Cory Brewer
By Cory Brewer
An agent in my office recently had a deal where the clients on the other side of the transaction carelessly posted information online and it ended up costing them, BIG TIME.
When selling a house, it’s very important that the seller provide full disclosure about its condition.
When purchasing a house, it’s very important that the buyer provide full disclosure about their ability to qualify for financing.
Posting more personal or emotional details online for the world to see, however, is a different story.
My agent was representing the seller and received an offer from Mr. & Mrs. Buyer. My agent then caught wind of the fact that Mr. & Mrs. Buyer were posting the step-by-step details of the deal on their online social networking account, which severely compromised their negotiating position. Among other things, they gushed about how often they drove by the house, how badly they pined for it, and how worried they were that they weren’t going to get it, or that another buyer would swoop in. The biggest mistake they made, however, was posting the actual amount they were willing to pay (which was A LOT MORE than the amount they originally offered).
OOPS! My agent’s sellers counteroffered for said amount, and were able to benefit from Mr. & Mrs. Buyers’ carelessness.
This is just one of the many ways that people can get into trouble by misusing social media. Think twice before you hit the “post” button!
Cory Brewer is a REALTOR® in the Seattle area and branch managing broker at RE/MAX Preference on Mercer Island. Connect with Cory at www.CoryBrewer.com.
Comments 12
Spectacular post Cory! These are the kinds of stories I always need to hear to tell my buyers. I’ve had to call several and say, “Take that down!!”
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This is a great topic to bring up. Too often I see people posting things that could get them into trouble down the road.
Thanks,
Jackie
Thanks for sharing Cory. This is a very good post to share with clients.
Social media use consultation is part of my seller and buyer prep talk. Cases like this are the reasons why. Great post!
Right on the money! I had buyers notice that the sellers were posting issues about the plumbing and electrical fixes they were required to do per the contract. But they were grumbling and moaning because they’d already done it once. Doh! We had never heard that…
The right answer for all of them is say nothing on social media, or to the neighbors, or another Realtor you may know….
Absolutely correct.
Not only should parties to a transaction be careful about on-line social networks, but face to face social occasions as well…
At open house I overheard information that should not have been shared (sister talking with friend–sister did not realize I was listing agent on another property her brother was buying, negotiations not complete, spilled all the beans).
I’ve heard second hand through the grapevine about motives etc to buy/sell, put one and one together… a guessed the parties involved…
And have overheard the details in coffee shops, even when names are not mentioned it’s easy to figure it all out.
And, I’ve heard the muddled version as well.
If you don’t want the grapevine to really mess it up, keep it confidential.
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Astoundingly foolish! What is it with the social online networking phenomenon that people feel compelled to share every intimate detail in their lives? This is but one example of how this can come back to bite you in the rear end. I have seen young people posting pictures of themselves engaged in sexual acts, or not fully clothed. I have seen pictures of young people smoking illegal substances. Are people really this brain dead? The first thing I do when I am going to meet a client is Google their name. I should mention I am a Mortgage Loan Officer at this point. Since under the new laws passed I am held accountable for the quality of loan I write for sale into the secondary market. I personally use “Linked In” to very if the employment information matches the 1003. Potential employers are going to see those photo’s of you doing wearing a lamp shade on your head, or far worse.
One can only hope this trend to tweet your actions every 30 minutes goes away, but somehow I think it will only get worse. Nobody cares what you are making for dinner. Nobody cares that you didn’t iron a fresh shirt this morning. Nobody cares that your big toe is hurting and why would you feel compelled to tell the world about it.
Going back to what the home buyers did. I am sure their Realtor was sick to his/her stomach. How can they negotiate on their behalf when you shown the other player your cards. Realtors, I guess there is one more thing to do on your long list.
Good Grife! Disclosure is my favorite RE word. But this comes under the heading of TMI, to much information,.ie, shooting yourself in the foot reguarding you negotiating tools!
Is there no such thing as common sense anymore? Apparently the supply is running very low.
WOW – truly not thinking on the buyer’s part!! As my manager says…..”be VERY careful what you post on social networks”. That surely applies here. This is an interesting situation.