Sellers Can let the Cat Out of the Bag Without Even Knowing It

Belinda

There are so many things that can happen as a result of friendly, or not so friendly, chatter between buyers and sellers. And social media can be a problem. I know 2 people who are buying and are blabbing about it online, including the street address!

I've not had issues with sellers wanting to stay at the house for showings, etc.

Jeff

We have split closing in Tennessee. The buyer never even meets the seller. Unless, the sellers have made the mistake of insisting on being present for showings. That doesn't happen with my sellers; they are instructed to leave. However, if a seller is present when I enter with buyers, I'll be sure to ask a lot of questions.

Yes, this makes so much sense.  The is NO upside and plenty of downside that can be used against you.  Maybe read them their Miranda rights.

Belinda, In general it's just not in the best interests of the seller to meet the buyers until the closing table.  We've had those accidental meetings turn into misunderstandings that almost turn into deal killers.

Wonderful post oh my goodness a seller talking to a buyer ohhhh please no .... Although one can mean well the statements can be taken wrong. Let us do our job and please just smile shhhhhh thank you so much.... 

Belinda Spillman 
BOY OH BOY do I ever agree with you! Keep the Sellers away from the Buyers at all times!!! You are so right! Attitudes may not match and that is deadly!
Have a successful day -
Lynn

PS  Have to share this story - Belinda - I know this is true from personal experience. (No, I wasn't one of the agents involved!)

How about this case? The Seller tells a Buyer that she'd be happy to take anything over $500,000 on a home listed for $950,000! So the Buyer tells her agent and they put in an offer for $525,000 - over $400,000 less than the list price - and the Seller accepts!!!! Yes, it is a true story - due to human nature...

Back Story:  was a difficult divorce situation. The agreement was that he'd get anything over the first $500,000 which was designated to go to her. Who got the final word there? L.

We sign separately here in Oregon.  Do the buyers and sellers sign together?

Zip it. Reminds me of Barney Fife's "nip it, nip it, nip it"! As helpful as Sellers want to be, when they start talking, they start losing. Terrific post, Belinda.

Belinda - I'd be a little more comfortable after my check was deposited rather than when copies are being made. LOL 

Great piece of advice!!!

Be nice, smile and shake hands.  When it comes to sharing every detail about the subject property – ZIP it.  That is why the buyer has an inspector who will go through all of the components with the home.  That is also why we have a Seller’s Property Disclosure which is shared with the buyers early in the transaction. 

Great, great reminder, Belinda, to keep buyers and sellers are far away from each other as possible until the deal is sealed at the closing table. I've seen issues arise just because an agent wasn't vigilant enough in keeping clients away from the other party. (Great cat picture, by the way.)

Good morning Belinda Spillman ,

You are so right! Sellers..zip it!! Think twice about opening your mouth with the buyers....so many issues can arise from sellers being chatty Kathy's!!

We've all seen things go badly when a seller gets a bit too talkative. This is one of the first lectures you should deliver to a seller client.

Belinda Spillman “You never know what little thing you say can send up red flags to the buyer and their agent.” and “That is also why we have a Seller’s Property Disclosure which is shared with the buyers early in the transaction.”

As long as items that should be disclosed, have been disclosed in the Seller's Property Disclosure, it's never a good idea for the Seller to "harp" on them, especially to the Buyers!  Re-Blog!

In this business, it is not uncommon for people to read into or out of what people are saying & make that what you heard. Called a "misunderstanding", it can monkey wrench a healthy deal. Remedy? When it comes time to talk, I'll call you. Until then, your trusty agent is on point

Good morning Belinda. This is excellent advice and so very very important. Well done.

Great advise.  I currently have a seller who insists on being at the house for showings and more than one agent has shared comments the seller has made (ie I am getting ready to drop the price but haven't hold my agent yet).  No amount of coaching seems to keep her from being  "helpful".  A great reason for not having a seller and buyer face to face if possible. Your seller's help becomes my buyer's ammunition.

Belinda- this is something I stress when on a consultation. I suggest that it is in their best interest not to be present at showings or to speak with the buyers other than a cordial hello.

Hi Belinda, despite our efforts and advise, buyers and sellers do talk on occasion which may not end up well even if they have nothing but good intentions. 

Loose tongues cause trouble and as you said you never know what little tidbit will raise the antennae of the buyer and cause a hiccup.