When a buyer is about to sign a purchase contract, the “word gets out.” Passersby notice the buyer, the broker, or the home inspector visiting the property. When word gets out, there is a chance that somebody will tell the seller, “You could have gotten more for your home.” This can happen because it does no good for competing brokers to witness a sale in which they’d earn no commission.
If competing brokers can “muddy the waters” and prevent the sale from being consummated, then they’d still have a chance to sell the property themselves or sell the buyer a different home.
Alternatively, competing brokers have been known to reach out to the buyers to “bad mouth” the new home. This is another attempt at capitalist intervention. I think of it as “sour grapes.” The seller is aware of his home’s value. The buyers have been shopping and they recognize value. Nevertheless, unsolicited intervention by mean-spirited people (although not all competitors do this) can be disconcerting. I try to prepare my clients for this possibility.
Monday, January 15 is Martin Luther King Day which is a national holiday. Closures include: banks, post office, stock market and schools. Call me. Love, Robin.
