Shhhh When You Go to an Open House
Please don't make these same mistakes!
Recently I was at an open house that a for sale by owner was hosting. I overhear a potential buyer talking to the seller about financing. They are preapproved with a lender (yeah!!) and are approved up to $175,000. The house they were looking at is $130,000. forehead smack Don't tell the seller how much you are preapproved for! As the buyer, you just gave away a big negotiating piece. That's great you told the seller you are preapproved, but you never disclose for how much. And GET A BUYERS AGENT! Then you wouldn't have been having that conversation and your realtor could be negotiating a better price for you!
I also heard the SELLER telling too many details of why they were moving. So now the seller is going to lose money because the potential buyers know they HAVE to move and do it SOON. Buyers are going to write for less!
Whether you are the buyer or seller, be quiet at an open house! Don't give out your financial info and how much you looooove the house. Don't show your motivation for selling. Both parties are making big $$ mistakes. And the other lesson, GET A REALTOR....one who is awesome... hint hint
(on a side note, it was not my place in this situation to swoop in and save either party from the mistakes they were making. I wish them both luck.)