Desperate sellers- Beaware of the Homebuyers

Housing Market is a buyer’s market nowNow, if you are a home seller then you need to be weary of the situation. The housing market has become a buyer’s market. The prices are rock-bottom now. Above on that you may have to do lot of repairing chore before you can actually sell your house.

Buyers are becoming more demanding. Rock-bottom prices are just the starting point for them. They will ask for more and demand different things.  Some of the things that you, as a seller may have to do are-

• Repaving the cracked driveway
• New furnace
• Replacing the carpet
• Fill up the home’s heating oil tank (New England)
• Pay the closing costs (California)
• Purchase a home service contract that provides a one year warranty on all of the appliances in the house
• New air conditioning
• Condo association fee for one year
• Two weeks in Hawaii

There is no limit to what a buyer may ask the sellers to do.

Buyers are asking for more concessions and more from the deal. They know that they are in the driver’s seat and some buyers will surely take advantage of it. Buyers are making sure everything is in writing.

During bubble, the actual sales contract which generally contains safeguards for the buyer, was not followed.

But now, he buyers have expanded the contract by adding numbers of clauses. Such clauses now include various facilities and repairing and other matters which are for the benefit of the buyer.