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  1. #1
    Join Date
    Jun 2007
    Location
    East Georgia
    Posts
    74

    Default Kick 'em when they're down?

    We had our home built from our own design. I acted as the general and the wife and I supervised the subs. We moved in in December 1987. We love the place but the infirmities of old age have forced us to place the beloved home place on the market and move to a more manageable place. The first realtor to look at our home said "It's real hard to sell these old places. You just may have to dump it for next to nothing." Like a kick in the stomach.

    Our long time home, barely broken in is now an OLD house. Time sure flies.

  2. #2
    Join Date
    Aug 2007
    Location
    Maryland
    Posts
    1,164

    Default Re: Kick 'em when they're down?

    I'd look for another realtor. He probably wants to price it low just to make a sale. Of course your location and local conditions are a factor.

  3. #3
    Join Date
    Jul 2010
    Location
    SoCal
    Posts
    5,103

    Default Re: Kick 'em when they're down?

    Ed21 is correct, you have to talk to more than one real estate agent, just like you talked to more than one painter, plumber, electrician, roofer, etc.

    You see, this listing realtor, who should "represent the seller" is actually out there representing him/herself. And what's a better way of doing so than a quick sale? By trashing your hopes for a market sales price, the realtor wants to list the house at below market value and sell it BEFORE he/she incurs high selling costs (mainly in advertising, open houses, driving, etc).

    Politely tell this realtor that you need to interview other agents. Also remember that sales commission is negotiable.

    As ed21 noted above, there are other factors to consider that will affect the sales price: house condition, location, demand in the area, and others.

    Just a note: Most areas are quickly turning into "seller markets", meaning: there are many buyers and few homes for sale, forcing buyers into a frenzy outbidding war, resulting in over the asking price final sales price. The longer you can hold your property, the higher your sales price will be - we haven't peaked yet.
    Last edited by dj1; 01-24-2014 at 08:36 AM.

  4. #4
    Join Date
    Jan 2008
    Posts
    1,109

    Default Re: Kick 'em when they're down?

    A realtor is supposed to be on YOUR side of things, so go find one that seems inclined to be your advocate, not your adversary, and willing to do all they can to get you the top price no matter how long it takes and how hard that is to do. All the rest are looking to turn it over fast so they can make a commission more quickly.

    IMHO, real estate sales is a contrived vocation that isn't really needed these days but is going to hang around as long as it can as an easy way to make money. If the Government wanted to make it possible, all the pertinent details regarding land and home title deeds could easily be put on the web, and web-sites would open to list the available homes in every area, thus eliminating the extra cost of doing things as they are done now and netting the sellers 3-6% more than they get now. Prepare to hear from Realtors who disagree with me but remember- I don't have a dog in this fight but they do!

    Phil

  5. #5
    Join Date
    Aug 2007
    Posts
    6,486

    Default Re: Kick 'em when they're down?

    Quote Originally Posted by Mastercarpentry View Post
    IMHO, real estate sales is a contrived vocation that isn't really needed these days but is going to hang around as long as it can as an easy way to make money. If the Government wanted to make it possible, all the pertinent details regarding land and home title deeds could easily be put on the web, and web-sites would open to list the available homes in every area, thus eliminating the extra cost of doing things as they are done now and netting the sellers 3-6% more than they get now. Prepare to hear from Realtors who disagree with me but remember- I don't have a dog in this fight but they do!

    Phil
    Most realtors are about as worthless as an ice machine is to an Eskimo (read: really REALLY worthless ). Most of them can't even do a competent comparison of other homes in your area to come to an adequate price. This is definitely a snake oil industry designed and sold by the realtors to the populace. Where does this opinion come from? About half of my business was in pest repair work, so I've dealt with more than a few incompetent realtors in my time.
    I suffer from CDO ... Its like OCD, but in alphabetical order, LIKE IT SHOULD BE!!!

  6. #6
    Join Date
    May 2012
    Posts
    134

    Default Re: Kick 'em when they're down?

    Have you done an an independant appraisal, yet ? No?

    Realtors are licensed - usually by the state. Part of that is they are "bound" to represent you honestly and with your best interests in mind. If they don't, they are unethical and should be reported to their licensing authority.

    You may also consider selling it yourself.

  7. #7
    Join Date
    Jul 2010
    Location
    SoCal
    Posts
    5,103

    Default Re: Kick 'em when they're down?

    daspyda is correct about this statement: you can sell the house yourself. BUT...

    I've seen situations like this before, where the homeowner is emotionally attached to his house, making selling extremely difficult. Homeowners like these should never try to sell FSBO (for sale by owner): they are unrealistic about the price, they can't let go, they try to choose a buyer too closely, they can't discuss deficiencies in the home, they can't accept even the simplest recommendations to make the house more presentable, they are blind and don't see other material facts that influence the sales price, and on and on.

  8. #8
    Join Date
    Jan 2008
    Posts
    1,109

    Default Re: Kick 'em when they're down?

    Please note that I didn't say to do a FSBO- I only pointed out that the current system isn't necessary anymore and it steals from the sellers

    As things currently stand, doing a FSBO has some dangerous pitfalls that you have to know how to handle or you might find yourself legally liable for a large sum of money decades after selling. I know how to do it safely where I live, but local laws vary so at best I can only offer limited help elsewhere. And always remember that a Realtor has no obligations to anyone but the seller. As a buyer they are your adversary so don't believe one word from them until you verify it yourself. The people who oversee Realtors are Realtors themselves so you'll only get any due redress through the legal system- a costly and lengthy endeavor which they're experienced with while you probably aren't. That's another one of the fundamental flaws in the system: self-oversight is worse than no oversight at all.

    Phil

  9. #9
    Join Date
    Jul 2013
    Posts
    22

    Default Re: Kick 'em when they're down?

    Get a different realtor. Get family and friends to refer you. Someone who is working in your best interest but able to be honest with you about what is and isn't possible. If there is anything 'unique' about your home that would turn off a broad cross section of buyers it would cause you problems getting your ideal price. Often older homes owned by retirees who are looking to downsize are not really set up to appeal to current buyers. People have a tendency especially when building a custom home to think of their own needs, tastes, and desires, not how buyers will react 30 years down the line. Biggies that will cause you problems are old, worn out and/or outdated kitchens and bathrooms. It's two of the first things everybody looks at because they're two of the most expensive rooms to redo. They want everything to look modern and be in good contition.

    Paint and staging furniture can remedy a whole lot of other issues unless there's some other really crazy stuff going on in the house that would have to be ripped apart and totally redone. But you want someone who can give you honest input on what it will take to sell your home and what is a reasonable price to expect, as well as what could be changed to help the selling process. If you need to move quickly that will probably mean having to entertain things you wouldn't have to put up with if you have another 12-18 months to wait out the right buyer.

    Also realize if you've paid it off awhile ago and your realtor knows that he probably thinks he can have an easier time convincing you to give it away and put easy money in his pocket. He probably wouldn't take that approach with someone who still owed a significant amount. He would tell them what is a reasonable price to expect and what needs to be done to get it. What he is banking on with your case is that any emotional feelings about the value of your home will be outweighed by the fact that you are in a financial position to dump it for nothing and walk away without taking any financial baggage with you.

    If it makes you feel somewhat better: Me and my wife are in our 30s and without children. We set out looking for things like master suites, walk-in closets, huge bathrooms with dual vanities, a finished or easily finishable basement, and modern construction. We ended up in a 108 year old home that gives us none of that. But it is a solidly constructed, well maintained colonial that could not have been located more perfectly for our needs if we carried it where we wanted it and set it down ourselves. The owners were like you, empty nesters who were ready to move onto something lower maintenance with fewer stairs to climb and less rooms to clean. They let it sit on the market for about 6 months before doing a 30 thousand dollar price drop, at which point we went knocking again with an offer. They were just ready to move on with their lives and not deal with all the cleaning and maintenance. The months of being stuck and unable to move on with their lives pushed them to the point where they decided to do something drastic to spark an offer.

    So I guess the moral of the story would be to know that anything is possible if you have the patience, but learn early on not to get emotionally attached to numbers. This is business and not personal, that's how you have to attack it.
    Last edited by eman; 02-18-2014 at 04:49 PM.

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