When Bargain Hunting Backfires

Everybody loves a bargain. While it’s possible to find a bargain on a house, it’s not likely to be served to you on a silver platter. In today’s market, it’s rare to see buyers score a fabulous house in their desired neighborhood for thousands under asking price.

To save some money, you may want to make some compromises, but here are 5 times that it can backfire.

  1. Working alone – It’s important to know that skipping out on a buyer’s agent won’t actually save you any money. Typically, the seller pays the commission of both agents involved in the transaction.
  2. Making big compromises – If you buy a home that doesn’t have enough bedrooms, is too far from your work, or needs a lot of money to be livable, you aren’t actually getting that great of a deal.
  3. Foregoing the inspection – In older homes, it’s imperative to hire a professional inspector to come out to the house. Otherwise, you’ll discover a leaky roof or crumbling foundation AFTER you close on the house.
  4. Insisting on unreasonable repairs – If the home inspection turns up a major issue, buyers should ask that the repair be done. However, if you don’t like the color of the newly painted walls, that isn’t the seller’s issue.
  5. Lowballing the offer – Buyers may assume that behind any house that’s been sitting on the market is a desperate seller. But sending in a lowball offer is the perfect way to offend a seller and make sure your offer is ignored.