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How to Avoid Being Taken Advantage of When Selling Your House
Friday, 24 June, 2016
Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Value Report Sometimes, a seller wants to show their own home to a potential buyer or a buyer’s agent, or at least be present when it’s being shown. This is generally not a good idea, but it happens, and I want to talk about the things you should never say to that buyer or that buyer’s agent. It’s important to know that they’re going to ask you questions. They might be innocent questions, or they might be fishing for information. If it’s a very savvy agent, they could be trying to get information from you. They might use this information to give their buyer an advantage in the negotiating process when they submit the purchase agreement. They could ask you things like: What’s the current sales price? What’s the length of time the home’s been up for sale? Why are you selling? What are your neighbors’ houses selling for? Have you made any price reductions? What’s wrong with the home? How many offers have you received? How quickly would you like to close? The buyer’s agent will already know the answer to some of these questions even if they do ask. If the buyer is the one asking, however, they may not know and they may be innocent questions. Either way, you must be careful, because anything that you say can be held against you once that first purchase agreement appears. The best thing to say for yourself is, “Please ask my agent.” Let them work it out. That’s what you’re paying them to do - negotiate on your behalf in such a way that will benefit you. You certainly don’t want to say anything that could put you at a disadvantage or give the buyer or their agent any indication of your eagerness or motivation to sell. Just remember: mum’s the word. Don’t engage too frankly in any discussions that have anything to do with the price, marketing, or condition of the house. Sharing sensitive information regarding these matters could potentially compromise your negotiating position. Hopefully, this gives you a better understanding of how to act if you happen to be showing your own house or at least present during the showings. Feel free to shoot me an email or give me call if you have any questions!
