Q: We are going through the procedure of selling our parents’ house. The neighborhood rumors that we decided to sell the house instead of renting must have gotten out. We are getting a fair amount of mail and flyers from local agents. Many of these postcards claim they have buyers for the home. One of my brothers says that it is a come-on, and we should just keep our plans to prepare the property for selling through open houses. But shouldn’t we just sell “as-is” to an anxious buyer and be done with it?
A: Ah, the “we have buyers ready to buy your home” marketing ploy. It’s a classic inducement of “blue sky” harnessed in fast and slow Bay Area real estate markets. Reading between the lines the flyers state, “hire me, and we’ll leave your money on the tarmac, and I’ll get two paychecks while I envelop you in a canopy of unnecessary legal risk.” To be fair, a listing agent using this incentive to be hired might have buyers. Either way, he or she is packing a seller’s parachute for a leap of faith. The sellers who fall for this tactic are unknowingly targeting the listing agent’s drop zone, not theirs. Meaning, the licensee’s line of flight is to land tandem paychecks by representing both the buyer and the seller in the same sale. The risky terminal velocity of dual agency is a break-off from the safer one agent on each wing of a home sale.
By selling the home off-market, they put the brakes on competing buyers swooping in with top-dollar bids. Real estate attorneys agree that 80 percent to 99 percent of the legal claims filed by California homebuyers are against home sellers. In real estate, it’s best to slow down to speed up. Wave off the agents who are heading to funnel risk your way. A home seller needs to make a poised exit and deploy all prudent safeguards. It’s time to hire an ace pilot and pack your own chute.
Buying or selling real estate? Realtor Pat Kapowich provides turnkey services including relocation, staging, market analysis and strategic planning. 408-245-7700 or Pat@SiliconValleyBroker.com
Published at Thu, 11 Jan 2018 16:00:39 +0000