Home sellers keen to use cameras to spy on buyers, agents

When the inventory of available homes is low, buyers are more open to accepting demands from sellers, even if that means being spied on.

A survey in the US conducted by Harris Poll for Nerdwallet.com found that 90% of respondents thought that using surveillance cameras for home tours was a good idea.

Most thought to for the protection of personal belongings (72%) but 41% believe it would be a useful way to keep a check on their real estate agent.

Two thirds of respondents said they would use cameras already installed for security purposes for home tour surveillance.

The poll also revealed some of the other things that sellers can demand in the tight market including asking for a higher earnest deposit which would not be returned if the buyer was to walk away.

Requiring "love letters", personalized offer letters from interested buyers who are trying to convenience a seller why their offer should stand out (these often times include family photos and other details), is also increasing along with preference for cash buyers.

“In this strong seller’s market, sellers are drunk with power,” says Holden Lewis, NerdWallet’s home expert. “They know in this competitive landscape they can force buyers to flatter them and give up protective contingencies. It happens when a house attracts multiple offers and buyers have to stand out from the crowd.”

 

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