Joe And Doug Williams

Scuttlebutt

05 January 2018
Joe And Doug Williams

2 reasons I like to talk about ‘scuttlebutt.’

  1. Its a fun old-timey word
  2. It can be very useful in real estate

What does the term scuttlebutt mean? It refers to the background information, stories, and rumours that can be uncovered about a situation, company or place (think real estate) via conversations. We can often glean intriguing and useful background information about a house from talking to other real estate agents, contractors and neighbours. The internet can be very helpful tool in this respect as well.

Why is it helpful?

The background of the owner may give us a more complete picture of the home. For example – we may learn that the current owners cared for the home as if were their castle. Neighbours may speak about how well the property and gardens were always so well maintained. (Usually a good sign that the house is well cared for). Conversely – we may hear that the house was rented out by the room for years – and just recently – a group of trades people have been in and out of the house getting it ready for sale. Not the worst news to hear but you might be a bit more scrupulous with inspecting the house. Two very different pictures emerge depending on the stories of the previous owners.

Shortcomings?

Sometimes rumours and hearsay can be distracting. If the terms of the purchase are appropriate – go forward with the deal – don’t get too hung up on the background of the seller – even if they sound like a huge jerk!

The facts of a house (the age of the roof), and the statistics of the area are of paramount importance. But don’t hesitate to ask about the “scuttlebutt” surrounding the property. At the very least – you will have fun saying the word, and the background you learn may be instrumental in your decision making.