The market generally still favors buyers, in my opinion, and has since 2007 or so. No big surprise there. Since it is overall still a buyer’s market (that fact is changing, I believe), I think it’s best not to piss off a buyer who can be described as “Ready, Willing, and Able”. Pissing a buyer off who is under agreement on your Philadelphia condo can seriously backfire, and cost you more in the long run. I have been selling condos for 23 years in this town, and I see it ALL the freakin’ time. So sellers, listen up…..
1) Fail to disclose the condition of your condo.
If say, an outlet doesn’t work, Disclose it. Ditto for say the leak in the kitchen faucet. You may end up being sorry if you don’t disclose all you know. Trust me…not doing so honestly can be quite costly and time consuming.
2) Neglect to tell buyer of impending assessments-
They can be found in the condo docs- usually in the budget section. You gotta’ fess up about this. Talk of an assessment may not be the same as an assessment that has been voted on, approved, and is being collected. Talking to a Real Estate lawyer would be a good idea here if unclear.
3) Nit-pick every detail of their offer.
Check your ego at the door, swallow your pride, and move forward. I see a TON of sellers who like to moan about the most miniscule BS- Remember, this is a business transaction…nothing here is personal. Perhaps best if you just “dummy up” and don’t let the little things become HUGE.
4) Insisting on having the last word
Akin to # 3 above, don’t nickle and dime the crap out of a buyer. If buyer says their highest and best is say $535,500, and you come back with $535, 600, I would suggest you are doing more harm than good for yourself. Remember, they still have the home inspection to knock you over the head with. A little sugar can help a lot. Just smile. Be the best actor you can be. You can thank me at the closing table for this advise. Or buy me a Martini. You pick.
5) Leave a Pig Sty for the buyers walk-through
Sure, the contract says that you need to leave the condo in “Broom Swept Clean” condition upon exiting/moving out. You want to put a smile on the buyers face? Have your condo professionally cleaned. It is one heck of a nice thank you. And can put the buyer in a good mood for closing. Priceless!
6) Don’t complete Punch Lists per home inspection
This is fabulous. Don’t be a goof. Do what you say you are going to do. And do it prior to settlement. No buyer wants to inherit your problem(s). This is one sure way to irk the sh*t out of a buyer. Urg…
7) Not allowing them to come in and measure
Nothing in the contract says you have to, but if you don’t , the buyer will think you are hiding something. Keep an open door policy without being taken advantage of, when the buyer wants to revisit to measure.
8) Remove the blinds or surreptitiously replace the dishwasher with a cheaper model prior to settlement and after the home goes under agreement.
This should go without saying but sometimes does need to be said. Read your contract. Then read it again. You can’t be pulling those hi-jinks. I know 99.9% of my sellers would never ever dream of such a thing….
Prudential Fox and Roach Realtors
530 Walnut St. #260 Phila., PA 19106