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Old 05-23-2013, 05:09 PM
 
244 posts, read 331,941 times
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“No doubt you can buy a house today and get a really good price and a low-interest loan,” “But if you want to sell that house to somebody two or three years later and he doesn’t have a 3 percent loan, how much is he going to pay for that house?”

The Housing Market Gets Bubbly Again | The Exchange - Yahoo! Finance
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Old 05-23-2013, 05:22 PM
 
244 posts, read 331,941 times
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If midsize single-story homes are really selling in a matter of days with multiple offers and backups the seller's agents are doing the seller a disservice because waiting a couple more days could very well lead to a better offer meaning more money. Yet another example of how they are just out to make a fast buck and only care about their own bottom line.
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Old 05-23-2013, 05:43 PM
 
2,928 posts, read 3,540,141 times
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Quote:
Originally Posted by VegasVicsezhowdy View Post
If midsize single-story homes are really selling in a matter of days with multiple offers and backups the seller's agents are doing the seller a disservice because waiting a couple more days could very well lead to a better offer meaning more money. Yet another example of how they are just out to make a fast buck and only care about their own bottom line.
A lot of people are waiting. Some people want to sell. People do change their minds but it's not common.
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Old 05-23-2013, 05:44 PM
 
12,973 posts, read 15,764,307 times
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Quote:
Originally Posted by VegasVicsezhowdy View Post
If midsize single-story homes are really selling in a matter of days with multiple offers and backups the seller's agents are doing the seller a disservice because waiting a couple more days could very well lead to a better offer meaning more money. Yet another example of how they are just out to make a fast buck and only care about their own bottom line.
Actually an interesting question. [mod cut-- rude]
Think about it.

First off nothing keeps the seller from using a future price. If the general consensus is that prices are heading strongly upward asking prices will sharply increase.

Second much depends upon the seller's individual condition. If a short sale for instance the seller cares only what the bank will accept...and that is likely to be less than full market.

If the seller has to move or has moved there is a substantial cost that has to be paid. Even if optimum is to wait a while the seller must have the financial resources to do so.

If the seller is changing homes It may be best to do it quick. Particularly if moving up market. If downsizing however it may pay to wait.

Finally if a seller just needs to sell sometime in the next few years? Wait. Consider again in six months.

Note that waiting days is silly. Things change a little bit but probably lost in the noise for a few days.
A month or a couple of months may make a difference.

I am also not sure it is the RE Agents job to financially plan for a client. Many are way too dumb to get near the issue. It is malpractice if they even think about it.

Last edited by observer53; 05-24-2013 at 02:26 AM..
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Old 05-23-2013, 05:44 PM
 
244 posts, read 331,941 times
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Quote:
Originally Posted by lvoc View Post
Why would I know or care? He is not an RE Agent. [mod cut-- unnecessary]
He was before they suspended his license.
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Old 05-23-2013, 05:51 PM
 
244 posts, read 331,941 times
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Quote:
Originally Posted by lvoc View Post
Actually an interesting question. [mod cut--personal]

Think about it.

First off nothing keeps the seller from using a future price. If the general consensus is that prices are heading strongly upward asking prices will sharply increase.

Second much depends upon the seller's individual condition. If a short sale for instance the seller cares only what the bank will accept...and that is likely to be less than full market.

If the seller has to move or has moved there is a substantial cost that has to be paid. Even if optimum is to wait a while the seller must have the financial resources to do so.

If the seller is changing homes It may be best to do it quick. Particularly if moving up market. If downsizing however it may pay to wait.

Finally if a seller just needs to sell sometime in the next few years? Wait. Consider again in six months.

Note that waiting days is silly. Things change a little bit but probably lost in the noise for a few days.
A month or a couple of months may make a difference.

I am also not sure it is the RE Agents job to financially plan for a client. Many are way too dumb to get near the issue. It is malpractice if they even think about it.
So you agree that it is unethical. This is one of the biggest lies in real estate. Yes, mathematically an agent will get more commission if your house is sold for a higher price but the problem is the amount of time it might take to get that higher price is not worth the extra commission.

The seller's agent just wants you to sell the house and doesn’t care at all what price you sell it for because they just want the deal done right now. Thanks, that's what I thought.

Last edited by observer53; 05-24-2013 at 02:27 AM..
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Old 05-23-2013, 05:53 PM
 
12,973 posts, read 15,764,307 times
Reputation: 5478
Quote:
Originally Posted by VegasVicsezhowdy View Post
He was before they suspended his license.
For all I know he may have been an eagle scout or a priest in the past. So What?

At this point he is a crooked civilian practicing crimes in Real Estate.

The status of his license is clear. He does not have one. I don't even know it was suspended...
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Old 05-23-2013, 05:56 PM
 
2,928 posts, read 3,540,141 times
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Generally a RE agent wants the house to get an offer in 30 days. The sooner the better.
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Old 05-23-2013, 06:04 PM
 
12,973 posts, read 15,764,307 times
Reputation: 5478
Quote:
Originally Posted by VegasVicsezhowdy View Post
So you agree that it is unethical. This is one of the biggest lies in real estate. Yes, mathematically an agent will get more commission if your house is sold for a higher price but the problem is the amount of time it might take to get that higher price is not worth the extra commission.

The seller's agent just wants you to sell the house and doesn’t care at all what price you sell it for because they just want the deal done right now. Thanks, that's what I thought.
The unethical part is advising a client about general financial matters. Many, though not all, RE Agent are incompetent outside of the very narrow RE Area. The proper response, as virtually ever broke will tell you, is to advise the client to seek the advice of a professional financial planner or CPA. The advice as to whether the individual should or should not sell is outside the professional competence of an RE Agent.

I personally quote a couple of prices. One that will move the house in days, one that will move it in a reasonable period, and one that is the ultimate hope...but may take a long time. I even point out houses are sold even above the ultimate hope price...but it has very low probability. Most have little trouble coming down on such a choice.
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Old 05-26-2013, 03:01 PM
 
1,374 posts, read 2,429,015 times
Reputation: 789
One thing I don't understand is that those short sale properties have been under contract for months at very low prices. Well, the market has clearly moved up quite a bit. I don't believe any bank will approve those short sales at those low prices. Why don't banks just flat out reject them?

Last edited by Scott456; 05-26-2013 at 03:14 PM..
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