But yet, another real estate horror story (agents, commission, contract)
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I've put myself into a bad situation,bought a new house and cant sell my original house.Two house payments. I can handle the money part but my family has moved into the new house, that part i cant handle. Also im living in a empty house, sleeping on a matteress on the floor. The reason is, i had a contract but the buyer had problems at the last minute and i didnt close. I know it doesnt close untill it closes, but i somehow got suckered in. I had it listed by owner when this happened.
So on i go, listing with a agent to get the hell out of here. The agent i pick out comes over and says ooo what a beautiiful house, nice area, blaaa, blaaa,etc. Which she is right, has it all going to show nice.
It appraised at $370 on the last offer, we decide to list it at $339 way under others in the area and also so i can get out and be with my family. She says no problem selling this in a month,ha!
Right away offer comes in at $310 we all say no,i should of takin it now.
Time goes on lots of lookers but no offers
Finally get another offer $285 ?????????? Realtor says you better take it and get out. The market is getting worse and the worse is yet to come. She say she has 40+ foreclosers on the market with more coming, prices are going to drop to 1995 prices,your house may go down to $225 and $285 is going to seem high! Also we are probably going to have a president coming in called Barack Obama? She says its going to take 3-5 years to get rid of all these foreclosers and thats where the deals.
This has all happened since sept,but only have listed with her 2 months.
Not really sure what my question is but just venting. Really think its odd my realtor has this change of heart in a matter of weeks.
Cooper city fl its on realtor .com MLS ID# H839797 im really startin to get peed off at this realtor she calls me at 4 its now 930 the $285 buyer wants a second look, no show or calls.
There are no guarantees in real estate and people should be cautious of agents that say "I can sell your home in ________."
Do you know if the original offer of 310K has gotten something else? My seller did that in Oct, where he turned down a low offer, and we called them back 6 weeks later and he still loved the house and was willing to offer the same price. We closed in December.
If your agent is worth her weight in salt, she's checking up on the original higher offer...
Then again, sounds to me like you have an agent who is better at chasing prices down than selling VALUE. I could be wrong, it's simply my opinion based on what you're saying here.
The market is in a corrective flux, no doubt about it, but to say that prices will plummet to 1995 prices.. PLEASE. I have a full understanding that all markets are sustained on a LOCAL level, but this comment is completely ridiculous!
You had your home listed at $339k and you had an offer at $310k. That is only 9% below the listed price. That was a good offer, provided that the buyer was qualified or pre-approved, with a good earnest money deposit, and reasonable down payment.
In my opinion, that was a good offer and should have been countered, and you may have ended up with a sale at around $322.
At that time the market price was probably around $339. The buyer made a reasonable offer of 10% below listing price and most likely had a target of 5 to 6% below list. Buyers are looking for bargains, and your buyer probably perceived your home to be worth more than 339, but still made an offer within a reasonable range of listed price. The recent appraisal of $370 should have been used (and perhaps it was) as both a marketing tool and a negotiation tactic.
If a home is priced at or slightly below market price then a home in a good location and in good condition, comparable to the area, should sell within the average days on market in your area, and within 5% of the listed price.
However, if the market is rapidly declining then if it's listed right at market price (what the other Solds were priced at) then the market could drop below you during that average DOM time.
As has been stated no one should guarantee that a home will be sold within a given amount of time because there are too many variables in this market where the inventory exceeds demand. Your realtor may very well have thought that the home could sell during that time.
From what you've said, it appears that the agent had the home priced about right in the beginning; you missed an opportunity to negotiate a fair price; and the market just dropped out from under you.
I'm sure you realize that a big part of your headache and frustration was caused by buying the other home prior to getting this one sold. You're not the first one to do that, and won't be the last.
Do you really have to sleep in that empty house? That in itself can cause you a lot of misery.
What I suggest is that you ask your agent to do a new CMA for you. Look at the Active (competition) the Pendings (under contract-not closed) Solds (escrow is closed and this is where the market currently is) and the Expired (prices at which people couldn't sell their home and they took it off the market.
Also look at the average percent of Sold price to final Listed price. That tells you about what to expect if your home is listed near the current market price.
She should do that for you at least once a month. She may have a good idea in her mind of what's happening, but you need to see it on paper.
If there are other vacant comps in your area, have your realtor take you to visit them so you can have a good idea of what your competition is like.
I've put myself into a bad situation,bought a new house and cant sell my original house.Two house payments. I can handle the money part but my family has moved into the new house, that part i cant handle. Also im living in a empty house, sleeping on a matteress on the floor. The reason is, i had a contract but the buyer had problems at the last minute and i didnt close. I know it doesnt close untill it closes, but i somehow got suckered in. I had it listed by owner when this happened.
So on i go, listing with a agent to get the hell out of here. The agent i pick out comes over and says ooo what a beautiiful house, nice area, blaaa, blaaa,etc. Which she is right, has it all going to show nice.
It appraised at $370 on the last offer, we decide to list it at $339 way under others in the area and also so i can get out and be with my family. She says no problem selling this in a month,ha!
Right away offer comes in at $310 we all say no,i should of takin it now.
Time goes on lots of lookers but no offers
Finally get another offer $285 ?????????? Realtor says you better take it and get out. The market is getting worse and the worse is yet to come. She say she has 40+ foreclosers on the market with more coming, prices are going to drop to 1995 prices,your house may go down to $225 and $285 is going to seem high! Also we are probably going to have a president coming in called Barack Obama? She says its going to take 3-5 years to get rid of all these foreclosers and thats where the deals.
This has all happened since sept,but only have listed with her 2 months.
Not really sure what my question is but just venting. Really think its odd my realtor has this change of heart in a matter of weeks.
Why not counter. Don't throw the buyer away because of a low ball. Counter back with something and see what happens. If you would have taken $310 why not counter at $315. For all you know the buyer might be more than willing to negotiate with you.
Sorry you're going through this with your realtor but just remember you have an offer. you might also have a buyer looking to negotiate. good luck.
FYI, when hubby and I put an offer on our home in VA we came in REALLY, REALLY low and we both knew it. It was a huge risk for us but we kept our finigers crossed that the seller would counter back and we would go from there. The seller did, we came up, seller came down we came to an aggreement and now the house is ours.
Growing up my father always taught me to offer low so that it will open up a negotiation. When my husband and I were in the process of buying our first home, we used this strategy and we were surprised to hear that the seller had gotten emotional about it, started to cry, and turned down the offer without a counter-offer. Note, that this was not during the current market down turn where I expect more sellers to be emotional.
As I read more threads about low ball offers, current real estate horror stories, etc. where it doesn't appear that the sellers are counter-offering, I do wonder why. I asked my husband if he had any thoughts - like could it be a certain age group that were not taught/versed in negotiation? I am grasping at straws and don't have an answer myself. The only thing my husband offered was that negotiation is a skill commonly used among everyday people in other countries, but not in the US.
Thanks everyone for repyling,it helps me to talk about it. I did counter with a $325 but he didnt accept, it was $310 or nothing with him
Im not really sure if im taking out my frustations out on my realtor,but im really starting to wonder about her.
I need to explain the contract i have with her. Im not really sure but here's what i have. I paid her $1000 up front,this covers all advertising open houses,it appears like a normal listing to me,she does it all i think. Commission then is 3.5%. She gets the $1000 no matter what and what ever realtor sells gets the 3.5%. Saves me money, i think! This is thru Global marketing.
The $310 offer bid was thru another realtor so that meant the other realtor would have got the 3.5%. I feel thats why my realtor said to counter higher.
But now with the $285 bid its someone my realtor has so she would get the 3.5%, and thats where the story came about how its really getting bad and i better jump on this cause the world is coming to a end and blaaa, blaaa! Just a totally different conversation from her.
Other problems i feel,ive never seen a contract from either bids, she has counter verbally? Very hard to get on the phone, has shown up on a saturday for open house, no notice to me, no input on open houses, whats good or bad that i can improve on or how many showed up,one nite at 730 a agent shows up for a showing i didnt know, she said your realtor didnt tell you? Nope. And of course last nite she didnt show after calling me at 4 saying the $285 was coming over after work to look again, i waited till 930 with nothing not even a call.
As you can see what do i believe, she may be right or is a commission thing.
All this crap just adds stress to me selling and getting back to a normal life.
This is why i posted in the realtor section is this the real estate way?
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good luck. 
