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OK, opinions mostly aside, here is the real deal. It's called information asymmetry - meaning the sellers and seller's agent have all of the information and you have very little. This is how sellers want the information flow - unbalanced. There is a huge risk in letting people comment on houses - as there is zero negative information out there for any home for sale when they list it. It is all positive - given by the realtor in the listing - 'shows well' 'updated kitchen' 'wonderful space' 'light and airy.' So, they have all of the positives that they could dream up for the listing already in place, why would they risk introducing potential negative information - they wouldn't. They will keep the information asymmetrical - in their favor. Do you really know what a dealer pays the factory for a new car, no, or their costs or lack there of in selling a car, or their profit margin - all no. Everything is buyer beware, if you buy it, it's yours - and the next thing you will hear is - well, you should have done your homework... But, when there is information asymmetry it's actually set up so you really cannot do your homework because if you really knew all of the facts, you likely might not buy the home at the listing price or anywhere near it - and they do not want that. What to do, find a good buyer agent that has seen a lot of the homes already, and get their opinion, if it's all 'fantastic' find a new one. Remember, you are the buyer, this is the biggest purchase you might ever make, take more time than you do in the grocery store picking out fruit. In other words, slow down, as most people will try to 'speed you up.' If you miss a house because you were slow, just move on, it's not a failure. (btw, i have been looking for a site that will let you post reviews for years as I thought it would be very helpful as I was tired of looking at houses every weekend that had the greatest pictures, but upon arrival, were, let's just say, not so great.)
OK, opinions mostly aside, here is the real deal. It's called information asymmetry - meaning the sellers and seller's agent have all of the information and you have very little. This is how sellers want the information flow - unbalanced. There is a huge risk in letting people comment on houses - as there is zero negative information out there for any home for sale when they list it. It is all positive - given by the realtor in the listing - 'shows well' 'updated kitchen' 'wonderful space' 'light and airy.' So, they have all of the positives that they could dream up for the listing already in place, why would they risk introducing potential negative information - they wouldn't. They will keep the information asymmetrical - in their favor. Do you really know what a dealer pays the factory for a new car, no, or their costs or lack there of in selling a car, or their profit margin - all no. Everything is buyer beware, if you buy it, it's yours - and the next thing you will hear is - well, you should have done your homework... But, when there is information asymmetry it's actually set up so you really cannot do your homework because if you really knew all of the facts, you likely might not buy the home at the listing price or anywhere near it - and they do not want that. What to do, find a good buyer agent that has seen a lot of the homes already, and get their opinion, if it's all 'fantastic' find a new one. Remember, you are the buyer, this is the biggest purchase you might ever make, take more time than you do in the grocery store picking out fruit. In other words, slow down, as most people will try to 'speed you up.' If you miss a house because you were slow, just move on, it's not a failure. (btw, i have been looking for a site that will let you post reviews for years as I thought it would be very helpful as I was tired of looking at houses every weekend that had the greatest pictures, but upon arrival, were, let's just say, not so great.)
First off...
Say you have your house listed for sale at a reasonable price and it is in good condition. Maybe your neighbor down the street has their home priced higher and doesn't like the competition of yours. What's to stop them from trolling the listing for your house and saying all the (unsubstantiated) negative things about it just to drive buyers away and look at his house instead?
Say you have your house listed for sale at a reasonable price and it is in good condition. Maybe your neighbor down the street has their home priced higher and doesn't like the competition of yours. What's to stop them from trolling the listing for your house and saying all the (unsubstantiated) negative things about it just to drive buyers away and look at his house instead?
Second off...
The return and tab keys are your friends
Third...
Information asymmetry?
That blade has two edges.
Say, I have a house under contract. The listing agent and seller has no clue about myriad details of information about my buyers. None.
And, it is data that could offer leverage in negotiations.
They don't know if my buyer has just frozen their listing and is still looking, if the house is a "perfect" fit, or they are "settling."
They don't know if my buyer is stretching to pay $400,000, or is pre-approved for much more and would jump on a $500,000 house like a wolf on raw meat if they saw one they liked better.
They don't know that the in-laws are disabled and really need that main level guest suite when they visit.
Etc.
Etc.
And, I ain't telling until the dealings done, if even then.
<div>We could get into ten million scenarios. The bottom line is the sellers and the representing realtor have all of the information about the house, and you as the buyer have much less. I think this thread started as people (myself included) are just trying to save time and they believe that someone else's hopefully (maybe not likely) factual information will help them do just that. There will likely be good reviews and bad reviews and some would turn potential buyers away. But the likelihood that the majority of the information given will be negative is probably true. The real bottom line is that when I see a whole group of people (mostly realtors) very guarded against transparency in the market, or at least a move that for some would bring a little more transparency to the market, being fought tooth and nail, it means they don't want transparency because it is not good for their side of the business.</div><div>I am not in the real estate business, but have bought several properties in my life, and have read extensively about the market. I was always pre-approved for a loan, I always had 20% to put down, and I always made it known. So I am very confused as to what leverage your buyers would have once they have signed a contract. Why don't they know about your buyers, in my area, if you don't have a letter from the bank saying you have $200,000 for a down payment and are pre-approved for the rest, the contract is laughed out of the door. And the next person in line at the door with the letter from the bank gets the house. An offer or bid is put in and based on the merits of that offer / bid a contract is accepted. I guess I just don't understand the leverage a potential buyer would have in your scenario. In my area, no one knows anything about the buyer, just that they either have the ability to buy a 900k house or they don't. If they do, then send me a contract and it better have a pre-approved letter from the bank attached to it and proof that they have 20% in cash laying around. No one cares if it's a perfect fit or if the in-laws need to live on the first floor. <br></div><div><br></div><div>The blade has one edge - or at least in my ten purchases over the years it does - I knew zero, the seller knew everything. They knew if the basement walls had cracks behind the drywall (this happened), if the septic system was screwed (this happened) and so on. Was it disclosed, absolutely not - why? because it would jeopardize the sale. I knew what the houses looked like, I knew how much they cost, I knew the neighborhood, and the age of the house, but other than that - I knew nothing. And this is why, in the end, people in my area would rather pay 1.2 million for a house 35 miles outside of the city with a 2 year warranty from a reputable (read: very big) builder than risk paying 850k for a 10 year old house, because they fully understand the information asymmetry that exists, and they would rather pay more for new.<br></div>
<div>Actually the return and tab keys seem to not be my friends on this site (see above <><><><br></div><div><br></div><div><br></div>
<div>Actually the return and tab keys seem to not be my friends on this site (see above <><><><br></div><div><br></div><div><br></div>
You should compose in the CD editor, not paste from another editor, or html.
Or, you should remove all formatting imposed by the editor you use.
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