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I’ve mentioned this before on a previous blog post with tips on selling a home but I thought this topic needed some more exposure. In my real estate career spanning more than two decades, I’ve seen so many people share “too much information”. So often I have come across sticky situations that turned out to be far more complicated than they needed to be. Stemming from over-zealous sharing of inside details about their real estate endeavors, many homeowners and buyers have suffered the consequences of a little indiscretion.
It’s not really anyone’s fault because the truth is that buying or selling a home is probably one of the largest transactions most people will ever undergo in an entire lifetime. So, it’s no wonder that they would want to talk about it to their friends, family, neighbors and colleagues. But how does one know where to draw the line? To help guide you with years of insight developed from dealing with countless clients, here are some of the things that can go wrong if you are not careful about sharing too many details.
Price Expectations Fall Through
Though you may be tempted, the last thing you want to do is to share financial details with anyone except your very close family and a few close friends. By sharing what your bottom line may be on the home you are selling or buying, you are opening yourself up to a host of vulnerabilities. Many people are too trusting or simply do not realize how quickly information like that spreads. How could sharing pricing information hurt you? If you are prepared to accept a far lower price than the list price and you inadvertently shared that with someone – it could leak either to the other party’s agent or someone that they know. Right there you will have jeopardized your potential of getting maximum dollar for your property.
Negotiations Can Be Compromised
Sometimes the negotiation process can take a long time and as the people in the transaction get more and more impatient with the back and forth cycle, they tend to start talking about what’s happening on the negotiation table. Imagine sharing with a colleague that you are willing to pay at least X dollars above the asking price but you want to see how low the seller is wiling to go. Now imagine that the colleague happens to be the nephew of your buyer’s agent. It happens and the only way to avoid mistakes that can cost you your dream home or thousands of dollars is to scale back on how much information you share with others.
Sellers Can Appear Desperate
The longer a home is on the market, the more impatient sellers seem to be and when they disclose this to others it comes across as desperation – something that can be misconstrued at times as an opportunity for a deal. By sharing how long your home has been on the market you stand to risk appearing desperate and may be faced with unrealistic offers that end up wasting time for all parties.
Offers Made or Received Can Be Compromised
Buying or selling a home is definitely an interesting process that results in a lot of multi-layered communications and complex dynamics that can be thrown off if not handled discreetly. Especially when it comes to offers, whether what a buyer may be considering to offer on a home they like or the number or amounts of any offers the sellers received, the information should remain between the parties involved and no one else. When others learn of these things there is a tendency to want to share it with even more people, no matter how much they may be trusted.
Remember, you can mention all the details you want once your property is off the market or when you are comfortably sitting in your new dream home. In the interim though, I strongly encourage you to keep things to yourself and focus on the exciting business of buying or selling your property! If you’d like further insight or guidance on this or any of your real estate needs, please do not hesitate to contact me.
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