I saw a Facebook post late last year showing a photo of a house along with “Love this house! I put an offer in today. Hope I get it!!!” In addition to the dozens of “likes,” the comments revealed how the poster (not our client) had lost out on two other homes that she had made offers on and that she was “determined to get this one.”
It’s a small city that has been made even smaller by social media. In “going public,” this homebuyer could have severely crippled her negotiating power. If the seller became privy to her desperation to get the house, the cards would have been tipped heavily in favor of the seller in terms of negotiating the contract and any inspection-related repairs. Worse yet, she would not have known that the seller had “inside information.”
Sellers are also known to share their selling motivations, both on-line and with their neighbors. A savvy buyer agent is looking for information to gain negotiating leverage. It’s surprising the valuable information neighbors will share.
As a homebuyer or seller, the less information that you share with friends and neighbors, the better. It’s just too easy for innocently shared information to get to the wrong person and compromise your negotiating power.