When enthusiasm overcomes logic, disappointment ensues.

By
Real Estate Agent with Better Homes and Gardens Real Estate Metro Brokers

When enthusiasm overcomes logic, disappointment ensues.This happens more often than you think. I get a call from a prospective “buyer” about a deal that they found on the Internet that appears too good to be true. When they start speaking, they can barely contain their excitement.

“Can I really buy a house like that for $900 or $1200 or $1500?”

Of course most of these houses are in great neighborhoods and the photos show them to be in excellent condition. There is only one problem:

The “price” that is listed is NOT the sales price, but the amount of monthly rent. It seems that a lot of the big IDX assimilators do not always make that distinction very clear.

Logic tells you that this is not the sales price. After all, if you really could purchase a house like that for a price like that, it would never make it to the MLS.

Blame the media if you want, but there are still a lot of people out there that truly believe that you can get a good house for next to nothing.

And they are so disappointed to discover that good houses still demand a fair price!

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Topic:
ActiveRain Community
Groups:
Club Chaos
Diary of a Realtor
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"Whacked"!!!
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enthiusiasm

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Rainmaker
1,331,151
Kristin Johnston, Waukesha Realtor 414-254-6647
Waukesha County Realtor, RE/MAX Buyer Agent
RE/MAX Realty Center

SOOO true Richard !  YOU are right on point here.  Have a great Monday and successful week!

August 01, 2011 08:09 AM
Rainmaker
1,051,766
Ginny Gorman
Homes for Sale in North Kingstown RI and beyond
Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate

Richard, so true...many times it has happened to me as well...and some of them get angry at me...i direct them to my web site that is much more transparent about the listing...and remind them of the age old adage...best

August 01, 2011 08:10 AM
Rainmaker
575,699
Patricia Feager, MBA, GRI, Cert Negotiations Expert, Military Relo Prof
The Little REALTOR® That Could
Keller Williams Realty

Richard, I just wish there was a source to go to on the INTERNET to keep those people accountable for their misrepresentation. I can't find fault with the people who read those ads, because unfortunately, they believe it's true and then people start talking to them about how they know somebody and they got a great deal, and blah, blah, blah.

August 01, 2011 08:12 AM
Rainmaker
266,405
Alan Gross
PrimeLending, A PlainsCapital Company

If the someone thinks they can buy a home for $1,500 they aren't very realistic. Is there other copy that's talks about it being a rental?

August 01, 2011 08:21 AM
Ambassador
2,342,438
Lenn Harley
Real Estate Broker - Virginia & Maryland
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate

Or, it's a property in the IDX that is, when reviewing the listing, a property scheduled for AUCTION.

 

August 01, 2011 08:24 AM
Ambassador
1,439,266
Liz and Bill Spear
RE/MAX Elite Warren County OH (Cincinnati/Dayton)
RE/MAX Elite 513.265.3004 www.LizTour.com

Richard, We've seen the same thing when someone is looking at foreclosures.  They see the price of the judgement and not the actual price of the home.  Do you really think you can get a $400k home for $110k?

August 01, 2011 08:41 AM
Rainmaker
524,670
Dr. Stacey-Ann Baugh
A doctor who makes house calls.
Century 21 New Millennium

If we could get that great house for $900 the real estate agents would buy them long before they hit the public :-)

August 01, 2011 08:50 AM
Rainmaker
338,296
Navona Hart
Real Estate Agent, Farmville Virginia Homes & Land
Real Living Cornerstone

So true, I wonder why common sense doesn't take over!  People are so wishful.

August 01, 2011 08:53 AM
Rainmaker
254,306
Connie Goodrich
CRS ABR (McKinney Realtor)Texas
Keller Williams Realty

I have had that happen a couple of times on lease listings.  The buyer wants to know what is wrong with the home and then I explain it is a monthly lease price not for sale.  I think some people don't employ good sense.  Glad to find that this lack of thinking isn't contained to just our Texas opportunity seekers.  All the best for a great week!

August 01, 2011 09:00 AM
Rainmaker
780,218
Paula McDonald
CHEVAUX Group ~ The Woodlands, TX 936-203-0279
Chevaux Group, PLLC

Oh so true.  The old saying "If it is too good to be true then it probably isn't true!" is dead on the money in these instances.  People, get real.

August 01, 2011 09:04 AM
Rainmaker
591,494
Laura Giannotta
Your Realtor Down the Shore!
Keller Williams Realty - Atlantic Shore

Or the amount listed is the amount of a lien...I always tell people if it were that price, don't you think some savvy investor (or real estate agent) would have snatched it up already? 

August 01, 2011 09:38 AM
Ambassador
896,941
Andrea Swiedler
Realtor, Southern Litchfield County CT
Berkshire Hathaway HomeServices New England Properties

Richard, I am just sitting here shaking my head. If it seems to good to be true it really, really is.

 

August 01, 2011 09:53 AM
Ambassador
747,507
Lori Bowers
The Lori Bowers Group

It seems many  people are still unrealistic and greedy too.

August 01, 2011 11:56 AM
Rainmaker
400,543
Marian Goetzinger
Crystal Coast Real Estate NC
Pine Knoll Shores Realty 252-422-9000

Richard, I'm always amazed when people make those assumptions.  Come on!?  It had to be a mistake.

"Of course you can buy an ocean front mansion for $6000!"  Yes, that is what we get for one week's rent.  Go figure.

August 01, 2011 12:30 PM
Rainmaker
1,733,311
William Feela
Realtor, Whispering Pines Realty 651-674-5999 No.
WHISPERING PINES REALTY

Richard...way to many people just look at the picturesand don't read what it is all about.

August 01, 2011 02:54 PM
Rainmaker
1,775,115
Gabe Sanders
Stuart Florida Real Estate
the BlueWater Realty team specializing in Martin County Residential Homes, Condos and Land Sales

Occasionally, very rarely, a realy good deals comes up.  Everyone in the business knows it's a good deal.  By the time an Internet browsing client sees it, it's under contract and no longer available.

August 01, 2011 04:04 PM
Ambassador
1,319,822
Richard Iarossi
Crofton MD Real Estate, Annapolis MD Real Estate
Coldwell Banker Residential Brokerage

Richard,

I've had that call too...my stock response is "if it were that good a deal, don't you think a Realtor would have already scooped it up?"

Rich

August 01, 2011 07:50 PM
Rainmaker
450,572
Ritu Desai
Northern Virginia Realtor - Fairfax/Loudoun/PW - 7
Samson Properties

Soooo true Richard, I have many occasion agents laziness or mistake that prompted the call from a buyer we saw a beautiful home for a low price.

August 02, 2011 08:20 AM
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Ambassador
1,645,565

Richard Weisser

Richard Weisser Coweta Newnan Homes for Sale
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