Don’t Share Too Much Info

By ROBERT RADCLIFFE | Special to the Palisadian-Post

In my real estate career, spanning over 24 years, I’ve seen many people share “too much information” regarding the sale or purchase of their home.
Often I have come across sticky situations that turned out to be far more complicated than they needed to be.
Stemming from overzealous sharing of inside details about their real estate endeavors, many homeowners and buyers have suffered the consequences of a little needed indiscretion.
It’s not really anyone’s fault, because the truth, 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 and family. But how do you know where to draw the line?
To help guide you, here are some thoughts.
PRICE EXPECTATIONS FALL THROUGH
Even though you may be tempted, the last thing you want to do is to share financial details with anyone. 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 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 have jeopardized your potential of getting maximum dollar for your property or preventing the most desirable purchase.

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 but you want to see how low the seller is willing 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.

LINGERING ON THE MARKET
The longer a home is on the market, the more impatient sellers may become. Imagine a casual conversation with a friend who asks, “How is the sale going on with your home?”
Although you may be experiencing feelings of frustration while you are waiting for your home to sell, your should avoid answering, “Nothing is going on with the sale. Nobody has even made an offer. We have zero interest.” Your response could be passed on later to an eager buyer waiting to try to “steal” a home.

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.
The way the information is communicated (or not communicated) is vital.
These are the moments when having an experienced agent can and should make the difference in a positive outcome.
Once you are comfortably sitting in your new dream home or have sold your existing home, then mention all the details.
In the interim, I encourage to keep things to yourself and focus on the exciting business of buying or selling your home!
If you’d like further insight on this or any of your real estate needs, please do not hesitate to contact me at 310-255-5454 or read my blog at www.robertradcliffe.com.