Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We are feeling betrayed by our agent; seems she has known all along the chances of us getting our asking price are nil. What she revealed on the phone today left us in bewildered shock.
She seemed unhappy that I got info from agents here that revealed what she knew but didn't tell us. Like that home that sold near us for $370K? - it didn't "sell" - it was a bank repo at auction on what was owed. It would really sell for $100K less. One of the agents here told me that. She said she already knew that.
But I have been telling her all along that those numbers I got myself were why we listed in the first place - and because she told us to list. We were hesitant to do so, but she said to do it. It looks like my numbers were no good - like the one above.
Now she says that it will take someone "willing to pay for your location; really wanting your house" to get what we need from the sale. But my counter to that is that unless they are willing to pay cash, we won't get an appraisal at the level we need. What is she doing?
We told her before listing that we needed $355K as a minimum. She told us to list. Now it looks like current comps put us in the $300K - $325K range. Think about it a minute...
The offer we got on counter today was $331,500 and I thought it was low. Now I find it was generous? And she told us to turn it down?
I have to sleep on this and pray on it, but I am very angry right now. We spent over $2,000 getting the house ready to sell because we thought we would sell it based on what she told me. Much of that will have to be spent again if we take it off the market (again) and re-list later.
One thing is certain; she will not be my agent again. We feel betrayed.
We told her before listing that we needed $355K as a minimum. She told us to list. Now it looks like current comps put us in the $300K - $325K range. Think about it a minute...
The offer we got on counter today was $331,500 and I thought it was low. Now I find it was generous? And she told us to turn it down? .
Don't completely follow you on this but you do know what your house sells for has no relationship with what you "Need" ?
You mentioned earlier you had no good comps, where are you getting your prices ? If you gave her a figure she may have added your costs and said "lets try to get this amount ?" That's not totally uncommon on a unique property.
All buyers are coming in with low ball offers today. Are you regretting turning down the $331k ?
Don't completely follow you on this but you do know what your house sells for has no relationship with what you "Need" ?
Yes, of course we know that. But we told her what we needed and she told us to list, meaning she thought we could get it.
You mentioned earlier you had no good comps, where are you getting your prices ?
Got the numbers from her. Remember she said to list at $400K? And I started at $375 because $400 seemed too high based on what I saw?
If you gave her a figure she may have added your costs and said "lets try to get this amount ?" That's not totally uncommon on a unique property.
Are you saying that if one tells an agent he needs X dollars they'll tell him to try even if the agent's knowledge of the market, comps, and appraisals make it highly unlikely?
All buyers are coming in with low ball offers today. Are you regretting turning down the $331k ?
I don't know if I regret it or not. If that is all we could get, I would at least be able to discuss it with my wife. But when she said to turn it down, I thought that meant we could get more. Now that seems very unlikely.
Who here said that first offers are usually the best?
The house the man who was offering us first tried to buy and lost was similar to ours (2 yrs older, a little smaller, etc.). It listed at $325K and that is what he offered.
The appraisal came in at $281K.
If she knew that, how did she expect us to get $355K?
My bet is that she didn't expect us to get that; she expected us to cave to a lower price. And that, my friend, is not an agent representing a client but herself.
I may be wrong; right now my anger is probably clouding my judgment. But the buyer agents who said their comps didn't match our price now make more sense to me than her encouragements.
We are feeling betrayed by our agent; seems she has known all along the chances of us getting our asking price are nil. What she revealed on the phone today left us in bewildered shock.
She seemed unhappy that I got info from agents here that revealed what she knew but didn't tell us. Like that home that sold near us for $370K? - it didn't "sell" - it was a bank repo at auction on what was owed. It would really sell for $100K less. One of the agents here told me that. She said she already knew that.
But I have been telling her all along that those numbers I got myself were why we listed in the first place - and because she told us to list. We were hesitant to do so, but she said to do it. It looks like my numbers were no good - like the one above.
Now she says that it will take someone "willing to pay for your location; really wanting your house" to get what we need from the sale. But my counter to that is that unless they are willing to pay cash, we won't get an appraisal at the level we need. What is she doing?
We told her before listing that we needed $355K as a minimum. She told us to list. Now it looks like current comps put us in the $300K - $325K range. Think about it a minute...
The offer we got on counter today was $331,500 and I thought it was low. Now I find it was generous? And she told us to turn it down?
I have to sleep on this and pray on it, but I am very angry right now. We spent over $2,000 getting the house ready to sell because we thought we would sell it based on what she told me. Much of that will have to be spent again if we take it off the market (again) and re-list later.
One thing is certain; she will not be my agent again. We feel betrayed.
Even with good comps (which you admit were hard to come by in your situation) a home's value can be tough to determine exactly. And really, the picture can change from week to week depending on the market you are in. What you think she knew all along may in fact only just become obvious.
Is it possible she told you to reject the offer of $331,500 BECAUSE you told her you can't sell for less than $355,000??? This would mean she IS looking out for you, to her own detriment because now they will be no sale. I'm thinking you are being too hard on her.
...My bet is that she didn't expect us to get that; she expected us to cave to a lower price. And that, my friend, is not an agent representing a client but herself....
If she told you not to accept the offer, then this is contrary to your statement of wanting you to cave to a lower price. She must think you can do better for some reason.
If she told you not to accept the offer, then this is contrary to your statement of wanting you to cave to a lower price. She must think you can do better for some reason.
Edit: LovesMountains also has a good point.
You are both correct. Thanks for clearing a little of the red from my eyes.
I know this is a tough market, but if we stand little chance of getting our target, then why go through all the hassle of Open Houses and showings and constant cleaning and shining? Living in a house that has to be ready to show in a matter of minutes is very stressful and not much fun.
If the comps are coming in at $300K to $325K today, then they were coming in at that 3 weeks ago. So who determines the comps?
You are both correct. Thanks for clearing a little of the red from my eyes.
I know this is a tough market, but if we stand little chance of getting our target, then why go through all the hassle of Open Houses and showings and constant cleaning and shining? Living in a house that has to be ready to show in a matter of minutes is very stressful and not much fun.
If the comps are coming in at $300K to $325K today, then they were coming in at that 3 weeks ago. So who determines the comps?
We sold our home in October, so I feel your pain - it IS stressful. But the key now is to not get all emotional about it. If $355,000 is truly your bottom line and things around you are not comping out at that, just take it off the market and wait another couple of years.
But, if you really can go lower and you know THAT figure already than just go with it, eat your pride and move on with your life.
I'm not entirely sure I an clear on what the circumstances that GuyFriendly is facing either.
That said it seems that the GF did tell their listing agent how much they owed, which while I completely agree holds little weight for what OTHERS might be expected to PAY, if the comps suggest that that price is not obtainable it takes an agent that is either quite clever to position the property as a short sale OR a riskier strategy of telling the potential client to simply 'test' the market. Sounds like the latter was the path was the agent's strategy BUT the communication came AFTER an unacceptably low offer.
Personally I know MANY agents that would suggest to potential clients that they "test" the market but I believe that is ridiculous strategy in MOST markets right now as it is not likely to give result in a sale for the reason that GF states -- unless some INSANE cash buyer materializes (which does happen...) lenders will not have comps with which to make an appraisal and LEND the required amount.
In certain condtitions / price points the odds of a cash buyer being willing to essentially overpay MAY be worth factoring -- really really unique properties with "one of a kind" views / access / features MIGHT fit into this category, as might historic properties, or those built with such costly and desirable materials that replacement cost becomes a valid point of value. I am not talking about things like upgraded multi-pane windows or extra heavy insulation, I'm talking about places that were built by the original settler / govenor of state, have Italian marble lining every square inch of the baths, a pool done entirely in hand set 24K mosiacs or a view of the skyline from every room...
Guy, I did a quick check around your area, and you are the highest priced compared to other similar active homes (1 level, similar sq footage, similar lot size). Next highest is at $349K on market 84 days "regular" sale. As you said, hard to find comparable sold comps. There are 2 active short sale listings at $339K and $320K. I understand the problem your agent has trying to find solid sold comps. But the actives don't help your situation.
Your property is very unique for the area, not your typical AZ stucco. So it will appeal to a smaller buyer pool.
Guy, I did a quick check around your area, and you are the highest priced compared to other similar active homes (1 level, similar sq footage, similar lot size). Next highest is at $349K on market 84 days "regular" sale. As you said, hard to find comparable sold comps. There are 2 active short sale listings at $339K and $320K. I understand they problem your agent has trying to find solid sold comps. But the actives don't help your situation.
Your property is very unique for the area, not your typical AZ stucco. So it will appeal to a smaller buyer pool.
It would sure appeal to me, I hate stucco, lol!! And he has GRASS!!!! I've never seen a yard in Arizona that had grass - that makes it so much more attractive if you ask me
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We spent over $2,000 getting the house ready to sell because we thought we would sell it based on what she told me. Much of that will have to be spent again if we take it off the market (again) and re-list later. 
Yes, of course we know that. But we told her what we needed and she told us to list, meaning she thought we could get it.
