4 Ways That Bluffing (That You Have Other Buyers Interested) Can Backfire on a Home Seller
Having multiple offers coming in on your property is one of the best ways to ensure you get the highest price and best terms possible. If you price your house appropriately, and there are several buyers looking for a home in the price range when you list your house for sale, there’s a good chance you’ll spark a bidding war.
But sometimes there just aren’t multiple buyers interested…
When that happens, you might feel bluffing that other buyers are interested could be a strategic move. But just like a bad poker hand, bluffing that you have other buyers interested can backfire in spectacular fashion.
Here are four ways bluffing could hurt the sale of your home, more than it could help:
1) You Might Entirely Scare off a Great Buyer…
Bluffing about other interested buyers can make genuinely interested folks head for the hills. Some people don’t want to get involved in a bidding war, no matter how much they like a house. So, instead of bluffing, keep it real. A buyer who truly loves your house will usually make a great offer, without the threat of another buyer looming over their head.
2) …or Just Prolong the Time It Takes for Them to Make an Offer
Even if they aren’t entirely scared off, you could just cause them to hit the pause button on making an offer, and wait and see if another offer actually does come in or not. Instead of creating urgency, you could create a waiting game.
3) They Might Not Believe Anything You Say in the Future
It can be difficult for a buyer to truly prove or disprove you’re bluffing, but even if they merely suspect it, it can create trust issues for you moving forward. There are a lot of things between an accepted offer and closing day that a buyer and seller need to agree upon, and if the buyer doesn’t trust you, the process can become a lot more difficult and stressful.
4) It Could Lead to Buyers Remorse
If you actually get a buyer to make an offer based upon there being other interested buyers, it might actually work! Well, at first… But buyers who make knee-jerk decisions often end up having buyer’s remorse, which could lead to them rescinding their offer, or just making the entire process miserable until you let them back out of the deal.
Transparency and open communication are key to a successful home sale. While negotiation is part of the process, building trust with potential buyers is crucial. By being honest about current interests, you can encourage serious offers and avoid the negative consequences of bluffing. Remember, a genuine buyer who loves your home will often make a strong offer without the pressure of a fictional bidding war. So, ditch the poker hand mentality and focus on presenting your home's true value to attract the right buyer who appreciates its unique charm.
