Mum's the word on why you're selling
Real Estate Adviser by Steve McLinden • Bankrate.com

Dear Steve,
We are relocating from Texas to North Carolina due to a new job that I
have already started. Naturally we want to sell our house as quickly
as possible, but I'm concerned that if the potential buyers should
discover our anxiousness, they will gain an unfair negotiating
advantage. My real estate agent said it is normal to disclose such a
motivation, but can I expect him to keep the details a secret?
-- Vince

Dear Vince,
In the poker game of real estate negotiation, you are holding a soft
hand. But if you play your cards right, you probably won't have to
slap them down on the table, even after the dealin's done.

You are absolutely right that the disclosure of your imminent
relocation could give added negotiating leverage to the buyer.
Motivation is one of the top things that buyer's agents and
bargain-seekers look for. It's no secret. It's a strategy you'll find
on even the most perfunctory "how-to-buy-a-home" primers on the
Internet and at bookstores.

Of course, you should realize that you are under no legal obligation
to disclose your motivation for selling. As the seller, you are only
obliged to disclose relevant material facts or defects that would
reasonably impact a buyer's decisions to buy the property.

If you are otherwise comfortable with the agent and have already
signed a contract for his services, inform him that while other
sellers might think it's okay to tip their hands, you don't. If you
haven't inked a deal, well, consider that he might not be the best guy
to have in your negotiating corner. (Of course, if you deep-six him
now, he'll already know your motivation and could tip off another
agent or buyer. It does happen.)

Ethically, a good seller's agent has a duty to not disclose your
motivation to sell without your prior permission.

No matter how close to the vest you are, things could get hairy. Some
overly diligent buyer could casually ask a neighbor you've confided in
about the neighborhood, etc., and your secret could slip out. And of
course, the direct question of "Why are you selling?" may come up, and
an elusive response may intonate you are hiding something. At the very
least, the buyer may want to get a target moving date from you. The
less volunteered here, the better. A neutral answer of, "The owners
will sell if they can get their price," is about as far as you'll want
your agent to go.

The poker game might continue, however, if the buyer's agent comes
back with: "Well, we'd just like to know so we can make an offer that
best suits the seller's needs."

As you can see, it can get tough, but make sure you hold your ground.
Since you obviously won't be around during showings, your wife or
kids, if you have them, probably shouldn't be either. You don't want a
family member to have to answer the question of, "Where's the man of
the house?"

If the home is slow to sell, there may well come a point where you
will actually be ready to disclose your motivation as a way to scare
up a few more potential buyers.

Until that time, mum's the word.

http://www.bankrate.com/nltrack/news...20050806a1.asp


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