"I Love You But...3 other Realtors Said...." Confessed the Desperate Seller

By
Real Estate Agent with Keller Williams 414-525-0563

  We thought...that the realtors who had not "shifted" were gone...or nearly extinct...and gone on to pursue other professions. That they had learned, through more trial and error that "buying a listing" does not work. You cannot make money....sell homes, keep or attract clients and customers when you over price a home to get the listing...it just does not work....messy house

   We looked at a house the other day....blocks from the home I grew up in...I know the neighborhood...and still know many of the neighbors. The man had gotten the house back in a divorce. His now ex-wife had been a hoarder and had also trashed the property and not maintained it...what a combination !  Sooooo he spent weeks, cleaning out dumpster loads, painting, re-this and thating and asked us to come over and tell him the list price. For all he had done...there was sooo much more to do...the kitchen was a complete do-over just to begin to bring it into this century,,,the brown sink a in the half bath and narrow dark woodwork...huge gold veined mirror strips on the wall screamed of days gone by...decorating gone bad. The garage and basement were spotless...his priorities, not necessarily a buyer priority.

       "I have to sell this quickly !"  he quipped...when he "got it back" the mortgage had not been paid for a couple months...the property taxes were in default and so his cleaning was going to pay this all off and he would walk with "start over money."   Whoops....

  We gave him a price...offered to help with some staging...remove the mirrors...replace light fixtures...and still...the price would barely cover the indebtedness with the penalty, interest clock adding expense.

  We knew he would have to get at least one...if not more, "second opinions." Sure enough....he said he just had to take that leap of faith...he had tooo much time....money and emotion invested and not that he did not respect our opinion but 3 other realtors gave him prices of 30-40% higher than our suggested list.

   foreclosure signHmmmm...now why would we list a house for that much under the market....The foreclosure bus will be parked in front of the house sometime soon....hard to believe that many realtors could be wrong...he decided they were not. Stay tuned as the bus drives up  and the foreclosure fist tightens around the house...I will take my license on it.

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS

Sally K. & David L. Hanson  

close

Re-Bloggged 2 times:

Re-Blogged By Re-Blogged At
  1. Joseph J. Chang 02/28/2010 12:24 PM
  2. Steve Facella 03/01/2010 02:07 PM
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the foot to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
Real Estate Market Trends
Tags:
overpricing
foreclosure
wesellupsidedownhomescom

Comments 119 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the clip to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
1,272,267
Sally K. & David L. Hanson
WI Realtors - Luxury - Short Sale - CDPE, REDS
Keller Williams 414-525-0563

Wrong price, wrong time, wrong agent, wrong ethics, wrong wrong....

March 02, 2010 09:35 AM
Rainer
174,297
John Howard
GRI, Mountain Home, Arkansas 870-404-3614
Century 21 LeMac Realty

Sally and David,  Unfortunately, way too common!  Had a Realtor call me today after putting home under contract in 72 hours....Oh My she said...You had it priced way too cheap......yeah right

March 02, 2010 11:45 AM
Rainmaker
1,272,267
Sally K. & David L. Hanson
WI Realtors - Luxury - Short Sale - CDPE, REDS
Keller Williams 414-525-0563

Way too cheap....oh sure...that's what we all do for a "quick sale"....or could be that the market has taken a little sllllllllllllllide ?

March 02, 2010 11:51 AM
Rainmaker
91,416
Stephanie McCarty
REALTOR, Snellville, Loganville, Grayson, Monroe
Berkshire Hathaway Home Services

Once in a while I get a "run" of 3, 4 or 5 listing appointments within a short period of time and I play a game with myself about what percentage of them I will actually list.   I used to be able to lock up 90% of them but these days it's less than 50%.   Why?   Nobody wants to sell for market value.   They understand the concept.   They understand that the house has to appraise.   But, for whatever reason, they hang their hat on the slim chance that someone will love their home and be willing to pay MORE so that they can pay off their two mortgages and all their credit card debt and take a much needed vacation.  

When they start singing that song, I'm packing my briefcase up and on my way out the door.    I just wish there was some way of figuring this out BEFORE I do all the prep work and take time out to go to their house and waste time.  

March 03, 2010 12:16 PM
Rainmaker
124,583
Matt Robinson
Pensacola Real Estate (850) 292-4000
ERA Emerald Coast Realty

This same thing happened to me just a few days ago.  Some clients of mine had a rental property, and when I met them they were in the process of replacing carpet, painting, etc to get it ready to sell so they could reap their "profit".  They planned on selling it for $145K, except the comps put it at $125k, less than what they owe on it.  You could see the hope & enthusiasm drain out of their feet as I gave them the bad news.  In recent years, I've had to have that conversation way too often...

June 17, 2010 05:26 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the music-note to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
1,272,267

Sally K. & David L. Hanson

WI Realtors - Luxury - Short Sale - CDPE, REDS
For All Things Wisconsin Real Estate...Call the Hansons
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tag to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

Southeastern Wisconsin Real Estate Ambassadors including Waukesha, Milwaukee, Ozaukee and Washington County as well as the Lake Country area Short Sale Specialists