Home sellers: DON’T allow your agent to do this…
…because it could cost you $100,000+!
This common practice among real estate agents is TERRIBLE for home sellers.
Today I’m sharing why you NEVER want a sign that says “In Escrow” on your front yard.
You’ve likely seen this type of sign countless times.
One of your neighbors puts their house up for sale.
Then they do the open houses.
And then, within a few days or weeks, that “In Escrow” sign appears.
But, have you ever stopped to wonder what the purpose of this sign is?
And how does it benefit the homeowner to have this sign up?
The fact of the matter is it doesn’t.
The only person it’s good for is the real estate agent.
The agent puts this sign up in hopes that it sends a message to neighbors and passers-by.
The agent is trying to tell everybody “I did a good job! I found a buyer for this house!”
But, here’s the BIG problem with that:
When the “In Escrow” sign goes up, another message is sent.
And this one is sent to prospective buyers who might be driving by as they canvas the neighborhood.
The message these buyers get is…
“You missed out! Don’t even bother calling because this house is already spoken for!”
Most people don’t realize this, but about 20% of escrows fail.
This means even though the seller and buyer struck a deal initially…
…the buyer ends up backing out before the sale is complete.
Sometimes this happens after several weeks of being in escrow.
This is usually a bad situation for the home seller.
It means the seller might have to put the 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 on 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 effect 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.”
In those frustrating cases when the buyer has backed out and canceled escrow on my client’s home…
…I always 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.
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.
And that’s one reason why the data clearly shows my client’s homes sell for…
…nearly 4% more than the local average (Sales Price vs Asking Price) and sell twice as fast.
If you’re considering a home sale and you want to ensure you’re leveraging the BEST strategies to maximize your home’s value, I invite you to reach out to me.
You can find me at linrealtygroup.com or call me at 626-807-6581. Thank you so much!