“Honesty is the best policy.”
I’ve been working with some buyers recently who heard through the grapevine about a home that had been under contract, but the buyer terminated after the inspection uncovered several repair issues, including a roof that needed to be replaced. The sellers were not willing to negotiate.
And that got me thinking about something every seller should remember:
Real estate is a very small world.
Agents talk to other agents. Buyers talk to their friends, family and neighbors. And when a transaction falls apart, people often want to know why.
Maybe the seller feels strongly that they shouldn’t have to negotiate. Maybe they believe their home is worth what they are asking and the buyer should accept it as-is. And, sometimes, that may be a perfectly reasonable position.
But there can be consequences.
When a buyer terminates a contract because of significant repair concerns, that information doesn't necessarily disappear when the house goes back on the market. The buyer may tell friends or neighbors. The agent may know other agents who have clients looking in the neighborhood. Word can travel.
And if future buyers hear, “That house was under contract, but the buyer walked away because of the roof, and the seller wouldn't negotiate,” they may start asking themselves:
“Is this seller realistic?”
“What happens if our inspection finds the same thing?”
“Will we be able to negotiate if there are legitimate issues?”
Suddenly, the seller may have an entirely different challenge, not because the house isn't worth the price they believe it is, but because potential buyers have already formed an opinion before they ever walk through the door.
There is another important piece to this: when new information about a property's condition comes to light during a transaction, sellers need to discuss with their agent whether their seller's disclosure should be updated. New inspection findings or information about repairs can become important information for future buyers.
My advice to sellers has always been simple:
Be honest. Be transparent. And remember that today's transaction can influence tomorrow's opportunity.
A home is ultimately worth what a willing buyer is willing to pay, and that value isn't determined by the seller alone.
You may not be able to control what people say about your home, but you can control how you handle the information, how you communicate with buyers and how you conduct yourself throughout the process.
Because in real estate…
Word gets around more than you think.
A Monday Lesson to Think About
- Have you ever considered how a failed transaction might influence the next buyer's perception of a home?
- If you were a buyer, would hearing that another buyer walked away over repairs make you more cautious about making an offer?
- As a seller, would you rather hold firmly to your position, or consider whether being reasonable today could help you sell tomorrow?
- And perhaps most importantly: How can honesty and transparency protect your reputation as well as your real estate investment?
💭 Monday’s Question:
If you were selling your home, would you be more focused on standing firm on your price, or on making sure the way you handle today’s buyer doesn’t cost you tomorrow’s buyer?
Until next Monday...
Keep learning, Keep growing, and Be the Difference.
— Dorie Dillard
Your Trusted Resource for Real Estate & Community
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