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Should you give a seller more time?

Posted by Scott Van Voorhis April 19, 2013 10:11 AM

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Sellers increasingly have the upper hand in this inventory starved market.

Greater Boston saw an incredible 50 percent drop in the number of homes for sale this March compared to this time last year, according to Redfin.

Unfortunately, that has made some sellers particularly insufferable, as one regular on this blog, DrDoofenschmirtz, noted in a comment on an earlier post of mine.

Buyers are being told to ante up 20 percent to ensure the appraisal and mortgage will go through and to drop the inspection, a key protection that no one should ever waive.

And oh, by the way, we need a week to sort through all our offers!

Here's the good doctor, in his own words:

I am afraid that this is not a testament to intelligence of MA buyers, but testament to intelligence of sellers (and well oiled RE machine). Nothing better than little scarcity to make those crazy reptilian juices going nuts, in otherwise educated public.

I liked the response by "Lance," another regular. While Greater Boston is definitely a tough place to buy a home now, buyers need to show some backbone.

Don't let yourself get pushed around!

That's my take anyway.

Here's Lance:

My advice to buyers dealing with sellers who who want a week for all offers to come in? Tell them (very politely) to go pound sand. Make your offer expire in 24 hours, while making it clear that you are ready to go in a different direction very quickly if the transaction doesn't pan out. Letting your offer hang in the wind for the seller to play against others is pure folly. Don't do it.

What's your take? Do buyers need to draw the line somewhere? Or do buyers need to simply get with the program and come to the realization that they lack leverage?

This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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