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Some Realtors are more competent and effective than others... BUT, people often times blame Realtors for their own failure to exercise a little common sense!
If a Realtors says, "This is the price I think the house will sell for", one should ask "Why? or What is the basis for that price?" If a Realtor 'guarantees a sale at a certain price within a specified time frame', they should at least ask how the Realtor is able to make such a 'guarantee' and how they intend to back it up; or what happens if they don't.
Before one 'contracts; with a Realtor to sell their house, one should at least ask a few Realtors what specific actions they will take to sell the house. If a Realtor states that they sell their listings in 30-45 days, they should not require more than a 45-day sales agreement ... OR should be able to provide several names of people whose homes they have recently sold in 30-45 days.
If a Realtor states the seller should 'simply let the house go into foreclosure', the seller should specifically ask "Why? and Who will that benefit?"-- rather than simply reminding them that one's Security Clearance will make that a real problem.
If a Realtor (or other Realtors) are not showing the house, one should at least ask "Why? ... OR 'how they plan to sell the house without showing it.'
In terms of price, the house is VERY unlikely to sell above the market. Even if sellers lack common sense and imagine that they will be able to sell their house for more, most buyers have a more realistic idea of the market and how much they are willing to pay for the house (based on market or ability). Indiscriminately raising or lowering the price, based on the seller's 'need' or financial situation, doesn't make common sense.
She has not set up any showings. The house went on the market in the past 10 days. I know I am probably jumping the gun on this, but I have this feeling that something is just not right on a couple of avenues. I've even sat back and created a spreadsheet based off what she gave us and our paperwork from when we closed on the house and put in the higher pricing so I can figure out the absolute lowest we can go without giving our house away.
We just want to be able to move with my husband since it will be across the country. I could do it on my own but honestly with 2 kids, 2 dogs and a cat I don't want to. Especially when it will be at least a 6-7 day trip.
If you're moving across country it may benefit you to take a small loss now rather than sit on it for months and months (turning into a year or two possibly) and paying the mortgage and insurance on it with no buyers.
Unless you're staying in the immediate area I wouldn't recommend renting it out either since you won't be able to manage it and property management fees will eat up any profit (where breaking even monthly on the property will eventually be a net loss when you have to pay for general maintenance or replace old and/or broken fixtures or appliances).
I have nothing against owning, I'm in the market right now and I will snap when I see a deal come along and the property is "right" for what I'm looking for, but lets face it...owning isn't for everyone and one has to be able to afford it as well as be willing to roll with the punches when they get thrown at ya. Buying is easy, selling a house seems to be a disaster (and costly).
Lord knows I hate feeding trolls, but REALLY now? How about some genuine data to back up your indiscriminate assertions?
I've known many real estate agents. Some are great, some are awful and most are someplace in the middle. I've also known a lot of PhDs, and the same spectrum applies to them -- and I daresay to every profession, including your own, mapmd. Sounds like at 28 yo you haven't enough life experience yet.
I have my own state's (Maryland) court record database to back me up. I've looked up a couple realtors before (Alan Stanton of Glen Burnie who I had contacted in the past; and Shawn Bassford who a friend worked with, both in foreclosure/bankruptcy, as well as a realtor named Kim Keshessian just to name a few off the top of my head) who have bankruptcy/foreclosure filings.
I have no problem giving these names since they do business with the public and court records are public as well. If they are the "professionals" they claim to be then they would not have so much financial wreckage trailing them.
My previous realtor had a domestic violence charge (as well as a citation for not cleaning up his dog's droppings). I should've canned him earlier since he had no desire to actually show me houses or meet up.
The current guy I am working with has a couple traffic tickets, less than me actually and we have a good working/business relationship. Yess, I absolutely look these guys up in court records. Would you look up a lawyer? You should. Would you look up anyone you were doing business with? Again, it's a good idea if the transaction or the stakes are important enough.
What's also great is we have a statewide property records database (yep, all real estate is public) and anyone can view both the dates and the amounts these homes were purchased for (and when and for how much they were returned back to the lender!). Virtually every realtor bought into the boom (and SUV's which they got a tax write off for) and now they're paying for it. Many are desperate for commissions, but if you have a strong will you are not going to let them ********* over.
ALSO: Do not discount me because I'm "only" 28. I have military experience and two deployments under my belt. I have been continuously employed since the age of 15, have a college degree under my belt (and no ruinous student loan debt), have never missed a credit card payment, and have about 140k saved up (again, through working and saving since age 15). Seems I'm doing better than many boomers are doing, and certainly better than the greater part of my age group.
I am merely voicing my perspective and "callin'-'em-as-I-see-'em". If you read my posts here you'll find that what I'm typing makes sense, the causes and effects makes sense, and the incentives people have for acting the way they do (hint: nearly always in their own best interests) makes sense.
We recently listed our house for sale (we're talking in the last 10 days). The real estate agent we listed with said she sells her listings in 30-45 days. There are a few red flags and now I am kicking myself for not listening to my gut.
1- She gave us the paperwork to let us know how much we should sell our house for. Then she gave us a page to show if we sell for x amount this is how much you will make or lose. Her highest price was 1,100 above her top recommended. This was my first red flag. My husband is going to go for the highest because he doesn't want to pay to get out of the house.
2- When I called her to list it I asked if the price we were asking for was good for our area (which was the highest on her little sheet). She told me we could do it. A couple of days later I went in her office to sign the paperwork and next thing I know she is telling me we are over priced and compared our house to home that has been vacant for at least a year. I should have walked out of her office right then and there. It should have taken me a max of 30 min to sign paperwork instead of 2 hours. She told me our listing would be on the MLS that evening, it was the next day.
3- While I was in her office she was talking about letting our house go into foreclosure. We would never dream of that because my husband has to maintain a security clearance and we don't back away from our obligations. I had to remind her of that multiple times.
At this point we have not had anything or heard anything from her. The ONLY reason we went with her is because she said she sells her listings in 30-45 days.
At this point in time do we reduce our price or do we just let her contract expire here in a couple of months and find someone else?
Your points 1 and 3 are red flags that your pricing is based on what you owe on the property. Your first two weeks on the market should be your busiest even if you can't sell it. There's no interest because you're priced at the top of the market and because realtors know you don't have the flexbility to handle offers below your asking price.
Your points 1 and 3 are red flags that your pricing is based on what you owe on the property. Your first two weeks on the market should be your busiest even if you can't sell it. There's no interest because you're priced at the top of the market and because realtors know you don't have the flexbility to handle offers below your asking price.
This I think is a large part of the real estate slog that is happening in this country, people are just afraid to "let go" of these things they overextended themselves upon.
The artificial and debt fueled run-up of the real estate markets one of the huge moral hazards that result from this and similar "booms". One of the things I've learned in my so far short (according to some posters I'm too young to know what I'm talking about) lifetime is that the real tragedy is no so much the "bust" but the excesses of boom years and the ill-preparedness and false expectations that result from them!
a lot of the military people are train wrecks, when it comes to personal finance, as well. I agree with you on Maryland. What a bunch of clowns. No wonder parts of Baltimore are more like Rwanda than a decent place to invest.
Sorry thats not "Nuff said". And putting your response in all caps? Really?
You have obviously never worked as a realtor. The only marketing you need to do for a properly priced and conditioned home in the non-luxury home market is put it on the MLS. If you have not had a showing in 10 days you are overpriced, "nuff said.
The fact is 90% of the time a buyer's agent, who found the home on the MLS, introduces the eventual buyer to the home. No showing in 10 days means not a single buyer's agent found the home attractive at that price.
If you get showings , but no offers, look at the condition of the home. If you get no showings pricing is the problem.
The internet changed everything, boys and girls, a simple MLS listing is what sells a large majority of homes. Open houses are mainly an agent's ploy to get more clients to represent as a buyer's agent.
The pricing of your home should be based on a comparative analysis of recent home sales of homes of similar size and condition in the area, at least three. When I worked as a realtor I actually showed my potential clients homes in their area that their house would be up against. It helped me to overcome the typical client who wants to get 10% over market and sell it in 10 days.
I have my own state's (Maryland) court record database to back me up. I've looked up a couple realtors before (Alan Stanton of Glen Burnie who I had contacted in the past; and Shawn Bassford who a friend worked with, both in foreclosure/bankruptcy, as well as a realtor named Kim Keshessian just to name a few off the top of my head) who have bankruptcy/foreclosure filings.
I have no problem giving these names since they do business with the public and court records are public as well. If they are the "professionals" they claim to be then they would not have so much financial wreckage trailing them.
My previous realtor had a domestic violence charge (as well as a citation for not cleaning up his dog's droppings). I should've canned him earlier since he had no desire to actually show me houses or meet up.
The current guy I am working with has a couple traffic tickets, less than me actually and we have a good working/business relationship. Yess, I absolutely look these guys up in court records. Would you look up a lawyer? You should. Would you look up anyone you were doing business with? Again, it's a good idea if the transaction or the stakes are important enough.
What's also great is we have a statewide property records database (yep, all real estate is public) and anyone can view both the dates and the amounts these homes were purchased for (and when and for how much they were returned back to the lender!). Virtually every realtor bought into the boom (and SUV's which they got a tax write off for) and now they're paying for it. Many are desperate for commissions, but if you have a strong will you are not going to let them ********* over.
ALSO: Do not discount me because I'm "only" 28. I have military experience and two deployments under my belt. I have been continuously employed since the age of 15, have a college degree under my belt (and no ruinous student loan debt), have never missed a credit card payment, and have about 140k saved up (again, through working and saving since age 15). Seems I'm doing better than many boomers are doing, and certainly better than the greater part of my age group.
I am merely voicing my perspective and "callin'-'em-as-I-see-'em". If you read my posts here you'll find that what I'm typing makes sense, the causes and effects makes sense, and the incentives people have for acting the way they do (hint: nearly always in their own best interests) makes sense.
Actually, some of what you are typing makes sense, some of it shows a bit of deficiency at critical thinking, and some of it is to-be-expected 28 year old nonsense.
On the other hand, much respect for the military service, degree, the good FICO, and 140 large in the bank. You are doing the right things, and we need more people like you who take care of business and stop looking to a collectivist-socialist state to hand them their dreams and their lives while penalizing those of ability and good judgement.
You can continue to say some stupid things, but keep doing what you are doing. It is in everyone's best interest to follow your example in terms of living an aggressive, assertive and successful life.
I have my own state's (Maryland) court record database to back me up. I've looked up a couple realtors before (Alan Stanton of Glen Burnie who I had contacted in the past; and Shawn Bassford who a friend worked with, both in foreclosure/bankruptcy, as well as a realtor named Kim Keshessian just to name a few off the top of my head) who have bankruptcy/foreclosure filings.
I have no problem giving these names since they do business with the public and court records are public as well. If they are the "professionals" they claim to be then they would not have so much financial wreckage trailing them.
There are 48,000 real estate agents in Maryland. So far, you've mentioned 3. When you get to 24,000, then we'll gve your claim of "half" some credence. *yawn*
Quote:
Originally Posted by mapmd
My previous realtor had a domestic violence charge (as well as a citation for not cleaning up his dog's droppings). I should've canned him earlier since he had no desire to actually show me houses or meet up.
The current guy I am working with has a couple traffic tickets, less than me actually and we have a good working/business relationship. Yess, I absolutely look these guys up in court records. Would you look up a lawyer? You should. Would you look up anyone you were doing business with? Again, it's a good idea if the transaction or the stakes are important enough.
You should do what makes you comfortable. If finding a human being who has never made a mistake is important to you, then that's what you should do. Good luck. I suspect that if you took a list of real estate agent (or doctors, or accountants, or even kindergarten teachers) you'd find that most of them aren't terribly interesting in terms of arrests, court filings, tickets, etc. Want to talk about domestic violence and domestic abuse charges in the military . . . ?
Quote:
Originally Posted by mapmd
What's also great is we have a statewide property records database (yep, all real estate is public) and anyone can view both the dates and the amounts these homes were purchased for (and when and for how much they were returned back to the lender!). Virtually every realtor bought into the boom (and SUV's which they got a tax write off for) and now they're paying for it.
If you can show that over 1,300,000 agents are facing foreclosure and own an SUV, then I would LOVE to see that documentation. (Frankly, most of the agents I work with drive a Lexus, Mercedes or BMW -- SUV's are not practical for ferrying client's around, they suck up too much gas.)
Quote:
Originally Posted by mapmd
ALSO: Do not discount me because I'm "only" 28. I have military experience and two deployments under my belt. I have been continuously employed since the age of 15, have a college degree under my belt (and no ruinous student loan debt), have never missed a credit card payment, and have about 140k saved up (again, through working and saving since age 15). Seems I'm doing better than many boomers are doing, and certainly better than the greater part of my age group.
Good for you. You have done well. I hope that you are able to continue with your success. However, my original observation still stands: You have never purchased real estate.
This I think is a large part of the real estate slog that is happening in this country, people are just afraid to "let go" of these things they overextended themselves upon.
The artificial and debt fueled run-up of the real estate markets one of the huge moral hazards that result from this and similar "booms". One of the things I've learned in my so far short (according to some posters I'm too young to know what I'm talking about) lifetime is that the real tragedy is no so much the "bust" but the excesses of boom years and the ill-preparedness and false expectations that result from them!
I am hearing you loud and clear, everyone thinks they can get a half million off a cracker jack box home with a 2 car garage. Its a breath of fresh air that others are simply saying NO. These clowns putting 10k down on a 500k house and paying 3500 a month at 75%+ of their net income drive me insane.
These people will eventually be ruined but as long as they keep running up the bids on these properties I will be living in an apartment. Worse case is you just keep saving and retire over seas. Let them all eat each other.
At least in my area (south central Alaska), property is easily 50% over priced. AT LEAST 50%. I am hoping that the latest round of lay offs in anchorage will drive prices WAY down but even people in my office foam at the mouth for "school zones" and they will pay up to 90% of their net income to get into a ceritan school zone which are also the nice areas of town I would like to live as well but im not paying 75-90% of my net income to do it.
The banks don't seem to care they just keep making loans to people even if they know they will barely be able to pay. It sounds bad but I hope to see forclosures start to pop up so I can get into a nice house without selling my soul to go it.
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