Smartness in Real Estate transaction cannot be considered as dishonesty. Remember, that the property seller is not your confidant and you can maintain a certain amount of secrecy from it. Otherwise, you may end shelling out on the property without the scope of negotiating.
Arrival in the City for Less than a Year
Even if you aren’t familiar with every aspect of the city where the property you wish to purchase is located, don’t reveal it to the seller or else the latter will take advantage of it to convince you in paying a price higher than that in the market.
To acquire some knowledge about the concerned city, is highly recommended for which, you might have to stay there on rent for a year or two before actually shifting into your home, so that you don’t regret your choice.
Funding without a Home Loan
Even if you have adequate sources to pay for your home purchase, let the seller be under the impression of you using a home loan. Or else, you won’t get a chance to negotiate the price. Moreover, it will fetch you all the required documents from the seller, with the bank demanding them for processing home loan. The property title also gets verified.
Purchasing Property to Rent It
You would be considered an investor by the property seller, if the home you are going to buy isn’t meant for your self-use. Thus, the former would charge you a price higher than what would be demanded from an ordinary customer. If the property is located in another city then keep the excuse of shifting in immediate future, ready at hand.
Office is in the Vicinity
A buyer usually has to pay a premium on property purchase price. More so, when its location too, is prime. But if you choose a not-so-significant area only because it is closer to your workplace and reveal the same to the seller, the latter will leave no chance of obtaining a price including a high premium to be paid by you.
Sharing the Timeline
Disclosing your time for closing the property transaction is required only if you are an NRI since their status would reveal it to the seller. Except in such a case, a normal buyer isn’t required to make the seller realize his hurry in closing the deal. This would cause you to pay more than the market price of the property. The houses thus shown to you for selection, can be disputed or the ones lying unsold.
Causes of the Property Buyer’s Desperation
Personal problems related to shifting, etc.
Nearing of the pre-approved home loan’s expiry date.
Pressure of the concerned bank from where he has taken the loan.
But the buyer must be aware of the fact that a home loan once approved does not expire before a period of 3 or 6 months. A 3 month extension can also be availed at the time of expiry and that too, without any extra cost.