Having multiple purchase offers on your property is one of the best ways to ensure you get the highest price and best terms possible. If you price your home properly and there are multiple buyers looking for a home in that price range when you list it for sale, there's a good chance a bidding war will break out.
But sometimes multiple buyers just aren't interested…
It might seem then that bluffing that other buyers are interested might be a strategic move, but just like a bad hand in poker, bluffing that other buyers are interested can backfire spectacularly.
Here are four ways that bluffing can hurt rather than help your home sale.
1) You might totally scare off a great buyer…
Bluffing that there are other buyers in the market can really drive a potential buyer away. Some people don't want to get into a bidding war, no matter how much they love your home. So, instead of bluffing, be honest. Buyers who really love your home will usually make a great offer without feeling intimidated by other buyers.
2) …or just extend the time it takes to make an offer
Even if they're not completely scared, you can get them to pause making an offer and wait to see if another offer actually comes in. Instead of creating a sense of urgency, you can create a waiting game.
3) I might not believe anything you say in the future.
It may be hard for a buyer to know or even disprove that you're bluffing, but even if they even suspect it, it can create trust issues for you going forward. There are a lot of things that a buyer and seller must agree on between the time an offer is accepted and the closing date. If the buyer doesn't trust you, the process can be much more difficult and stressful.
4) It can lead to buyer’s remorse
Having a buyer make an offer on the assumption that there are other interested buyers may actually work. Well, at first… but a buyer who makes an impulsive decision may end up regretting it and making the whole process miserable until they rescind their offer or walk away from the deal.