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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Rainmaker
1,439,694
Kristin Johnston, Waukesha Realtor 414-254-6647
RE/MAX Realty Center - Waukesha, WI
Waukesha County Realtor, RE/MAX Buyer Agent

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

Aug 01, 2011 08:09 AM #1
Rainmaker
1,130,776
Ginny Gorman
Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

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

Aug 01, 2011 08:10 AM #2
Rainmaker
670,526
Patricia Feager, MBA, GRI, Cert Negotiations Expert, Military Relo Prof
Keller Williams Realty - Flower Mound, TX
The Little REALTOR® That Could

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.

Aug 01, 2011 08:12 AM #3
Rainmaker
280,659
Alan Gross
PrimeLending, A PlainsCapital Company - Bethesda, MD

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?

Aug 01, 2011 08:21 AM #4
Ambassador
2,448,108
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

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

 

Aug 01, 2011 08:24 AM #5
Ambassador
1,531,189
Liz and Bill Spear
RE/MAX Elite 513.265.3004 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

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?

Aug 01, 2011 08:41 AM #6
Rainmaker
524,788
Dr. Stacey-Ann Baugh
Century 21 New Millennium - Upper Marlboro, MD
A doctor who makes house calls.

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

Aug 01, 2011 08:50 AM #7
Rainmaker
339,900
Navona Hart
Real Living Cornerstone - Farmville, VA
Real Estate Agent, Farmville Virginia Homes & Land

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

Aug 01, 2011 08:53 AM #8
Rainmaker
254,308
Connie Goodrich
Keller Williams Realty - McKinney, TX
CRS ABR (McKinney Realtor)Texas

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!

Aug 01, 2011 09:00 AM #9
Rainmaker
857,367
Paula McDonald
Chevaux Group, PLLC - The Woodlands, TX
CHEVAUX Group ~ The Woodlands, TX 936-203-0279

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.

Aug 01, 2011 09:04 AM #10
Rainmaker
592,690
Laura Giannotta
Keller Williams Realty - Atlantic Shore - Little Egg Harbor, NJ
Your Realtor Down the 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? 

Aug 01, 2011 09:38 AM #11
Ambassador
903,781
Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

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

 

Aug 01, 2011 09:53 AM #12
Ambassador
751,738
Lori Bowers
La Quinta, CA
The Lori Bowers Group

It seems many  people are still unrealistic and greedy too.

Aug 01, 2011 11:56 AM #13
Rainmaker
403,329
Marian Goetzinger
Pine Knoll Shores Realty 252-422-9000 - Pine Knoll Shores, NC
Crystal Coast Real Estate NC

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.

Aug 01, 2011 12:30 PM #14
Rainmaker
1,810,192
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

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

Aug 01, 2011 02:54 PM #15
Rainmaker
1,960,464
Gabe Sanders
the BlueWater Realty team specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

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.

Aug 01, 2011 04:04 PM #16
Ambassador
1,349,972
Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate

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

Aug 01, 2011 07:50 PM #17
Rainmaker
478,560
Ritu Desai
Samson Properties - Ashburn, VA
Virginia Realtor-Fairfax/Loudoun/PW-703-625-4949

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.

Aug 02, 2011 08:20 AM #18
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