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Old 09-13-2019, 01:03 PM
 
9,076 posts, read 8,303,255 times
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Quote:
Originally Posted by iSudo View Post
Good point. This isn't anything we were particularly familiar with until we talked to agencies like Redfin, where you have a separate listing agent from the buyer agent. We just didn't really know that was a thing that people did until this time around. However, we're using a traditional agency, not Redfin at this time, so we bundled up.
Every where buyers look, they are always told, to use a buyers agent, separate from the listing agent, so each has their own agent working on their behalf.

Remember if there are 300 agents in a city, you have 299 agents working for buyers considering your home.

The listing agent is representing you, exposing your property to the other 299 agents looking to buy homes.

This is the way it has always been. Expecting that your agent will sell your home, is against what the real estate industry is all about. Very rarely happens. Most buyers will not even buy from the listing agent.
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Old 09-13-2019, 01:17 PM
 
91 posts, read 19,227 times
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Quote:
Originally Posted by oldtrader View Post
Every where buyers look, they are always told, to use a buyers agent, separate from the listing agent, so each has their own agent working on their behalf.

Remember if there are 300 agents in a city, you have 299 agents working for buyers considering your home.

The listing agent is representing you, exposing your property to the other 299 agents looking to buy homes.

This is the way it has always been. Expecting that your agent will sell your home, is against what the real estate industry is all about. Very rarely happens. Most buyers will not even buy from the listing agent.
Are you referring to the dual agency concern I made? While I have read frequently that this isn't the most ethical or beneficial option for either party, I was recently informed that this practice is illegal in our state. If that is true, it's bizarre that my agent on more than one occasion has pointed us in the direction of a home that he is the listing agent on. We've never been particularly interested in those homes, so I'm not sure what he would have done if we moved forward with a purchase. Perhaps he would have suggested another agent for us.
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Old 09-13-2019, 04:11 PM
 
Location: Raleigh NC
10,022 posts, read 7,533,358 times
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aren't you selling in one state, and buying in another?

and who told you the practice is illegal in whichever state you're referencing - not that it might very well be illegal, but there's awful "telephone game" stories everywhere.

I would be very wary of any agent who promotes their own listed properties to you. Especially when they aren't homes you're interested in by "search parameters". That agent is NOT operating in your best interests.

"Dual Agency", when it is nothing more than 2 unrelated brokers, 2 clients, 1 brokerage should not be (much of) a concern.
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Old 09-13-2019, 10:17 PM
 
Location: Just south of Denver since 1989
10,973 posts, read 29,648,678 times
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Dual agency is illegal in Colorado. But buying a property that the team has listed is legal as a customer or a Transaction Broker

Last edited by Mike from back east; Today at 12:08 PM..
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Old 09-14-2019, 07:44 AM
 
91 posts, read 19,227 times
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Quote:
Originally Posted by BoBromhal View Post

I would be very wary of any agent who promotes their own listed properties to you. Especially when they aren't homes you're interested in by "search parameters". That agent is NOT operating in your best interests.
Yes, and that’s what I was trying to outline in my OP as a concern. I may have confused the terminology. I was under the impression that was considered “Dual Agency”.

He has done this a couple times with us. Once a few years back where he pushed me towards a home he was selling, and most recently with another home that he was trying to sell for some clients. We never proceeded with the purchase, because they weren’t really homes we were interested in. So I’m not sure how it would have ultimately been handled during crunch time. It definitely left me feeling concerned about the conduct. It could just be a tactic he uses to make it appear he proactively has homes lined up for us, but that’s probably a stretch. We can’t afford the neighborhoods that we absolutely love without a significant downsizing, so we’re looking at surrounding areas.

We are making a local move. Not on this thread, but elsewhere, I had inquired about impressions of different areas of the city we were interested in. Apparently that gave the impression that we were looking from out of state, but it’s mostly because we haven’t historically spent a lot of time in some of the neighborhoods we were scouting.
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Old 09-14-2019, 06:39 PM
 
Location: New York
820 posts, read 493,447 times
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Quote:
Originally Posted by BoBromhal View Post
here's an issue - expectations and communication - an issue common in this topic.

For all, presumably the agent showed you some comps (and the other agents showed you some comps).

Please understand by nature - to clients' benefits - we are optimists. we are fortune tellers. we are trying to predict 30-90 days from now, not 60 days to 6 months ago. And we also want to meet our clients needs.

"I want to sell for the most possible." is understandably what we EXPECT the Sellers want. But it is incumbent upon us to ASK. Some Sellers - like the OP - want the FASTEST sale.

Highest price comps and fastest selling comps are sometimes different homes. Or, to compare your home to either has to occur. "We want top dollar" = "we're willing to spend money to get the condition 'perfect'". "We want to sell quickly" = "what did similar homes that did sell quickly do?" and "is there a seasonality or inventory difference from then to now" AND "what is our competition, and how do we price to entice someone to buy US over THEM"

When there's enough activity for a reasonable # of comps, and the ability to see seasonal trends, then your agent should be able to compare the season you're selling in to recent year(s) season.

And your agent should always be able to say "Here's how long we should expect it to take to sell"
Thanks for the input. The issue in my particular scenario is the total lack of comps which makes it difficult to come up with a good predictor of what the price should be. In other words, there have been no recent sales (apart from when we bought this home several years ago) in our development. The lack of housing stock under 1.5M coupled with the lack of townhomes make it difficult to price accurately. This I presume is why we got 3 significantly different estimates from 3 different agents. One very low, one high and one in the middle. We picked the middle agent and then priced the home at the lowest end of their stated range.
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Old 09-15-2019, 06:45 AM
 
Location: Cary, NC
34,039 posts, read 59,208,210 times
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Quote:
Originally Posted by vladlensky View Post
Thanks for the input. The issue in my particular scenario is the total lack of comps which makes it difficult to come up with a good predictor of what the price should be. In other words, there have been no recent sales (apart from when we bought this home several years ago) in our development. The lack of housing stock under 1.5M coupled with the lack of townhomes make it difficult to price accurately. This I presume is why we got 3 significantly different estimates from 3 different agents. One very low, one high and one in the middle. We picked the middle agent and then priced the home at the lowest end of their stated range.



IF I found myself in your situation, I think before I lowered price $50,000, I would invest some of that $50,000 in a couple of independent appraisals.
Yes, they are "opinions," but the appraiser has no stake in the outcome other than professional reputation.
So, maybe you spend a couple thousand dollars on appraisals, and they agree that a $40,000 price cut is supportable.
You may have just saved a bit of money.
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Old 09-15-2019, 07:19 AM
 
6,650 posts, read 3,715,006 times
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Quote:
Originally Posted by Brandon Hoffman View Post
Also, to your other post: open houses are more effective in some markets than others.
To me the danger sign is if open houses are held and nobody shows up. Or no requests for showings come in.

I had that with one agent a while back despite getting aggressive on price reductions with solid comps. A new agent brought in people.
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Old 09-16-2019, 08:46 AM
 
Location: New York
820 posts, read 493,447 times
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Quote:
Originally Posted by MikeJaquish View Post
IF I found myself in your situation, I think before I lowered price $50,000, I would invest some of that $50,000 in a couple of independent appraisals.
Yes, they are "opinions," but the appraiser has no stake in the outcome other than professional reputation.
So, maybe you spend a couple thousand dollars on appraisals, and they agree that a $40,000 price cut is supportable.
You may have just saved a bit of money.

Thanks for this suggestion, it makes a lot of sense. I raised something similar at the outset with our agent, suggesting we pay to get an independent inspection just so there wouldn't be any major surprises when the buyer inspected the property and also so we'd have something documented in case the buyer's inspector came up with anything off the wall.

Our agent's opinion was that this is unnecessary because, quote 'It's a newer home so unlikely there would be any major issues arising in an inspection'.

As for a formal appraisal, there have been 2 recent ones done - one by the town as part of a tax reassessment; the other done when we refinanced last year. Both came in at the same number give or take a thousand dollars, and about 5k less than our current asking price.

Finally, we did an open house this weekend and were told 9 groups showed up, which I'm hoping is a good sign that there is still some interest. We'll see. Just thinking $50k is a pretty drastic reduction right out of the gate - worried the agent might be trying to take the path of least resistance here.
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Old 09-16-2019, 09:03 AM
 
Location: Cary, NC
34,039 posts, read 59,208,210 times
Reputation: 32976
Quote:
Originally Posted by vladlensky View Post
Thanks for this suggestion, it makes a lot of sense. I raised something similar at the outset with our agent, suggesting we pay to get an independent inspection just so there wouldn't be any major surprises when the buyer inspected the property and also so we'd have something documented in case the buyer's inspector came up with anything off the wall.

Our agent's opinion was that this is unnecessary because, quote 'It's a newer home so unlikely there would be any major issues arising in an inspection'.

As for a formal appraisal, there have been 2 recent ones done - one by the town as part of a tax reassessment; the other done when we refinanced last year. Both came in at the same number give or take a thousand dollars, and about 5k less than our current asking price.

Finally, we did an open house this weekend and were told 9 groups showed up, which I'm hoping is a good sign that there is still some interest. We'll see. Just thinking $50k is a pretty drastic reduction right out of the gate - worried the agent might be trying to take the path of least resistance here.

I would not lean on a municipal appraisal, or a refi appraisal, either.
But, a current market value appraisal? I would give that a bit more credibility.

It really is a challenge to price unique properties at higher price ranges. Lots of room for error, and hard to hang your hat on value.
A $500,000 property in your market would be easier, I think.

And, Good Luck!
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