Take Your Time Don't Rush and Don't Allow Yourself To Be Rushed!

Yes, there are times during very hot markets when it is necessary to make a quick decision in order not to lose an attractive property. But in my work I see too many folks being rushed to make decisions when there is really no need to do so.

A typical example:

You are the buyer; you have completed a purchase and sale agreement that allows for:

  • a certain amount of time to have a property inspected,
  • time to have the documents reviewed by an attorney and,
  • for the review of documents provided by the home owners association (if it is a condominium).

In most instances, you are able to use all of that time without any danger of "loosing the property." My advice: take all of that time you need and use that time to do a lot of research about that property, about the different financial options and about your plans for the use of that property.

I have heard all sorts of poor reasons to rush:

  • "Let's not make the seller nervous" (Your response: "Sorry, I don't mean to make the seller nervous but do want the time I needed to make informed decisions.") or,
  • "Interest rates are about to go up." (Your response: "The rates might come down.") or,
  • "Their agent is going out of town." (Your response: "I would prefer to have their agent ask a colleague to substitute in their absence.").

Remember: You need not give any reason for your requests. Simply say, "I prefer to or not to."

In the book Freakonomics, Steven D. Levitt and Stephen J. Dubner conclude that Realtors who sell their own homes tend to wait longer for a higher price, receive a higher price for their properties and have little incentive to do the same for their clients. While this conclusion is controversial its worth considering. If nothing else it points out that the motivating factors for Realtors, mortgage brokers, appraisers and yes, even home inspectors like me are not necessarily the same as those of the buyers and sellers of a property.

My advice: be sure of your deadlines and then take all the time you need to make the best decisions for you.