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IF "Buyers are liars", are SELLERS non-TELLERS?

By
Real Estate Agent with Keller Williams Realty Lafayette/West Lafayette, Indiana

 

IF "Buyers are liars", are SELLERS non-TELLERS?

 

 

      

Am I working with another agent in Lafayette Indiana, you ask?

 

 

 

May The Almighty strike me with lightning and singe every hair on my head if I am working with another real estate agent!!!!

 

 

                                                                

 

ARE Buyers "Liars"???

 

In real estate we have all probably heard the phrase at one time or another, "Buyers are Liars" from a frustrated agent.  It can take the innocuous form of a buyer not really knowing what he or she wants when looking for a home(even after carefully interviewing them about what they want and need), and then surprising the agent with an entirely new set of parameters after showing a client 20 homes. 

Some agents have run across buyers who flat out tell you they are NOT working with another agent and you find out otherwise after showing them several homes-including your listing -that another agent later brings an offer on!

 

If some buyers are "liars",  are some SELLERS non-TELLERS?

 

On the other hand, how often do sellers "fudge" when filling out the sellers disclosure documents by not being truthful disclosing defects or problems with the home for sale? 

It does happen and ultimately the buyer needs to do his/her due diligence as much as possible before making an offer to avoid major disappointments and costly repairs that the seller may refuse to do after an offer is accepted.

As a buyer's agent we need to offer them all the information we can find about the home as we do our due diligence to protect our client's interests.  We are not home inspectors nor specialists but we can point our clients to experts who can offer a solid opinion about a possible defect that a seller did not know about, or chose not to tell about their home for sale. 

Ultimately it is up to the buyer to decide about those water spots on the ceiling or visible evidence of past water in the basement even though the seller did not disclose a leaking roof or wet basement. 

 

Don't get hysterical-get historical! 

 

As a former U.S. History teacher of over 30 years it was my job to research and read all I could about the material we covered to make American History as interesting and relevant as possible to the students.  You wanted the students to analyze and expand upon the brilliance of Lincoln's words in The Gettysburg Address, but not make the students feel like they were in your class FOUR SCORE AND SEVEN YEARS!!!!

As a buyer's agent here are some ways to provide more information to the client as a matter of routine,  or if they suspect a seller did not truthfully disclose a known defect.

 

1.  Check the previous sellers disclosures if the property sold before in your MLS. 

The previous owner may have truthfully disclosed that weeping or wet basement, or leaky roof that the current owner may have not disclosed or repaired.

 

2.  Have your buyer call their insurance agent to see if the sellers have filed any claims on their home in the past several years.

The buyer's insurance agent may belong to a national data base that can reveal previous claims filed on that home they wish to buy. 

 

3.  Investigate Social Media. 

Some people not only love to share what they had for lunch on FACEBOOK,  but also love to share their misery when their basement flooded last year. 

 

4.  A picture is worth a thousand words

Hmmm, I wonder why that tarp was covering the roof around the chimney in the MLS photos from the recently expired listing with the same seller???   Don't forget to check the photos in the listing as a picture can sometimes be very revealing about that possible defect the buyer is concerned about.

 

In the end all we can do is point the buyer to the available information and have them perform their own due diligence and have them seek out the home inspectors, specialists or contractors who have the expertise to offer a competent opinion on any suspected defects that a seller may have knowingly not disclosed.     Let the buyer beware! 

Posted by

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Looking for a home in Lafayette, West Lafayette, Tippecanoe County or the surrounding area?

I would love the opportunity to help you realize your dream of home ownership, or finding that investment property that is right for you.  I am committed to quality service and will work hard representing your interests.

 

 

Kathy Smiley
Rodeo Realty ~ Fine Estates Westlake Village - Newbury Park, CA
"Real Estate results that make YOU smile!"

Bruce - yes I have had both buyers and sellers as "liars" and "non-tellers". It's frustrating! I tell my sellers to disclose everything because when the new buyer moves in, the "yoo-hoo" neighbor over the fence is going to fill their ears with EVERYTHING real and imagined over the past 20 years! AND they do! LOL!

Oct 02, 2014 07:00 AM
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Kathy, that is a very good point about the neighbors telling the new buyers everything about the house AFTER the fact.  Smart buyers take the time to talk with the neighbors BEFORE making an offer, if they can find the time!

Oct 03, 2014 01:27 AM
Shanna Hall
Real Estate Solutions - Kirkwood, MO
I love selling houses!!!St. Louis, MO 314-703-1311

Bruce- This makes a good read for the second time- picked up on some stuff I missed the first time around!  Love the suggestion of looking at the previous seller's disclosure!

Oct 07, 2014 01:21 AM
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Shanna, thanks for your visit and comment!  Hope all is well with you and family in St. Louis area!

Oct 07, 2014 01:22 AM
Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

Good morning Bruce-so many great points you made here-thanks!

Oct 26, 2014 07:53 PM
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Marco, thanks for your visit and comment!!!

Oct 26, 2014 09:36 PM
MichelleCherie Carr Crowe .Just Call. 408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Love this spin on making it "equal opportunity" for sellers and buyers.

Nov 02, 2014 07:09 AM
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Michelle, thanks for stopping by and sharing your thoughts tonight!

Nov 02, 2014 07:11 AM
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

To buy and sell Real Estate, contact Bruce Walter at (765) 418-1886 to West Lafayette, IN.

Nov 04, 2014 03:10 AM
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Will, thank you for your visit and comment!

Nov 04, 2014 10:55 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Bruce Walter wishing you and your family a very Merry Christmas and a Happy New Year!   

Dec 22, 2014 11:17 PM
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Joan, thank you so very much for your Christmas and New Year wishes!  May you have a wonderful Christmas Day, and a blessed New Year with good health and God's protection!

Dec 25, 2014 12:49 AM
Sharon Paxson
Sharon Paxson, Realtor® EQTY Forbes Global Properties - Newport Beach, CA
Newport Beach Real Estate

Bruce - excellent suggestions about investigating information about a house. Social media, past listings, etc. great ideas!

Dec 27, 2014 01:30 PM
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Sharon, thanks for your visit and comment!  There is just an awful lot of information out there and as buyers agents we can provide them with this extra information,  but ultimately it comes down to the buyers doing their due diligence and making decisions based on what experts in their field have to say and what their gut tells them.

Dec 28, 2014 01:37 AM
Jeff&Grace Safrin
F.C.Tucker 1st Team Real Estate - Valparaiso, IN
SpousesSellingHousesTM

oy vey - dislike when this happens and then the truth comes out via inspection, title work or another means during the transaction as this may at the very least cause delays. The truth always has a way of revealing itself  can't keep anything from El Roi :)

Great post Bruce!

Sincerely,

Grace

Jan 08, 2015 01:34 AM
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Grace, thanks so much for sharing your thoughts, and hope you are staying warm up in The Region today!  It is COLD down here in West Lafayette!

Jan 08, 2015 02:59 AM
Ron Marshall
Marshall Enterprises - Saint Michael, MN
Birdhouse Builder Extraordinaire

What a great photo to go with this most excellent post, Bruce.   I wish you lived closer....I know we would be great buds!

Jan 12, 2015 10:23 PM
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Ron, you live in a great state and there is so much to do.  We used to go camping and fishing up the the Boundary Waters area NE of Ely, MN when growing up.  Great times.

Jan 12, 2015 10:28 PM
Shanna Hall
Real Estate Solutions - Kirkwood, MO
I love selling houses!!!St. Louis, MO 314-703-1311

Bruce Walter the best idea is to check out the old sellers disclosures!  I do that when they are available on our system!

Mar 02, 2015 07:27 AM
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Shanna, I always like to take a look when there are previous disclosures and see what they said about moisture in the basement and other items of concern.  Some very interesting information just sitting there waiting for the eyes of a would be buyer.

Mar 03, 2015 08:40 AM