Residential Real EstateThe Only Color You Should See When Selling a Home
About ten years ago, I was working with a minority couple to help them find a home -- a pair of young professionals, both of whom had solid incomes. They were excellent, highly qualified buyers, whom any seller should have felt fortunate to find.
When one of my buyer"s agents took them for the first showing of one particular house, the garage door was locked, and the owner wouldn"t allow them access to one of the bedrooms or the basement.
They looked at other houses, but just couldn"t find anything that fit their needs as well has that house they were blocked from touring completely. They wanted to see the rest. We scheduled a second showing. My buyer"s agent, the couple, and the wife"s father went to look at the house again. This time, the seller wouldn"t even let them inside. The seller told them, "You kind of people don"t want to be in this neighborhood."
Somewhat shaken, the couple sought legal advice and soon learned that the seller had broken several equal opportunity statutes. Under the law, they were clearly entitled to relief or damages for the way they had been treated.
As soon as he learned what had happened, the listing broker immediately released the seller from the listing agreement. A real estate agent can lose his license for assisting people who he knows have broken equal opportunity laws.
The couple was getting ready to take the seller to court and there was a good chance that the seller would lose his house in the dispute. At this point I intervened. I convinced the seller that he had been wrong in the way he treated the couple and he eventually settled the matter with the couple out of court, paying them about $10,000. Thanks to that money, which the couple used as a down payment, they were now able to afford their dream house instead of settling for something in a lower price range.
The take-home message here is that green should be the only color you see while your home is for sale. If your goal is to maximize your profit, what difference does it make who buys it? If someone wants the house, offers you the right price and terms for it, qualifies for financing, and is intent on closing the transaction, why on earth would you not grab that deal? If you ignore equal opportunity laws, you can get yourself into big-time trouble.
If you have personal problems with a certain race or disagree with someone"s lifestyle choice and are completely unable to set aside your prejudice, first of all, I feel sorry for you that you have so much hate in your heart. Secondly, I strongly advise you to hire a real estate agent to handle your deal. Be out of the house for all showings and open houses, don"t meet your buyers until you get to the closing table, and then bite your tongue and close the deal. Acting otherwise is just plain wrong, in addition to being illegal. Your prejudice could actually lead to the loss of your home… or at least a very stiff and well-deserved penalty.