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Old 02-25-2007, 05:35 PM
 
Location: 89121
413 posts, read 1,484,095 times
Reputation: 339

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If one can get out of the contract, (as I'm going to try to do), use the 5-day auction technique. It works. A real estate investor friend used it just recently and it works. The property languished on the local MLS for 9 months with no offers. Priced too high ? Maybe. He tried the 5 day auction technique and had 20 people go through the house in a weekend and had 7 bidders. He got very close to his original asking price without paying a commision. Better yet, he had a backup buyer if the auction winner couldn't follow thru.
People are always going to try to make the best deal they can for themselves. Use that philosophy to make money for yourself. The fair market value of real estate, cars or widgets is what someone will pay for it. The auction technique gets the job done in 5 days.
More info on www.5day.com
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Old 03-05-2007, 12:46 AM
 
Location: central California
114 posts, read 371,285 times
Reputation: 57
In our office, where there are many agents under one broker, you can call the broker and request another agent, and you interview them until you find one you can better relate to. If he is the broker, and many brokers do sell homes as well as run their business, tell him this is not working, and you would like to cancel your listing. Be sure to not be talked into withdrawing, which means you cannot relist with another office until your contract expires. Ask for a cancellation form in writing and signed by the BROKER, not just the agent. Agents and brokers know that their reputation is based on clients' happiness with their work, and should usually let unhappy clients cancel if asked. He is entitled to request you pay for any advertising he has done or is in progress; in fact, you might suggest this to make it happen, but use it as a last resort. Most agents consider advertising expense as just part of their responsibility to keep their name in front of the public. Be prepared, it might be hundreds of dollars and hard to define your share if he runs your home on a page with several other homes, but it can be done. You should see the bills and not take his word for it. Hopefully, this will not be necessary. (By the way, this situation happens to most of us once in awhile for different reasons.) If he resists or ignores you, put this into writing and send it certified, with a request for receipt. Check again, and tell him you will go to the local MLS board with your complaint. Once you get what you want, please be sure to interview several agents before you decide again. The things you mentioned he does are not in themselves, unusual, depending upon the market, your price, and your urgency. It sounds like it's his personality and manners (or lack of). It is sometimes critical not to waste time in selling. If it is absolutely essential to sell fast, reducing a price drastically is one way to do it. It assures the investor buyer of instant equity, but it does get your home sold. It sounds like you and he just aren't working. Hanging up quickly is not good business, in my opinion.
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Old 03-05-2007, 01:12 AM
 
Location: central California
114 posts, read 371,285 times
Reputation: 57
Default Right on! Happydawglady!

You have identified the new market dilemna. Despite my previous ideas as to the way to get out of this listing, you are so right. In today's market, just wanting your home to be worth more is not a way to sell. Listing agents market, not promise to bring buyers (this creates dual agency liabilities, and some agents would not do it in some circumstances, especially with an already irate seller.) At our MLS meetings, at least half of the total listings right now are getting serious price reductions. Buyers are not even looking. Getting greedy or upset will not sell your home. I watch that Buy Me show also, and am amazed at how unrealistic sellers can be. To hold out for a few thousand more and lose a perfectly good, hard to find, qualified buyer is very risky. They walk regularly and find a less expensive home.
And to tell your broker you are not in a hurry, then maybe the seller should take over their own advertising and see how long they hold out, not being in a hurry. That is a sure way to cause a problem. Many agents I know, including me, are interviewing listers and will not take the listing. They make a living when a home sells, and will make less if the house is reduced, so don't consider it greed to sell quickly. It's the greed for a few extra dollars to keep holding out for the top dollar. Consider dimes on the table, and you have 6 dimes (60,000) and you want a few nickels more. there go your six dimes because it was not enough. You wanted 5 nickels more. Usually by the time you've negotiated for a few dollars, it's only going to cost you more in taxes and commission anyway. Look at the big picture and the bottom dollar, and negotiate price wisely, not greedily. Just my opinion.
Quote:
Originally Posted by happydawglady View Post
That said, I follow real estate pretty closely all across the US and know the CA real estate market fairly well. It sounds to me that your agent/broker knows the market and is trying to get you to price accordingly so that you will have a 'chance' of selling and he can make some money, as well as you.

You on the other hand state that you are in no hurry. HELLO??? We have a conflict here ! Why should any realtor spend a lot of time on someone who does not appear to be 'serious' about selling??? That is how they make their money!! You may not want to give your home away (nobody does ), but that doesn't mean that the market will bear the price you want. Not now and maybe not for quite a few years to come .

How did you come up with the 'my house is woth $35K more'? Is that from a past appraisal? What your home is worth today is what the market will pay today. Not what it was worth yesterday. Or even last month. And especially not last year or 2005 when the market was HOT HOT HOT !

Are you reading the paper about all the foreclosures and short sales happening in CA? Do you actually know what your competition looks like? How many homes are currently for sale within a 1 mile radius that resemble yours? Drive by them. Check out pics and data. How long have they been on the market? Have they been taken off MLS and relisted 1 or more times? What was their original asking price versus where it's at now?

I'm not trying to be mean. I'm trying to give you a 'wake-up call' . A home is a lot of money and you cannot rely solely on a Realtor to get yours sold. Do your homework! We are just starting to come out of winter when sales are almost non-existent. When spring hits (and it will HIT, believe you me ) there will be a TON more homes on the market and you will wish you had done what this Realtor told you if you really wish to sell !

If you want out of this contract, my best guess from what you said here, is that the Realtor will gladly let you go . I've been reading for the past year that Brokers don't want listings where the sellers won't get real about their pricing and you certainly sound like one of them. I heard that they waited until the contract expired and if the seller wanted to renew, but was not willing to reduce their pricing, they said 'adios amigo' .
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Old 03-05-2007, 04:39 PM
 
279 posts, read 1,769,631 times
Reputation: 231
Okay I wasn't going to say anymore about this once my questions was answered but now I am going to.

1. A house one street over sold for 5k less than my house. My house is bigger, has a bigger garage, has landscaping, and fencing. My house is not over priced.

2. I didn't not just wake up one day and tell my family "hey you know what will be fun? let's sell the house" We are serious sellers, we just don't have the pressure of HAVING to sell it yesterday.

3. If I reduce my price $10,000, I am out 10k, my agent is out $700.

4. I understand my market. My area of CA is booming and houses are still selling. There is just a lot of them on the market.

5. The reason so many forclosures are happening in CA is because so many first time buyers went with unconventional loans. And now they for whatever reason cannot refinance into a fixed mortgage. This is not my case, we are always 30 fixed.


We would love to sell our house right now, but if it doesn't sell, oh well. And I think you agents that treat sellers like you are doing us a favor and we couldn't do it without you, ought to change your crappy attitudes. Treating people like their listings are beneath you somehow seems really crappy to me and I am glad to have my lazy agent instead of one like that.
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Old 03-05-2007, 07:46 PM
 
Location: Sometimes Maryland, sometimes NoVA. Depends on the day of the week
1,501 posts, read 11,173,233 times
Reputation: 1132
I'm speaking as both a recent seller and a current buyer, there could be other things at play here. As an example, for us, lot is more important than upgrades. You could have the nicest house in the area, but if its a corner or has houses behind it, we won't be interested. I know when my old townhome was appraised, there was a dollar figure given for "backs to woods" (actually, taken off b/c I didn't have that). As a seller, I hear you on the upgrades. We had updated/upgraded everything in our home. We heard from many people (agents, buyers, nosy neighbors who troll open houses) that it was the nicest one in the area. But, living in a cookie cutter subdivision, it came down to "comps is comps." Despite a brand new (under 6 months old) kitchen remodel, we couldn't get more for it because of the comps. We sold much faster because of it (6 weeks on market, including Christmas, while others still languish). But we still listed and sold right in line with the comps. When we got our first offer (25% under list), our agent reminded us it was 2005. Well, we were already listed 10% under 2005 prices. We held out another 2 weeks and sold right with the comps.

Just a thought. Might not apply if you don't like in cookie cutterville
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Old 03-05-2007, 09:49 PM
 
Location: Just south of Denver since 1989
11,499 posts, read 31,210,111 times
Reputation: 8146
Default To sell or not to sell

It is not a matter of lowering a asking price $10,000 and selling now, nor is it a matter of getting your asking price in today's market. There is no guarantee that if the price is lowered a buyer will buy.

Nobody has a crystal ball. In a year, Fair Market Value (FMV) could be higher or lower depends on two things. Supply & Demand. More supply = less money. More demand = more money. What is the absorption rate for your area and price range?

The definition of FMV is what a willing buyer will pay a willing seller. Comparables (Comps) show a history of just that. But Buyers have the same access to comps as sellers, AND buyers have seen what is currently offered that meets their needs and compares apples to apples and then justifies buying a apple with what other people bought apples for three months ago. Most sellers take the agent/broker/licensee's Market Analysis and set the price without seeing for themselves.

A little knowledge, a little greed and a pinch of wishfullness, and a prayer later...your agent/broker/licensee has spent good hard earned money for nothing in return.
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Old 03-07-2007, 06:29 PM
 
Location: Raleigh NC
161 posts, read 650,741 times
Reputation: 37
I agree, call his Broker In Charge at the listing office and explain in detail what you are unhappy about. They should either make it work with the listing agent or assign a new agent to you.
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