Buyers Are Liars and So Are Sellers...Doing Our Own Homework!
If this post wasn't timely for me to read!! Just last week I had the opportunity to witness something I've never experienced in my entire real estate practice.
A pool inspector, not being on site more then 5 minutes, "evaluated" a pool by . . . and I'm not making this up . . . merely pulling back the pool cover on a very small area of the pool -- the area of the steps. He stated from this thorough {rolling eyes} inspection that the pool needed to be drained and resurfaced. Yeah, he could tell from viewing 1/50 of the pool area that this was necessary. Oh brother. AND he quoted a price of about $10,000. He later detracted that statement, but came up with other bogus conditions.
The buyers hired him, he was not my referral.
The home inspector was another piece of work. Exaggerating issues way out of proportion. He was, also, hired by the buyers and was not my referral.
The buyers came up with an "exaggerated" amount of what it would cost to repair/replace items they found needed addressing: close to $20,000. They instructed me to obtain this from sellers and have the funds "escrowed" . . . HA HA HA. We don't, typically have escrow hold-backs here. AND . . . the lender nearly busted his eye sockets when I told him what these savvy buyers had instructed me to do. Not only could I NOT "take care of this" for them (their words to me) because repairs are NEGOTIATED not extorted out of the sellers . . . but the listing agent wasn't buying any of it either.
An example of the exaggeration: The buyers wanted $5,000 for the fence -- 10' had fallen down. They "estimated" it would cost $5,000 because "I'm a daughter of a contractor" (buyer states) and she knew it was . . . and I'm not making this up "$10/per feet" and she was estimating at a 50' fence replacement (the entire length, not just the 10' fallen down section)
Hmmmmmmm . . . I hate to break it to her but $10/ft at 50' = $500
Yup -- these buyers certainly had an agenda. Unfortunately, that agenda didn't include BUYING THE HOUSE. It included squeezing the seller with bogus, unsupported repairs and estimates.
And then I read this post by Mona . . . thankfully (but unfortunately) I'm not the only one.
Via Mona Gersky, GRI,ABR~MoonDancer Realty~ Western North Carolina (Buyer & Seller Representation):
Real Estate Schools sometimes give pre-licensing students a grim view of the
profession they are about to enter. I clearly remember more than one instructor informing the class that “Buyers are Liars…and so are Sellers”. Do you think there is truth in that statement?
Until the last couple of days, I can’t say that I’ve run into any buyers who were blatant, out and out liars but certainly have run into a few who would “stretch” the truth a bit. Exaggerate a situation. You know, turn a dripping faucet into a scenario of the sink that is likely to fall into the basement, a roof that is 10 years into its 20 year useful life into a roof likely to develop leaks in the next few months, or a three year old carpet that is certain to be the harbinger of allergens and disease. Maybe that’s all part of the “game” and usually the seller’s agent sees right through that...if they've done their own homework.
How about buyers who employ “scare tactics” and utilize untrue facts?
If you are the listing agent, don’t you go through your own “due diligence” period when you take a listing? Isn’t the last thing you want happening is an unexpected “issue” to rear it’s ugly head during negotiations or inspections?
Don’t you just hate when buyers “assume” you haven’t already checked things out for yourself regarding the Environmental Health Department for water or septic issues, the County Clerk of Court for liens, the Planning Department for restrictions or anything else that any decent REALTOR would be reasonably expected to know about the listing?
Isn’t it professionally dangerous for us to accept listings with our heads stuck in the sand like ostriches? Although, I know there are agents who embrace a “no-disclosure” approach to listing…I’m hoping they are in the minority for the public’s sake.
If an agent doesn’t take the precautionary step to understanding their listings then they won’t be in a position to do what we just did…know for a certainty when a buyer was lying blowing smoke. Does that kind of investigation ahead of time take valuable time? Sure it does…it takes a TON of time…valuable, precious time.
But then, what do you think you get paid for? Unlocking doors?
I don’t believe we can stereotype all buyers and sellers to fit into the “Buyers are Liars…and So Are Sellers” description, but I do think we need to be prepared for the minority who are!
Unless noted otherwise, all photographs & content are my own and will only be shared with the courtesy of a written request for permission.
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