Red Flags & Danger Signs - Or Maybe - Just Maybe - an Opportunity??

By
Real Estate Agent with Managing Broker - City Realty Inc

I showed a house this weekend that had my buyers & I very curious before we even got there to see it.  In looking at the listing's history, I could see that it has been on the market over a year.  It's at a price point and in a neighborhood where that is NOT normal.  It has had 5 price reductions over that time, and been under contract and then back on the market twice.

You know the question that was in our minds - What is WRONG with this house??

Well, now that we have seen it, we are thinking maybe no fatal flaws - maybe an opportunity.  Yes, it is dated to some extent, needs some TLC - and has that lingering "home of a smoker" fragrance.  But we decided it MAY just be a victim of the poor decision to start at a listing price that was WAY too high, then the misfortune of a pair of failed sales (which according to the listing agent were due to one buyer's financing failing and another buyer's current house sale falling apart).  And those issues are certainly not unusual in this current market.  But all that combined to create a very, VERY long market time for this house - so undoubtedly we are not the only ones wondering what is wrong with this house!

So maybe an opportunity!  The most recent failed sale threw the house back on the market only a short time before the sellers moved out of the area.  I'm sure they were disappointed; I imagine they are hopeful of the house selling soon - and actually closing.  My buyers and I think the price is actually STILL a bit too high for its condition.  So MAYBE we will write up an offer, and we will see if the bad luck those sellers have had thus far is about to change - with my buyers also managing to get a bigger home and a good value.  They're talking it over - we'll see!

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                        Showing Olympia - Let me show it to you!!

For Info on the Communities of Olympia, Lacey & Tumwater  WA and the real estate to be found here, just call me, text me, email me!  And I'd love for you to subscribe to my blog.

Nancy Conner, City Realty Inc,    360-701-1086     nancy@cityrealtyinc.net      

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Show All Comments
Rainmaker
384,961
John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana

Nancy I think you answered your own question.  The price is probably too high.  Make an offer and see what happens.

Jun 14, 2010 12:10 AM #1
Rainmaker
364,762
Robin Dampier REALTORĀ®
Coldwell Banker King - Hendersonville, NC
Hendersonville & Western NC Real Estate Source

I agree that if the house is attractive to your buyers it could be a great opportunity for them at the right price.  Unfortunately in the current market with new stringent loan conditions, etc I know Robin and I have experienced properties going Under Contract and failing to consummate due to no fault of the seller but issues for the buyers.  A home inspection would be helpful along those lines.

Sue of Robin and Sue

Jun 14, 2010 12:24 AM #2
Rainer
20,740
Beyonca Clark
Century21 New Millennium - Lusby, MD

Good Luck! Can't wait to see what happens.

Jun 14, 2010 06:02 AM #3
Rainmaker
599,030
Nancy Conner
Managing Broker - City Realty Inc - Olympia, WA
Olympia/Thurston County WA

Thanks for your comments!  I agree that we may just have a lucky opportunity where my buyers (who have that awesome ability to see beyond what is to what could be) may be able to make an offer they are comfortable with and get it accepted.  And since there is some visible deferred maintenance, we definitely would include an inspection contingency!!

Will keep you posted...

Jun 14, 2010 04:16 PM #4
Rainmaker
896,102
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

It is good that your buyers can see past all the bad stuff.  We of course see this all the time.  The longer the house sits on the market through overpricing the staler it gets.  But the fact that it fell out of escrow twice means that other people saw the opportunity which is good.  Good luck.  I hope these realistic buyers get it.

Jun 15, 2010 01:13 AM #5
Rainmaker
599,030
Nancy Conner
Managing Broker - City Realty Inc - Olympia, WA
Olympia/Thurston County WA

Thanks Jane!  They are still thinking and calculating costs etc - we will see!

Jun 15, 2010 03:40 PM #6
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Rainmaker
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Nancy Conner

Olympia/Thurston County WA
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