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I hate to be a quitter, but I'm thinking more along the lines of health issues and the risk factor of death by hantivirus from mice.
I have a cabin for sale and the mice and rats have takin' over. The cabin gets lots of calls, the construction never had permits, is not built to code and is a piece of crap upon closer inspection. I was willing to take it on and knew it would be a hard sale, but now it's just rats and doo doo's everywhere! Really bad.
I am going to cancel this listing under it's not maketable any longer as it's not safe to show it due to the risk factor involved. Honestly I'm not taking anyone in there anymore! Cold weather, the mice are home! I even had a rat run across my hand on the last showing! YUK!
What would you do?
I really hate bailing out on this guy. He bought his lot from me, a beautiful piece of ground, then he crapped it out with this do it yourself cabin right on the perfect building site. No one else is going to be able to sell it and he's already tried the other broker for 2 years before I opened shop. I suggested to him to lower the price by cutting out commission and I would offer to keep the key and give directions to it.
Maybe he should think about cutting his losses at this point and sell it for the land like he bought it? If he built the cabin himself and it's being sold as real estate I would imagine it wouldn't pass an inspection of any sort. The fact that it's not up to code might also keep a bank from allowing a mortgage from what I know of banks... but if it's sold for land and as a knock down property then it might go. I'm not a realtor, just a suggestion.
Thanks Sara,
He won't lower his price. I got him down 20K once, but he won't budge.
He ruined his land value with the crummy construction job.
He needs to bailout I agree and cut his losses. But he built the cabin himself
and thinks it's fine. A lender won't loan on it so it either has to have a cash buyer or he'll do a real estate contract on it.
At dirt cheap it would sell, but the question here is the health risk factor. It seems dangerous at this point to even allow anyone in to see it.
Thanks Sara,
He won't lower his price. I got him down 20K once, but he won't budge.
He ruined his land value with the crummy construction job.
He needs to bailout I agree and cut his losses. But he built the cabin himself
and thinks it's fine. A lender won't loan on it so it either has to have a cash buyer or he'll do a real estate contract on it.
At dirt cheap it would sell, but the question here is the health risk factor. It seems dangerous at this point to even allow anyone in to see it.
Half a dozen feral cats. Autowaterers, auto feed. Check em every three days. Two weeks no more rats mice.
Sorry to hear about your predicament. I've never been a real estate agent, however, I've been in sales all of my life (commission-based) and have been very successful. However, I never understood why agents "take on" properties that are clearly overpriced, not marketable, etc. The overpriced I get. However, being overpriced doesn't mean that seller will come back to reality. Of course you are hoping they do and you are around when it happens. And of course, you think you can convince them and be logical, and they will be as well. And so on and so on.
The not marketable, like in this case, makes no sense to me. Don't get me wrong -- I take on at least one charity case a week. I give back way more than expected, I should, etc. So I understand that aspect, and I commend people for that.
However, the succussful agent I've met -- very successful, well respected and top professionals (and some of them are tops in the country) -- they seem to only take on properties that are priced right, marketable, etc. I've seen brokers turn down listings because the people were overpricing their homes, or didn't appear to be in the right mindset -- and the broker would be very diplomatic and say he/she wasn't the right person for the job.
My friend turned down a listing. He told the people the right asking price would be 679k and they should be able to get an offer for 660-675. They wanted 709k. They went with another broker who blew some smoke. Hot development, places selling fast, a lot of sales and activity. Listing hits the market -- one week, not one call or showing. Two weeks, same same. Three weeks, same same. Four weeks, a broker went to look and passed (didn't want to show it to her buyers). Price drop to 699k. Instant replay of the last 4 weeks. Sellers get nervous, upset (why I don't know) and decide to go with the original agent they spoke with. He said he would only list at 679k. Of course this was not the listing agent's (709) fault -- but perception rules. The sellers picked a very high # and the agent wanted the listing. Everyone kind of knew that 709, 699, etc. wasn't going to fly. But the sellers got unhappy and blamed the agent -- very wrong, but they did. Sellers fault in my mind, 100%, not the agent. Agent's problem, mistake was either missing the market or blowing smoke to get the listing, etc.
Anyway, original agent comes in and gets the listing. Bang!!! Within the first week, 4 showings, 2 offers, done deal at 669, rapid close and everyone is happy . . . except the first agent I am sure. Good thread.
I would recommend he have the cabin appraised, then the burden will not fall on you, and he will realize that the value of his property is in the land not what he constructed. No one will ever buy it, because it won't pass inspection. What was he thinking?
If he thinks its fine, he should move into it and clean it out. Tell him people like to someone living in the place while they are looking at it. I am sure he will turn it down and then you can expose him for the liar he is.
Making someone out to be wrong or a liar doesn't neccesssarily "win you the battle" so to speak. All it does is make you right. That may or may not count here. Logic doesn't always supercede emotion.
I don't know why he is being that way. Build your position, logically, without emotion but with sincerity. Put yourself in his shoes, but don't be vested in the outcome. Create a possibility for you and him to have some open and honest dialogue. You'll do your best and that might or might not be enough. Some will, some won't, next.
My friend turned down a listing. He told the people the right asking price would be 679k and they should be able to get an offer for 660-675. They wanted 709k. They went with another broker who blew some smoke. Hot development, places selling fast, a lot of sales and activity. Listing hits the market -- one week, not one call or showing. Two weeks, same same. Three weeks, same same. Four weeks, a broker went to look and passed (didn't want to show it to her buyers). Price drop to 699k. Instant replay of the last 4 weeks. Sellers get nervous, upset (why I don't know) and decide to go with the original agent they spoke with. He said he would only list at 679k. Of course this was not the listing agent's (709) fault -- but perception rules. The sellers picked a very high # and the agent wanted the listing. Everyone kind of knew that 709, 699, etc. wasn't going to fly. But the sellers got unhappy and blamed the agent -- very wrong, but they did. Sellers fault in my mind, 100%, not the agent. Agent's problem, mistake was either missing the market or blowing smoke to get the listing, etc.
Anyway, original agent comes in and gets the listing. Bang!!! Within the first week, 4 showings, 2 offers, done deal at 669, rapid close and everyone is happy . . . except the first agent I am sure. Good thread.
Guy was listed at 700K. Listing expiring. Asked us. We said $550-575 max. We would not take the listing above $600K. An office mate took it at $650K. Sold in a week at $635K.
Moral: Anytime you think you have this business down cold...think again. Note that a hit in one in five or one in ten of these pays the bills.
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