As a first-time Chicago home buyer, you’ll be excited, and maybe a little nervous, as you tour homes for sale. Whether you’re at a scheduled showing, or visiting open houses and model homes, you’ll probably meet the seller’s agent. This person will be listening to what you say with rapt attention.
The conversation will seem very innocent. The seller’s agent will ask what you think of the home. They’ll ask how soon you’re looking to buy, and what your budget is. In your enthusiasm, you could find yourself giving away tons of information about yourself.
Everything you say about the home, about your financial ability, and about your buying motives, could be used against you during purchase negotiations! Once you’ve shown all your cards, it’s going to be harder to negotiate a lower price, or set certain contingencies, because the seller knows just about everything about you!
If you find yourself meeting up with a seller’s agent, here are a few things you shouldn’t reveal!
1. The fact you’re a first-time buyer.
2. Your home buying budget. The seller’s agent will probably ask how much you’re looking to spend. Simply say that the home is “within your price range.”
3. It’s OK to say you’re pre-approved for a mortgage. But do not tell them how much you are approved for. Just say that you have your financing lined up.
4. Your specific home buying motives and timetable. Instead, say that you’re ready to buy, and it’s all a matter of finding the right home for the right price.
It’s best if you have your StartingPoint Realty broker with you at all times! If you visit an open house by yourself, be sure to tell the seller’s agent that you are already working with an agent. Keep your cards close to the vest!
StartingPoint Realty – expert guidance for first-time home buyers!
We offer the most complete home buying help in the area! If you’d like an in-depth look at Chicago neighborhoods and amenities, make an appointment to meet us at our Chicago Resource Center!
Always feel welcome to contact us for help with your Chicago home buying questions!
Ryan Gable Broker/CEO Starting Point Realty
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