It amazes me just how often I'm told by a potential home seller that they have a friend, neighbor, second cousin once removed or the mailman's daughter who has expressed an interest in buying the house. Sometimes they want to delay putting the property on the market to see if the 
love affair leads to the alter.
It has been my experience over all these years that these ideal transactions almost never come to pass. I encourage them to explore the possibility at the same time as we market the home to a wider audience. It's a win-win situation. By letting Mr. & Mrs. potential buyer know there could be competition for the house, the seller will find out definitively whether or not the interest is real or merely a flight of fancy. If it isn't what it appears to be, we have a head start reaching out to real, card carrying, money proffering consumers.
In cases like these, I offer the person(s) named in the listing agreement as the suitor, three weeks to go to contract. During that time, I give my clients a discounted commission, recognizing them for bringing the buyer to the table. After that time, even if the initially reluctant couple decides to step up and say I do, our agreement reverts back to our signed contract, minus the discount.
In all the years I've been doing this, only one has actually made it to a successful closing. The benefit to the homeowner of having me handle it is the obvious fact that it becomes an arms length transaction and one that is more likely to go through. It also affords them the luxury of not having to handle the tough money questions that we routinely ask. A week ago, after spending some time preparing a new home for the market, the potential starry eyed purchaser surfaced again. As of today, not surprisingly, they are out of the picture.
Comments(9)