels their decisions. They, like everyone,
often make mistakes when doing things for the first time. They sometimes make ridiculously low offers, they ask
for things to be done that are nearly impossible, they will occasionally drag their feet instead of writing an
offer. Getting upset with a first time buyer accomplishes nothing. Negotiating fairly and honestly will remove
much of the fear inherent in that first purchase and consummate the deal much easier.
The "Uneducated" Buyer:
This has nothing to do with education level, and has everything to do with their preparation. They often will refuse
to use an Agent because they think it will save them money. They have no idea what property values are in the area,
so they make absurd offers. They believe that all houses are "marked up" 20% for negotiating room and
will begin their offers with this in mind. With some "education," this buyer will often show some flexibility
in their negotiations.
The "Know it all" Buyer:
You often can tell this buyer nothing. Nor can their Agent, their Lender, or their Attorney. They don't read books
on buying real estate (they don't need to), they don't take advice (that would show weakness) and they are often
extremely difficult during negotiation. Hold your ground. If they do not show signs of common sense, find another
buyer!
The Investor:
Although investors may be interested in properties in almost all price ranges, entry level homes will be their
primary focus due to the ease of renting such houses. The investor will have virtually no emotional interest in
your home, and will negotiate that way. To the average investor, your home is strictly another item of merchandise,
and they will make offers and negotiate that way. Although it occasionally happens, don't count on an investor
falling in love with your house and paying more money than it is worth!
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