Monday, June 22, 2009
Wednesday, June 17, 2009
When selling your home, it is extremely important to keep confidential information confidential. Any details given out could harm your position with a buyer who is interested in your home. Knowing things like your motivation or personal circumstances are great for a buyer, but they can easily take advantage of these facts and offer you less than you would like, or deserve.
Case in point, a recent seller was having some work done on their home while it was on the market. Nothing major, just some finishing touches to the rehab work that was recently completed. While a buyer viewed the home one day, a sub-contractor was working in the home. Naturally, the buyer and his agent struck up a seemingly innocent conversation with the worker. After a few minutes, the buyer started asking some questions about the work, which led to other questions of why the owners were selling, and what their motivation was. Knowing some of this information, the worker answered the questions. Not knowing it at the time, this worker gave up some confidential information that should have never been communicated.
A few days later, the buyer made an offer, with some peculiar requests regarding the work, as well as a low offer price. It was obvious that the buyer was privy to information they should not know. When they were called out by the listing agent, they simply said the construction worker had told them. At this point, the seller's realized their position was compromised by loose lips and they had no option but to negotiate with the buyers.
Who knows if the offer would have been better, had the buyers not been privy to certain facts. And there was no way the sellers could have known that an innocent conversation with the contractor would mean money out of their pockets. They learned a very valuable lesson that day. Don't tell anyone about your circumstances that you wish to remain confidential. This includes your real estate agent, if you truly want to keep something secret.
(this post does not pertain to information or material facts about the property that must be disclosed according to state law)