Do you know what questions to answer?
Generally, a buyer’s agent or sometimes, the seller’s listing agent shows a home to prospective buyers. There’s a reason for this. When being asked questions, sellers can say the wrong thing, and thus put the home sale in jeopardy. Join me as we look at ways sellers can innocently give up too much information to a buyer and their agent when answering questions and possibly, cost them a sale.
Most times when selling your home, it’s better to let your real estate agent field any questions and do the talking for you. However, there may be moments when someone drives up without their agent and starts bombarding you with questions. Or, they may catch you as you’re leaving for a showing appointment. So, it’s important for you to understand what questions not to answer when you are on your own.
Any Questions About Pricing
This includes the present sales price, comps in the neighborhood, your willingness to negotiate, etc. It is normal to want to get the best return on investment when selling your home. However, it’s important to avoid telling buyers that you won’t drop below a certain price. This could be a sign to them that you may be unwilling to negotiate on any of the terms of an offer, and there are many. You also convey that you could be a difficult seller to work with. Appearing inflexible as you answer these questions is not inviting to a buyer and they may feel defeated right out of the gate, and they may not even try.
We spent a ton of money on X, Y, or Z
These questions about your personal tastes are tricky. Just because you love the Brazilian cherry wood flooring you installed 10 years ago doesn’t mean that will be important to the buyers and they may not be willing to cough up the extra money for that. Buyers offer what they feel the home is worth in relation to the comparable sales in the area. Professional buyer’s agents work very hard to guide and offer expert advice to their buyers in justifying the market value of a home.
We always wanted to fix or renovate that, but…
Do not be tempted to answer questions or offer ideas of renovations or updates that you may not have gotten around to. Frankly, nobody cares about what your intentions were. Offering up this type of information to their questions could alarm the buyer of updates or changes they hadn’t considered and now they are seeing the costs start to add up that weren’t even part of the picture beforehand.
SO —– Shhhhhh
Questions about condition
‘We’ve never had a problem with…’or ‘This Home Is in Perfect Condition’
Even if you have worked hard to address every maintenance issue you can find, no home is truly in perfect condition and saying so as you answer their questions is setting you up for liability. In North Carolina, the Residential Property and Owners’ Association Disclosure Statement Is a form to assist the seller in disclosing material facts about the property. Also, more than likely, the buyer will have inspections conducted so they will quickly learn the home is in fact NOT in PERFECT condition.
Questions about offers and showings
Of course, some buyers will be bold and ask questions about how many showings have taken place or how many offers are on the table. Answering these questions is not a very good idea. Buyers, and their agents, use this information as a way to assess other buyers interest when creating their own offer. Some buyers will be looking to pounce on a home with a perceived low-interest level, while for others a lack of interest is viewed as a possible problem with the home. It’s definitely best to avoid answering those questions altogether.
Questions about the neighborhood
If a buyer questions you about nearby attractions or restaurants, those types of questions are not in the danger zone. If their questions are about all the details of your neighbors–how many kids are in the area, or how safe do you consider the neighborhood to be, or are the schools good–that’s a very different set of questions. It’s always better to allow buyers to do their own research on those items. In fact, even real estate agents are unable to answer those types of questions due to the fair housing laws. For more information about this check out our YouTube video on “Showing etiquette for sellers”.
Questions about how long the home has been for sale
Answering questions about how long your property has been on the market with prospective buyers is a definite no-no. This information is readily available in the MLS and can be provided to the buyers by their agent. Bringing it up without provocation—especially if the home has been available for a while—can send buyers the wrong message. No one wants to buy an ugly duckling—and, if they do, it’s probably because they think they’ll be getting it at a very deeply discounted price. Let the experts, your real estate agent, handle these questions, they have the professional know how to present blemishes in a positive manner.
Questions about your decision to sell
Did you know your Motivation to sell a home is a confidential matter? Buyers think that if they know the reason you are selling, they will gain an edge in creating their offer. Whether you’ve outgrown the home, had a change in family status, or simply want to live somewhere new, the buyer doesn’t need to hear those details. Offering answers to these questions may unintentionally let the buyer think they can low-ball you if they feel you have a need to sell quickly.
When a seller hires a real estate agent it is part of their job to become a buffer and advocate between you as the seller and the buyers agent and their client. As a seller, your role is to get the home ready to show and then let your agent handle the rest including those pesky questions. So, let your agent get to work for you and assist you in protecting your investment.
If you are ready to sell, contact us at The Old Mill Group Real Estate. We are here to here to help you navigate the process and handle all those questions for you.
Buyers’ Questions A Seller Should Not Answer!
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