So you have decided to sell your residential property! The day you open your property for sale, you would start receiving inquiries from property brokers and buyers directly.
Whatever may be the reason you want to sell your property, it is not always good to reveal the real reasons. In an increasingly competitive real estate market, buyers have too many options available at their disposal and therefore you have to be a little tactful while dealing with prospective inquiries.
Here are some real reasons you should never discuss with the inquiries.
Of course, if you are getting a major capital gain out of your investment in housing property, there is no harm in booking profits and strengthening your financial position. In fact, it is good to sell off a home after a period of 5-7 years and generate some great capital gains. After this period, the probability of selling the property goes down as hardly anyone wants to buy properties that are too old.
In India, selling a housing property is looked upon as taboo. Although in many countries, people keep flipping homes to generate capital gains. This practice is not prevalent in India.
It is good to not reveal that you want to sell your property for capital gains. The other party may not take it positively as they would feel that you are trying to get huge gains from them. It is somehow not positive for them that you are going to make great money out of their purchase.
This is one major reason why people decide to sell their housing property. It is still okay to tell your client that you are relocating to another city and that is why you want to sell your house. However, never talk about the timelines even if you are supposed to relocate urgently and as soon as possible.
If you sound desperate, it gives buyers a sense that you are in a hurry. Real estate transactions involve several lakhs and decisions can’t be taken quickly. Your desperation may appear like an opportunity to the buyers. They may try to negotiate very hard and you could find yourself on a losing end.
Many people sell their existing homes to move to the better and bigger ones. Do not say this directly to the prospective buyer. Some things are obvious but they need to be unsaid. A buyer and his family may get a feeling of inferiority in buying your property and they may steer clear of the transaction, even if they liked the property.
At times, people sell their homes due to financial constraints. They may want to decrease their EMIs or dispose of their other liabilities out of the sale proceeds. A buyer, however, should not get the signs of distress. It weakens the position of the seller.
If you reveal any of the above reasons to anyone, you will soon find yourself entangled with hard negotiations as people try to take advantage of your reasons.