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First of all you need to know that traditionally appraisals on refinances tend to be on the higher end of things. Appraisals (what the house is worth) and what the sales price are are two completely different things. I have yet to have a buyer in the past year pay for what a home appraised at. Appraisals have to use sales of home, and with the market declining (yes were are declining here in Oregon), appraisals tend to be off.
If your home has been on the market for that long, even if an agent just stuck a sign in the yard, you really need to be priced below the comps. Pricing high and making small incremental changes in price is NOT a sound strategy in our current market. Don't know where in Oregon you are, but most communities have very high inventories.
You couldn't pay me enough to work with you and your spouse in this situation. I understand your desire to eek out as much money from the home as possible, but you are going to *********rself over in the process as the market continues to correct. Oregon started our run up later, and our decline is happening later.
While you agent may have violated the judgment order about both of you agreeing, after a year of having a listing like this, I would be happy to follow the request of one party to get the house sold.
The house has been on the market for a long time (a year). Either it's not showing very well, or the house is still over priced. On any account, starting too high, then making small drops in price may not be an effective strategy.
At this point, the house is a stale listing, and people who have been considering the house are probably thinking
(1) what's wrong with the house, that it's on the market for over a year.
(2) the sellers must be desperate by now.
(3) if we wait longer, the sellers will drop the price even more.
As I stated before the neighbors identical house appraised last month for $259k, I was being fair and wanted to list the house at $240k and go down in small amounts not $10,000 every month.
You listed the house in July, they tried to drop the price $10,000 in November and again in May. Sorry, dear, but that's not $10,000 per month, that averages out to $2000 per month. As your agent, I would have quit if that were all you were willing to reduce the price, and you wouldn't even let them do that.
I agree, they did not follow your agreement, but if they had sent you those papers to have them signed, it sounds like you wouldn't have signed them anyway. The reason your agent isn't doing more marketing is probably that they know it is overpriced, and they aren't going to get paid ever on it. It is a waste of an agents time and money to run ads or open houses on a house they know is not going to sell. As a real estate agent, your time really is your money. If you were priced closer to actual market, they would probably be much more willing to invest time, energy and money into getting it sold.
I'm surprised your attorney isn't making you be more aggressive to get the house sold, but every situation is different. A smart agent would make you both sign an agreement up front that says, if it hasn't sold in x days, the price gets lowered by y, and then again in another x days, etc. Then they don't have to chase both of you down and ask permission each time.
To me it looks like your husband wants to sell the house ASAP because he's paying the mortgage, you on the other hand have very little financial incentive to discount the price because this means your moving.
WOW. PGHQUEST took the words out of my mouth.
There is nothing more to be said. That pretty much nailed it.
In my opinion, the OP has 2 separate issues:
1 - Reasonable irritation with RE agents disregarding a court order of which they had a copy in their files, not once, but twice. The correct response IMO was to fire them, which was done. Professionals need to do professional level work or accept the consequences.
2 - List price. After a full year of no offers, the home is clearly overpriced regardless of area comps or appraisals.
LB Lady, even 2 cars of the same make/model won't necessarily sell at the same price. The color, the condition, the options, all have their effect on the buyer's willingness to buy it, and what to pay for it. Homes are light years beyond this simple example in complexity and value. Just because a home "similar" to yours sold for a certain price or has a certain appraised value, doesn't mean you will ever find a buyer in that price range.
Your ex, regardless of the current status of your relationship, is correct in this situation. You need to drop the price and drop it dramatically in order to get offers soon. Drop it low enough and you may even get competing bids. No guarantee, but better than hanging onto that house forever and continuing to experience the stress of trying to sell in both a bad market and bad relationship. Moving on quickly may be in your son's best interest as well.
To me it looks like your husband wants to sell the house ASAP because he's paying the mortgage, you on the other hand have very little financial incentive to discount the price because this means your moving.
I'd be happy to move. I didn't ask to stay there, the judge ruled it. I'm happy to move and pay rent somewhere else. He agreed to pay make the mtg. payments when he bought the house. He then agreed to continue making payments until it sold. We offered to buy him out and give him a lump sum as well, he didn't take it. So here we are.
Quote:
Originally Posted by Boomerang
In my opinion, the OP has 2 separate issues:
1 - Reasonable irritation with RE agents disregarding a court order of which they had a copy in their files, not once, but twice. The correct response IMO was to fire them, which was done. Professionals need to do professional level work or accept the consequences.
2 - List price. After a full year of no offers, the home is clearly overpriced regardless of area comps or appraisals.
LB Lady, even 2 cars of the same make/model won't necessarily sell at the same price. The color, the condition, the options, all have their effect on the buyer's willingness to buy it, and what to pay for it. Homes are light years beyond this simple example in complexity and value. Just because a home "similar" to yours sold for a certain price or has a certain appraised value, doesn't mean you will ever find a buyer in that price range.
Your ex, regardless of the current status of your relationship, is correct in this situation. You need to drop the price and drop it dramatically in order to get offers soon. Drop it low enough and you may even get competing bids. No guarantee, but better than hanging onto that house forever and continuing to experience the stress of trying to sell in both a bad market and bad relationship. Moving on quickly may be in your son's best interest as well.
Good luck with it all.
Thank You.
I emailed the new agent and told her to list it at $235,000, which is below the homes listed that are comps to mine. I don't want to stay in that house any longer than I have to.
I'd be happy to move. I didn't ask to stay there, the judge ruled it. I'm happy to move and pay rent somewhere else. He agreed to pay make the mtg. payments when he bought the house. He then agreed to continue making payments until it sold. We offered to buy him out and give him a lump sum as well, he didn't take it. So here we are.
Is the husband allowed to turn down an offer at asking price regardless as to the buyer? What I would consider is allowing the husband to drop the price so darn low, that you then come in as the buyer and buy the property. (since you offered to buy him out). You could use your equity in the property to put 1/2 down and most likely not have to put a dime out of your pocket.
If you like the house, let him take the house down as low as he wants, take it to $225K, legally he's obligated to sell a home as the asking price, drop the price, then buy it, (since you offered to buy him out).
You both get what you want, he unloads the house, you get a house at a good deal.
I'd be happy to move. I didn't ask to stay there, the judge ruled it. I'm happy to move and pay rent somewhere else. He agreed to pay make the mtg. payments when he bought the house. He then agreed to continue making payments until it sold. We offered to buy him out and give him a lump sum as well, he didn't take it. So here we are.
Thank You.
I emailed the new agent and told her to list it at $235,000, which is below the homes listed that are comps to mine. I don't want to stay in that house any longer than I have to.
Hope it works for you. Let us know how it goes?
Also pghquest's point is interesting (about dropping the price really low and then buying your ex out). Don't know if your divorce lawyer might have some sage advice for this angle.
I've got a really long story, I'll try to make it short! I'm divorced, we're trying to sell the house, I have a restraining order against my ex which makes this more complicated. He has to make the mtg. payments until the house sells, and my son and I get to live there.
In July of '07 we hired a listing agent, we agreed upon a price and explained the situation to her, we have a judgement stating both parties are to agree and sign for any changes to the listing.
Well November came along and I was looking through the MLS and low and behold there is our listing, only it's $10,000 less and we are offering to pay $10,000 for closing WHERE did that come from??? I called and she said yeah ---- called and ask to lower the price so I did. I called her broker and we had a meeting, he said under no circumstances can she do that.
Fast forward to May, she goes out of the country and gives the listing to another agent, she told me that she explained everything to the new agent, showed her the judgement and made her aware that we both have to sign and agree. No longer than 2 days after she leaves the new agent not only extends the month to month contract (my ex came up with that not me) but she lowers the listing price another $10,000.
I called the broker AGAIN, and he said yes she has a copy of the folder, I ask what the 1st page is in the folder and he said a copy of your judgement stating everything. 3 days later the fix the price.
I got approval from both our attorneys to fire this company, I chose a new agent, he agreed I could do that. Now he won't sign the listing because he wants to list it at $225,000, it was listed at $247,000 before she lowered it, I came back and said lets start at $240,000 and review it at the end of the month. He still won't sign 1 month later.
Do I have any legal recourse against that real estate company for this mess. If they wouldn't have lowered it twice behind my back (they never called to inform me, or change the fliers) we would still be listed with them and for the right price. I'm just beyond myself here.
I'm confused as to what your final price was with the first agency. Your new list price needs to be "drama priced" lower than your last known price on the MLS or you won't be taken seriously. As an aside, you do have a legitimate complaint with your state's real estate commission about the unauthorized changes to your listing. Unfortunately that is not going to get the house sold, but the agent should be fined/disciplined.
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WHERE did that come from??? I called and she said yeah ---- called and ask to lower the price so I did. I called her broker and we had a meeting, he said under no circumstances can she do that.
