😭 A VERY costly home selling mistake…
…that’s easily avoidable.
I see this mistake almost daily and it makes me cringe every time!
I’m sure you’ve seen it too, but…
…you probably didn’t even realize it was a problem.
Hi it’s Eva Lin.
🤔 So, what’s the big mistake I’m talking about?
Let me ask you this.
When you’re driving around your neighborhood…
…how do you know if a house is for sale?
Well, usually, there’s a big sign in the front yard that advertises “FOR SALE” right?
There’s nothing wrong with that, but here’s where the problem comes in:
🤝 As soon as the seller accepts an offer, another sign usually appears in the front yard.
This new sign says “IN ESCROW” and while it seems harmless enough…
…it can be very damaging for the home seller.
Have you ever stopped to wonder what the purpose of this sign is?
And how does it benefit the home seller to have it in their front yard?
The fact of the matter is, it doesn’t.
😦 The only person it’s good for is the listing agent.
The agent puts this sign up hoping that it sends a message to the neighborhood.
The agent is trying to tell everybody, “Look! I did a good job and I found a buyer for this house!”
But, here’s the problem with that:
When the “IN ESCROW” sign goes up, a different message is also sent.
And this one is sent to all the prospective buyers…
…who might be driving through the neighborhood.
📣 The message these buyers get is:
“You missed out! Don’t bother inquiring because this house is already spoken for!”
Most people don’t realize it, but a lot of escrows fail.
Around 20% in fact.
This means even though the seller and buyer struck a deal initially…
✌️…the buyer ends up backing out.
Sometimes this happens after several weeks of being in escrow.
When that’s the case, it’s a particularly bad situation for the home seller.
It means the seller might have to put their house back on the market…
…without the benefit of being the “hot new property” anymore.
To avoid this, your listing agent should work diligently to lock in a solid “backup offer.”
But sometimes that isn’t possible.
📈 That’s why it’s CRITICAL for your agent to keep the interest in your house high…
…all the way until the sale is finalized.
Putting up a sign that advertises “IN ESCROW” does the exact opposite.
It kills the interest in your house!
Most agents have never stopped to consider this.
I know they don’t put up the “IN ESCROW” sign because their goal is to disadvantage their client.
They probably don’t even realize the affect it’s having.
🤷 Plus, it’s just what most all other agents seem to do.
Every year I help dozens of local families with their home sale.
Never once have I put up a sign that says, “IN ESCROW.”
Here’s why:
In those frustrating cases when the buyer has canceled escrow on my client’s home…
…I want to have a long list of other interested buyers who’ve been calling me up until that very day.
☎️ You can be sure those are the first people I reach out to if the escrow fails.
This gives my clients the best opportunity to come back on the market in a position of strength and…
…receive multiple offers a second time so they can still achieve the highest sales price possible.
If you’re considering a home sale and you want to make sure you’re using the BEST strategies to maximize your home’s value, I invite you to reach out to me.