It’s tempting. Oh so tempting. Just fudge the truth a little bit to close the sale, right? A tiny little real estate fib won’t hurt anyone.
Well…yes and no. There are times when it would be absolutely irresponsible to lie or withhold the truth. You have to disclose things such as lead paint on the walls or a cracked foundation. But what about those other times when a little white lie can actually help a sale without harming anyone? Here are 5 instances when the homeowner’s home truths need a little finesse.
Ticking Clock
If the seller has already made an offer on another home and needs to dump their house ASAP, it’s okay not to disclose the fact to potential buyers. Buyers could take advantage of the high-pressure situation with a lowball offer or demanding more than is reasonable. All the parties involved want to get the best deal, so don’t give potential buyers any extra ammunition.
Financial Woes
If the seller is moving on because they’re having trouble making the mortgage payments, it’s okay to say something more generic like “They’ve decided to downsize.” Hinting that the seller is in dire financial straits can lead to lowball offers from potential buyers. That’s something of an unforced error in the real estate game.
Now, if the buyer is in bad shape financially, that’s a whole different story, since they will have trouble getting funding. That’s something no real estate fib can fix. But the seller’s finances aren’t important to the transaction.
Nobody’s Looking
This is one of the most frustrating experiences for both seller and agent. Potential buyers will often ask if there have been any offers on the property, it’s standard to say something along the lines of “there’s been a lot of interest” or “we’re expecting an offer in the near future.” Neither statements are outright lies, but they dance around the lack of excitement about the property.
Personal Crisis
Maybe the seller lost their job. Maybe there’s been a death in the family, or they had to declare bankruptcy. But those personal crises have no material bearing on the property. If potential buyers ask why the home is on the market, offer a bland statement about the seller wanting a change of scenery. As in all of these special cases, some buyers will try to use the seller’s struggles as leverage to get a better price.
Divorce on the Horizon
This one depends on where you do business. In Texas, for example, the seller must disclose any legal proceedings that could have an impact on the home sale. A divorce would fall under that category. However, if your state doesn’t have that requirement, then this minor real estate fib is forgivable. An impending divorce will make the sellers seem desperate, and that won’t help them get the best price for the home.
