Keep Things To Yourself
 

If you are buying or selling a home, you will likely tell a lot of people you know.

While this is all well and good, our advice is to keep certain things to private or you may end up doing more harm than good.

WHEN TO KEEP THINGS PRIVATE?

To begin, let's think of things from a buyer's perspective. If you are in the initial stages of looking for a new home, telling your friends and family is certainly ok. However, if you have a specific home in your sights, I'd be careful who you tell until it is under contract as telling just one person may cause undue competition putting your dream home at risk.

What if you tell someone who happens to have a friend who is looking in a similar price point.

While it may seem farfetched, we have seen this happen many times, especially during a seller's market. We actually know friends who got into a bidding war on the same home and it became quite uncomfortable for them.

Also, let's say the deal falls through due to financing issues. Do you want to have to go back to all your friends and tell them?

From a seller's point of view, we advise our clients not to reveal any details of the transaction----especially the price!

Let's say you have agreed on a contract with a buyer for a price of $500,000 and you tell everyone you know. Then, the deal falls through and you have to put it back on the market. Since word is out that you already accepted $500,000 once, how can you expect anyone to pay more? You are basically setting your own ceiling for price when you could possibly get a better offer from another buyer.

A FINAL NOTE

At the end of the day, you should do whatever is in your comfort zone. Some people are private by nature and would naturally keep things to themselves. Others will gladly tell everyone their personal business.

We are big proponents in discretion because it is in your best interests. It is better safe than sorry and besides, at some point the sale will be in public records and everyone will know soon enough.