CategoriesBlog, Local Information, Moving Tips, North Texas Luxury Living

Truths a Seller Should Not Share With The Buyers When Selling Their Home

Though the only right thing to do as a home seller is to disclose everything about the house to the buyer so that the buyer does not face any unforeseen issues, it is also important for the seller to understand that there are some things which he should not openly talk about.

In cases where an agent is involved, in any case, the seller does not have to meet the buyer directly. However, the seller could be living in the house which is up for sale and could come in contact with the buyer directly at the time of house inspection. In such a situation, buyers tend to ask some questions directly to the sellers, such as “Why do you want to sell your Plano home?”, or “How long have you been trying to sell your home in Prosper?” If as a seller you are not mindful in answering these kinds of questions, then it can lead to the buyer undermining your property value and in turn having a stronger hand when it comes to negotiating the final price.

Thus, let us look at the things that you should not discuss with a potential buyer:

1. How long has your house been in the market

This information is usually already available to the buyer at the time of shortlisting the house, but you should bring this as a topic of discussion because if your house has been on sale for a long time, it might give an impression to the buyer that you are desperate to sell or there is something wrong about the house that he is not aware of.

2. Reason for selling your house

Whatever is the reason for which you want to sell your house, be it personal or financial; you should not discuss it exclusively with the buyer. As an example, if you live in Allen but want to move to Frisco, and if your buyer is new to Texas, he might think that there is some problem with Allen and decide to not purchase a house there.

3. Talking about the neighborhood

Do not talk much about the neighborhood that you are living in. Some people like to live in places with an active nightlife such as Dallas, whereas some like a more peaceful place. Thus, disclosing too much about the area can make the buyer not like it altogether.

4. How soon are you moving

You might be willing to move to your new house in McKinney as soon as possible, but you should never inform your buyer about this, because he would then think that you are desperate to close the sale as soon as possible, and thus this would reduce your negotiating power.

5. How many offers have you received

You might have received many offers for the purchase of your house, or you may not have received any. The important thing is that this information should not be given to the buyer. The buyer is looking for the best deal, and if he gets to know that he’s the only one who has given an offer to you, he would not be willing to negotiate much from his offered price.

6. Being too rigid about the price

Do not give the impression that you are not flexible about the price that you have offered for the sale. Buyers like to negotiate, and they should get a feeling that they have cracked the best deal with you. You should come out as someone reasonable and realistic.

7. Things that might be wrong with the house

There could be some repair or maintenance work that is pending in your house and you’ve not been able to get it completed. These things should not be disclosed to the buyer because then he might ask you to get them completed before the sale or reduce the price offered by an amount equivalent to the cost of the repair. In either situation, you would lose financially.

The bottom line is that anything that you say can be used against you. Thus, one of the best things to do to avoid such situations is to hire an agent, and just ask the buyer to speak with your agent directly.