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Real estate agents almost always advise sellers to leave when their home is shown to prospective buyers. Buyers are also advised to conceal their excitement about the listing if they do happen to run into the sellers.
Why are real estate agents so nervous about chance meetings between buyers and sellers? Some agents worry that the buyers could jeopardize their negotiating position if the seller becomes aware of the buyers' enthusiasm for the property. In some cases, this might be so, but such an encounter could just as easily have the opposite effect.
One couple returned to see a listing they were considering at night so they could appreciate the city lights view. The seller was home. The buyers and sellers engaged in a friendly conversation, which left the seller with a positive impression of the buyers.
The seller subsequently received three offers. The couple he met at the property offered the lowest price of the three. The seller wanted these buyers to have the house if they were willing and able to pay the highest price he was offered. So rather than accept the highest offer, he issued a counteroffer to the buyers who'd made the lowest offer. They accepted. If he hadn't had the personal connection to these buyers, they wouldn't have received preferential treatment.
HOUSE HUNTING TIP:
There are many advantages to having buyers and sellers meet, but there are several issues to be aware of. Buying and selling a personal residence is unlike any other business transaction. There is an emotional component that can have an effect on the outcome of the transaction. If you were to meet the seller at the property and have an unpleasant encounter, this could hinder your chances of a smooth negotiation.
Sellers who list their homes for sale with a real estate agent often do so because they don't want to interact directly with the buyers. They want to put the marketing and negotiations in the hands of trained professionals. A buyer should respect a seller's wishes if he doesn't want to meet with you until you have completed your negotiations. This includes any negotiations that might be required to resolve inspection-related issues.
After that, it's usually beneficial for the buyers to meet with the sellers for the purpose of learning more about the property.
If the seller has lived in the property for some time, he has had time to decipher idiosyncrasies that could take you months or longer to figure out. Recently, a buyer learned that if she lowered a shade in the kitchen during warm weather, she could avoid walking into an unbearably hot house when she returned at the end of the day.
Make a list of questions you have before your meet with the seller. If you're buying a home with a garden, you might appreciate knowing what the seller recommends about ideal times to prune, or which plants will require more or less water when the season changes.
Ask the sellers if they have any service providers—like gardeners or a handyman—that they would recommend. Write down their names and phone numbers. Contact these people as soon as possible if you want them to continue working for you. It could take you months to establish relationships with new service providers using a hit and miss, trial by yellow pages approach.
THE CLOSING:
If you do meet with the sellers, it's usually best to keep your redecorating and remodeling plans to yourself. The sellers may have a strong attachment to their own taste in such matters. Try to culminate your transaction on good terms.
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