Gift Ideas Realtor (Surprise: insurance, loans, brokers)
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I can give you many examples proving your point is inaccurate. I've bought and sold aa few dozen properties. For ME, it works like a champ! For others, not so much.
In one of many examples, I was actively buying and selling RE as an investment, I worked with a pair of agents who called me when they got a listing that was a deal. Everything I bought was on a lake in Northern MN. I purchased properties from them. With each property they brought to me, I was their 1st phone call. And in each, I paid under asking. I either jazzed them up a little or spun them at a better time of the season. I also split some larger properties up. Each time, they got the listing when I resold it. Think 16 properties in total.
No, I wasn't promised "loyalty, obedience, and confidentiality". It was well understood without saying a word that I was a buyer only at the right price and they would get the listing when I spun it back on the market. Think several hundred thousand of profit.
I could go on, and on, and on. It's not for everyone. But to say I don't have an advantage is simply not true.
You are a different type of buyer - most likely buy with cash and as-is to get you the good deals so of course you'll be the list agents 1st point of contact when they have a home that needs tlc and fits an investor profile. We all have investors on the sidelines waiting for homes like this. You are in the business and can spot red flags and walk away or negotiate. This is not the business for the majority of the buyers so they need an advocate who can make sure they are protected every step of the way. If it's the list agent so be it - but only if they don't already have a realtor working with them. There's no additional benefit or savings to work with a list agent is what I'm trying to say and any bs that is thrown around by a list agent or agent at an open house giving you that perception is a violation of agency.
Wow, thanks so much for the informative and helpful response, I'll be sure to refer to your advice when I decide to sell my home! I don't understand the highlighted part, does the list agent collect commission on both sides mean the listing agent acts as a buyers and sellers agent? If I go to an open house without my buyers agent, does the agent showing the property want to become my buyer's agent and he's already the sellers agent? If so, do I tell the open house realtor I already have a buyers agent I use but he's not with me today? I hope I was clear about my confusion, lol, it's difficult for a layperson to understand how the RE business operates now, imo.
The agent sitting at an open house may not be the list agent but works for the same brokerage so the limited partnership agreement/dual agency applies also in this instance. For agents who hold Open Houses, their intent aside from finding a buyer for the house, is also to develop relationships with potential buyer clients. If you don't have a buyer agent already and you like the agent at the open house - you can consider hiring them as your agent. If you are already working with an agent and are happy with them, and the agent at the open house is asking for your contact info - you can give your agents info instead, you do not need to provide them with your contact info. "Agency" fiduciary duties should be explained / forms reviewed/signed at the onset of hiring your agent. Hopefully this makes sense, it's hard to wrap your head around it so these quesions are really good.
PS-there are some unscrupulous agents out there - hopefully getting less and less -that can try to steal you at open house, can tell you a bs story about offers and having to do one with them right away - FOMO - if you walk through an Open House and you like it - you should not let the agent know at the house - but instead when you are out and not within hearing distance (RING) call your agent and let them know you like the house - their duty is to get you in the house again so they can see it with you and then you can proceed with writing an offer with your agent.
The agent sitting at an open house may not be the list agent but works for the same brokerage so the limited partnership agreement/dual agency applies also in this instance. For agents who hold Open Houses, their intent aside from finding a buyer for the house, is also to develop relationships with potential buyer clients. If you don't have a buyer agent already and you like the agent at the open house - you can consider hiring them as your agent. If you are already working with an agent and are happy with them, and the agent at the open house is asking for your contact info - you can give your agents info instead, you do not need to provide them with your contact info. "Agency" fiduciary duties should be explained / forms reviewed/signed at the onset of hiring your agent. Hopefully this makes sense, it's hard to wrap your head around it so these quesions are really good.
PS-there are some unscrupulous agents out there - hopefully getting less and less -that can try to steal you at open house, can tell you a bs story about offers and having to do one with them right away - FOMO - if you walk through an Open House and you like it - you should not let the agent know at the house - but instead when you are out and not within hearing distance (RING) call your agent and let them know you like the house - their duty is to get you in the house again so they can see it with you and then you can proceed with writing an offer with your agent.
Very interesting. So the agent at the open house isn't necessarily the listing agent (I didn't know that), so the open house agent can become your buyers agent and the listing agent at the same RE company is the sellers agent, that's what you mean by dual agency, but it sounds like a conflict of interest to me between the two agents.
Anyway, I can't thank you enough for all your great tips, I understand so much more now. I was hesitating about posting questions a second time, I didn't want to bother you again, but I'm happy you are glad I asked more questions., I'm sure it will help others too!
You are a different type of buyer - most likely buy with cash and as-is to get you the good deals so of course you'll be the list agents 1st point of contact when they have a home that needs tlc and fits an investor profile. We all have investors on the sidelines waiting for homes like this. You are in the business and can spot red flags and walk away or negotiate. This is not the business for the majority of the buyers so they need an advocate who can make sure they are protected every step of the way. If it's the list agent so be it - but only if they don't already have a realtor working with them. There's no additional benefit or savings to work with a list agent is what I'm trying to say and any bs that is thrown around by a list agent or agent at an open house giving you that perception is a violation of agency.
I gave you one example of a couple of agents that I worked with. Only because I was working with the listing agent, I got the deal. And we talked immediately after it hit the market. As always I asked, "Is the home worth driving up". They said yes, and I hopped in my car for 2 hours while we talked about the details. Every time I got that call, I bought it. Rest assured, I was getting insider info (why they were selling, what they thought it would take to get the deal done, etc). I bet they never called me "an investor" to their clients. Sometimes I had an inspection, sometimes not. Sometimes it was land. In all cases, the properties were on water.
In my mind, they were negotiating on my behalf (really theirs) while listing the property for someone they were also "representing." And when they were getting ready to list the property, they were already thinking of me as to how they price it. That's a guess. Because EVERYONE was undervalued. And we got it pulled off MLS (part of the offer) when I made my offer on the day of the listing. No, we never talked about how they decided to price it. We candidly talked about how and why I made my offer. I bet the farm that info never got back to the seller. As an example, I bought a small cabin for $50K down, non-refundable, and closing in early February. Feb is the start of the selling season for cabins. So I used the seller's money, didn't put a nickel in the property to jazz it up, and spun it for $40K more (my profit) paying them 3% on the seller fee and a 2% buyer fee. So they got 6% (both sides) on the initial sale and 3% on my resale 4.5 months later. Cut, paste, repeat.
In my current AZ home, I worked with their seller agent as well. The seller developed health issues (that agent should have NEVER told me that). And it was NOT a cash deal because I wasn't liquid. The seller's attorney's son refused to put on a contingency. They didn't get an offer with others on another earlier listing because it was overpriced in comparison to new builds. Now, people smelt a problem. you and I know that's the kiss of death (overpricing a property and holding too long). So I decided to offer $100K under the market. I explained why the market could go down (mortgage forbearance) and she was worried too. I said something like, "I guess you know that you should educate your seller about some market concerns".
But I had a problem. I needed to loosen up $450K and I needed to sell my place in Surprise. So I structured the deal as follows. I underlined "I" because the RE agent wasn't experienced enough to tap into the brain of how to make it a better win for the seller if I defaulted. I made it so the attorney son WANTED me to default. My offer was something like $50K down non-refundable, contingent on me selling my home. I had 45 days to perform. If not, I send in another $10K deposit (also non-refundable) and get another 30 days. To sweeten the deal for that agent. I gave her my Suprise listing. And told her that her client might be more comfortable that he knew it was going to sell (because his agent had MY listing). And I asked her to tell them that in parallel, I was going to apply for a mortgage. And I did. I talked with the mortgage manager customer. I let him know I was going to buy the rate UP (not down) for zero closing costs. And I was going to give him a deal on the stuff I sell to him knowing it would probably be a waste of his paperwork. IF my home didn't sell inside of 45 days and IF I needed the balance, I would take the mortgage out for a month or two. My worst-case mortgage fee was the appraisal fee on my lake home in MN (which was paid for). Of course, they bit. And they took an offer of $90K below the market. Again, because I softly sold why it was worth what it was TO ME. The agent factually knew it was below market. Now, it's worth $450K more than I paid for it. I digress.
An ethical agent would have explained that because they were OVER the market for so long, some people won't look at it. And my offer was undermarket. They should drop it $40K and they will get more action. But why didn't $he?
So, we had a motivated agent that got a double commission. And also, a 2% (buyers), 2% (sellers) contract on my place in Surprise. Speaking of the home in Surprise, I got our price and closed within 30 days. And it appraised for the value. BTW, her write-up was pathetic. I'm talking about spelling errors, etc. So we re-wrote it. For all practical purposes, I sold that home. I wrote the flyers (what features I added and for how much), and highlighted differences like 2x6" construction, etc. I called the local RE players in the neighborhood letting them know what and why it happened. And yep, the neighborhood agent that I told brought in a full offer.
Frankly, that listing agent (and later my selling agent) was worthless on all fronts. For me, it factually helped to work with the listing agent because RE isn't exactly complex. I had many more hints that this agent was concerned about herself, 1st, 2nd, and 3rd. But that would take too long to explain.
I have another 10 RE examples as to why working with the listing agent helps IF you are savvy. Including our kids and a couple of friends. You and I agree it's not for everyone. But to suggest that I didn't benefit is categorically wrong. It's how I am wired. I trust my negotiating skills over another agent who supposedly is representing me. That said, I've run into some great agents and I've taken their wonderful advice. And they are ALWAYS the "players". Not the ones who took my info and pawned me off to their team.
There are so many more examples. For me, I'm going to the listing agent next time too. YMMV.
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Quote:
Originally Posted by MN-Born-n-Raised
You confirmed the point I was trying to make: that many agents care most about themselves. Hey, the payout can be measured in tens of thousand$. It is absolutely NO different in my industry.
Every single time I've gained valuable information when I talk with the listing agent. Even if I rarely hire a buying agent, if I want a property, I'm going to call that listing agent (they won't know I'm the same person).
As soon as the agent thinks they have both sides of the commission, most start to sing specifically IF you are good at interpersonal sales skills. I quickly learned why they are selling, what they do for a living if they are getting a divorce, transferring jobs, their sense of urgency, if a deal has fallen through, how frustrated they are, do they need the proceeds for another purchase, etc. It comes out a little bit at a time over a 30-minute conversation. There is an art to it. I intentionally talk about other properties to divert their intentions as I am exploring other options, etc. Normally, it's only a matter of time before I get the info I want.
It's outside of the scope of the thread. But let's just say you would be absolutely shocked at how much you can learn. It's not for everyone. If there are red flags, there is no better person to negotiate with than an agent with both sides of the commission at stake! I completely trust my ability to read people, probe for answers, give analogies if I get pushback, etc. In other words, sell the listing agent on my point so they can use the same message to the buyers in order to see my POV. That agent has twice the financial reason to save that deal. And their job is to close that sale n o matter who they officially represent. I don't care if they are more passionate about the seller. Of course, they are going to think this is the best for their buyers as they rationalize that the ends justify the means. And when I feel like I won, often, the agent is going to feel like they served their buyers. So it's a win-win.
As a side note on the house I am sitting in as we speak, the inspection report showed arcing in the panel (2017 build), a missing shingle, and a few other details, like Hunter Douglas blinds that were damaged. The sellers refused to cover it. I explained that I had no problem paying for the missing shingle and a few other small deals. I would take care of the blinds under warranty before the house closed (warranty does not transfer). But that panel arcing is a no-go if they don't cover it. I reminded the listing agent that now, everything I found has to be disclosed to other potential buyers if we part as friends. And while the seller may not feel like they should have to pay, it's going to impact the value of the sale going forward. you knew what she told the seller. And he came back needing to fix a potential fire hazard. They had to put in an entirely new panel for $3K (I needed proof it was done). I took care of the $100 shingle and the 10 blinds that were not working under the original buyer's warranty because potential buyers did not know how to use them during an open house. I digress...
I could go on for another hour. Helping friends, etc. It can be a very dirty business. And I'm savvy enough to enjoy it. Most people are not designed that way. But my point is that I always assume the worst when it comes to money. And that also includes RE dealings.
The arcing panel was and had to be disclosed regardless of YOU buying the house or not. As you stated, it's a fire hazard. The liability factor involved was huge at that point for the listing agent and the agency that he or she worked for. All problems great or small are disclosed to all potential buyers after a sale falls through. But, safety items? I know as a retired professional Firefighter if we had a call to a home with an arcing panel, or a furnace not operating correctly etc. That unit would be tagged and shut down and reported.
Unit could not be operated until necessary repairs were made.
The arcing panel was and had to be disclosed regardless of YOU buying the house or not. As you stated, it's a fire hazard. The liability factor involved was huge at that point for the listing agent and the agency that he or she worked for. All problems great or small are disclosed to all potential buyers after a sale falls through. But, safety items? I know as a retired professional Firefighter if we had a call to a home with an arcing panel, or a furnace not operating correctly etc. That unit would be tagged and shut down and reported.
Unit could not be operated until necessary repairs were made.
Agreed. The dual agent pushed back on us because she was worried that the seller was going to say "no, as is, for that price". Again, she was worried about herself, not her client or me and was the reason whe pushed back for me to cover it. So being closer to the seller (by working with the listing agent) helped bring into focus my commitment to not pay. Truth be told, I would have paid the $3K. I'm not going to let $3K get in the way of getting an amazing deal. But again, I gained bargaining power by "selling" the dual agent that if she didn't want this deal to fall through, her client better pay the $3K.In the end, he paid. It's negotiating 101. I didn't show my cards. All along, I knew who I was selling: And it was mostly the agent who was busy selling her client. I knew she smelt tens of thousands of $$'s. That gave me the upper hand. Someone would have to be blind not to see the power of my negotiating benefit. And it will factually work against someone who isn't as savvy. If you aren't good at it, then you could lose negotiating power. No disrespect to wp169, but he/she should have a buying agent who is savvy on her side. Personally, I never underestimate the power of money to a person that needs it. And with the 80-20 rule, 80% of the sales commission goes to 20% of the agents. Rest assured, that dual agent I was working with was not a "player".
Agreed. The dual agent pushed back on us because she was worried that the seller was going to say "no, as is, for that price". Again, she was worried about herself, not her client or me and was the reason whe pushed back for me to cover it. So being closer to the seller (by working with the listing agent) helped bring into focus my commitment to not pay. Truth be told, I would have paid the $3K. I'm not going to let $3K get in the way of getting an amazing deal. But again, I gained bargaining power by "selling" the dual agent that if she didn't want this deal to fall through, her client better pay the $3K.In the end, he paid. It's negotiating 101. I didn't show my cards. All along, I knew who I was selling: And it was mostly the agent who was busy selling her client. I knew she smelt tens of thousands of $$'s. That gave me the upper hand. Someone would have to be blind not to see the power of my negotiating benefit. And it will factually work against someone who isn't as savvy. If you aren't good at it, then you could lose negotiating power. No disrespect to wp169, but he/she should have a buying agent who is savvy on her side. Personally, I never underestimate the power of money to a person that needs it. And with the 80-20 rule, 80% of the sales commission goes to 20% of the agents. Rest assured, that dual agent I was working with was not a "player".
This is why selling my house scares me, I haven't bought or sold any property in 20 years, the business has changed, and "I know what I don't know." The agent I have contact with now sold a house on my street in one week in 2019 for $750,000, I was shocked at the high price the seller got for it. I saw his realtor's name on the realtor sign in front of his house, researched his ratings (he has over 300 five star ratings) and called him about selling my house back then, but it didn't work out at the time with my sibling, the other owner, so we stayed.
Now i have a neighbor who wants to buy my house without a realtor, when I told my realtor he said if I sell it to the buyer without a realtor not to sign any contracts until he looks everything over and he won't charge me, he said he doesn't want to see me get ripped off, his offer made me feel more confident (but I would pay him for helping me, that's the type of person I am). If I find a place to move to, I'll use my realtor as my buyer agent, if my neighbor gives me a low ball price for my house, I'll use my realtor to sell it to someone else. I have no choice but to use a buyer agent, I have no real estate negotiating skills to deal with a listing agent.
I haven't bought or sold any property in 20 years, the business has changed, and "I know what I don't know." The agent I have contact with now sold a house on my street in one week in 2019 for $750,000, I was shocked at the high price the seller got for it. I saw his realtor's name on the realtor sign in front of his house, researched his ratings (he has over 300 five star ratings) and called him about selling my house back then, but it didn't work out at the time with my sibling, the other owner, so we stayed.
Now i have a neighbor who wants to buy my house without a realtor, when I told my realtor he said if I sell it to the buyer without a realtor not to sign any contracts until he looks everything over and he won't charge me, he said he doesn't want to see me get ripped off, his offer made me feel more confident (but I would pay him for helping me, that's the type of person I am). If I find a place to move to, I'll use my realtor as my buyer agent, if my neighbor gives me a low ball price for my house, I'll use my realtor to sell it to someone else. I have no choice but to use a buyer agent, I have no real estate negotiating skills to deal with a listing agent.
There are a lot of topics that would need to be answered with your neighbor's offer. Like:
1. Is it a cash offer? If not, are they preapproved? Does their ballpark income match their budget?
2. Is the price contingent on them selling their home? If so, if they are asking too much for theirs, yours could be tied up. How fast do you want to sell?
3. If you live in a tract home where others like yours have sold, that makes the established value more obvious. However, there are a lot of variables that make a property more ideal than others. For instance, in our specific neighborhood, there is a $575K swing in price JUST based on the lot. And then there are upgrades etc.
4. What happens if they need a loan and their offer doesn't appraise? After all, some people use that technique and overbid when it is competitive. Knowing they can renegotiate if it doesn't appraise. Some buyers wave that right if it doesn't appraise knowing how competitive it might be. That's probably not going to happen if you only are looking at ONE offer (your neighbor).
5. I can go on and on. But I won't.
Big picture, there is a reason exceptionalagents make a good living selling RE. If I was you with your background, I'd most definitely hire someone to list it. You are not in a position to know what the market is doing. You could get 2 other comps. But hire someone LOCAL to your area. Someone from Scottsdale isn't going to be in tune with the Anthem market. rest assured they will claim they are.
There are all kinds of ways to figure out the right path. In the past, I've hired a bank appraiser to establish a range of what my place is worth (I used it to get a value as well asking them to use a subjective higher value so that I can show it to potential buyers as well as their bank appraiser). Oddly, there can be a pretty big swing in RE markets. But that depends on how unique your home is. Additionally, I have also hired an inspection company before I sold and fixed the house up to perfection. Again, I showed any potential buyers as well as their hired inspectors what I've done to get it ready for market. Small fixing topics for me might be a huge flag for others. So the best bet is to remove them before they are found. To maximize your ROI, maybe consider repainting, swapping out 8"x8" ceramic, etc. These are all topics you might want to consider.
In closing, you should not put too much stock in a neighbor wanting to buy your home. In fact, I had a neighbor who wanted to buy our Surprise home. His offer was contingent, he asked too many questions and wanted things included, etc. I knew he was going to be a PITA, so I punted. Plus, he wasn't looking for a new place, it popped into his brain once he heard it was going on the market. He may not have had the same intensity of selling that I needed.
But I sell overpriced stuff for a living. And I've had several thousand conversations dealing with people. For me, selling or buying a home is child's play. At the risk of sounding overconfident, I am not impressed with most RE agents. The 80-20 rule is alive and well in every industry.
For you, hire someone! Unless you have a close number in your head of what it is really worth and your neighbor gives that to you, there are a thousand other buyers out there who could meet your needs. Especially if he/she realizes you could go another direction and they really want your home, their offer might be higher. Again, how to play that hand is outside of the scope of this thread.
My initial goal of posting was onefold: For ME, going to the listing agent factually pays off. If someone says otherwise, they are underestimating the topic of sales and negotiating skills and there are 100's of books written on that topic. That's my strength. Hence, I go to the listing agent knowing I'm going to be a stronger negotiator. What I say and how I say it will be 100% strategic and a soft sell. What I type is not how you will perceive my style. I digress...
Quote:
Originally Posted by wp169
This is why selling my house scares me
This is easy. Hire someone to help you.
Last edited by MN-Born-n-Raised; 10-08-2023 at 04:41 AM..
There are a lot of topics that would need to be answered with your neighbor's offer. Like:
1. Is it a cash offer? If not, are they preapproved? Does their ballpark income match their budget?
2. Is the price contingent on them selling their home? If so, if they are asking too much for theirs, yours could be tied up. How fast do you want to sell?
3. If you live in a tract home where others like yours have sold, that makes the established value more obvious. However, there are a lot of variables that make a property more ideal than others. For instance, in our specific neighborhood, there is a $575K swing in price JUST based on the lot. And then there are upgrades etc.
4. What happens if they need a loan and their offer doesn't appraise? After all, some people use that technique and overbid when it is competitive. Knowing they can renegotiate if it doesn't appraise. Some buyers wave that right if it doesn't appraise knowing how competitive it might be. That's probably not going to happen if you only are looking at ONE offer (your neighbor).
5. I can go on and on. But I won't.
Big picture, there is a reason exceptionalagents make a good living selling RE. If I was you with your background, I'd most definitely hire someone to list it. You are not in a position to know what the market is doing. You could get 2 other comps. But hire someone LOCAL to your area. Someone from Scottsdale isn't going to be in tune with the Anthem market. rest assured they will claim they are.
There are all kinds of ways to figure out the right path. In the past, I've hired a bank appraiser to establish a range of what my place is worth (I used it to get a value as well asking them to use a subjective higher value so that I can show it to potential buyers as well as their bank appraiser). Oddly, there can be a pretty big swing in RE markets. But that depends on how unique your home is. Additionally, I have also hired an inspection company before I sold and fixed the house up to perfection. Again, I showed any potential buyers as well as their hired inspectors what I've done to get it ready for market. Small fixing topics for me might be a huge flag for others. So the best bet is to remove them before they are found. To maximize your ROI, maybe consider repainting, swapping out 8"x8" ceramic, etc. These are all topics you might want to consider.
In closing, you should not put too much stock in a neighbor wanting to buy your home. In fact, I had a neighbor who wanted to buy our Surprise home. His offer was contingent, he asked too many questions and wanted things included, etc. I knew he was going to be a PITA, so I punted. Plus, he wasn't looking for a new place, it popped into his brain once he heard it was going on the market. He may not have had the same intensity of selling that I needed.
But I sell overpriced stuff for a living. And I've had several thousand conversations dealing with people. For me, selling or buying a home is child's play. At the risk of sounding overconfident, I am not impressed with most RE agents. The 80-20 rule is alive and well in every industry.
For you, hire someone! Unless you have a close number in your head of what it is really worth and your neighbor gives that to you, there are a thousand other buyers out there who could meet your needs. Especially if he/she realizes you could go another direction and they really want your home, their offer might be higher. Again, how to play that hand is outside of the scope of this thread.
My initial goal of posting was onefold: For ME, going to the listing agent factually pays off. If someone says otherwise, they are underestimating the topic of sales and negotiating skills and there are 100's of books written on that topic. That's my strength. Hence, I go to the listing agent knowing I'm going to be a stronger negotiator. What I say and how I say it will be 100% strategic and a soft sell. What I type is not how you will perceive my style. I digress...
This is easy. Hire someone to help you.
My neighbor wants the house for his son to buy, no contingency regarding selling the buyer's house. He came here last week to look at the interior, never said anything nice about my 2 family house (built in 1958), but said it needed new kitchens, new bathrooms, a side porch removed, maybe new siding, new awning, insulation in attic (it come down when I put a new roof in), paint, etc. His wife made a comment about no matter how the house has been redone (I updated my kitchen with granite and wood floors when I moved it), the buyers want to redo it in their style, she said her home was redone with all the upgrades awhile back, but now it's dated, so I guess she was giving me the hint that my house is dated. Even if I had lots of money for a full reno, I wouldn't have done it.
I like the 50's honey maple kitchen cabinets, the pretty pink/gray bathroom floor tile that still in good shape, not cracked, etc., the hamper on the bathroom wall, etc. I enjoyed keeping the 50's integrity of the home, but I know most buyers won't feel that way. I know my neighbor will offer me a low ball price after all the negative things he said about the house, he says he's interested in making an offer.
My realtor says nothing has to be done to the house because there is such low inventory (NYC Suburb)
here and many buyers, he says the rise in mortgage rates has not slowed down the market, there are still bidding wars. Realtors call and e-mail me every week about selling this house, I don't answer the phone when they call.
Anyway, thanks so much for all your tips, I read real estate books a long time ago, but the business changed, I'm trying to update my knowledge, the reason I posted here, and do some on-line reading about it also.
My neighbor wants the house for his son to buy, no contingency regarding selling the buyer's house. He came here last week to look at the interior, never said anything nice about my 2 family house (built in 1958), but said it needed new kitchens, new bathrooms, a side porch removed, maybe new siding, new awning, insulation in attic (it come down when I put a new roof in), paint, etc. His wife made a comment about no matter how the house has been redone (I updated my kitchen with granite and wood floors when I moved it), the buyers want to redo it in their style, she said her home was redone with all the upgrades awhile back, but now it's dated, so I guess she was giving me the hint that my house is dated. Even if I had lots of money for a full reno, I wouldn't have done it.
I like the 50's honey maple kitchen cabinets, the pretty pink/gray bathroom floor tile that still in good shape, not cracked, etc., the hamper on the bathroom wall, etc. I enjoyed keeping the 50's integrity of the home, but I know most buyers won't feel that way. I know my neighbor will offer me a low ball price after all the negative things he said about the house, he says he's interested in making an offer.
My realtor says nothing has to be done to the house because there is such low inventory (NYC Suburb)
here and many buyers, he says the rise in mortgage rates has not slowed down the market, there are still bidding wars. Realtors call and e-mail me every week about selling this house, I don't answer the phone when they call.
Anyway, thanks so much for all your tips, I read real estate books a long time ago, but the business changed, I'm trying to update my knowledge, the reason I posted here, and do some on-line reading about it also.
IMO based on someone telling you all about what your home needs REALLY means that they are NOT your ideal buyer. They are setting your expectations low. Don't waste your time with them. I'd fire them as a buyer! Anybody who has remodeled lately knows that prices have skyrocketed. Your neighbor's best bet is to buy something updated OR steal your house. You want a person who either can remodel themselves, like the retro look or just wants to get into the neighborhood. That's NOT your neighbor. You are wasting your time thinking about them as a potential buyer. Punt!
Edit. The RE agent who calls you every week sounds like they have "commission breath". You obviously smelt it as well. Follow-up is one thing (and it's important that they do follow-up). Being a PITA is another. IMHO, an overly anxious agent is a flag.
Best of luck with your sale. Let us know how it goes!
Last edited by MN-Born-n-Raised; 10-08-2023 at 07:05 AM..
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