Post # 1
I need thoughts, maybe from any Realtors out there or anyone that knows more about this and has some thoughts.
My DH and I looked at a property and fell in love with it and want to make an offer that is contingent on sale of our house. It’s a short sale property, the listing Realtor has been in direct contact with the bank and basically thinks we can get the house for cheaper than what they have it listed for (it price dropped 2 times already) We weren’t going to use the same Realtor but we really liked the vibe we got from the listing agent on the short sale and she seemed to really have our best interest in mind and we felt it was easier to use her for our sale as well.
Well she came in with her partner over the weekend, and needless to say she said we couldn’t list the house for more than what we bought it at. Basically we would take a hit on the house and not make any money, in fact we would lose money, but she said it will sell quickly if we listed it at $270, I bought it for $280 3 years ago ( when the market was at it’s lowest). She pulled a few listings of places that sold in our area that sold in the 260-280 range. HOWEVER, all the houses she showed us were in the bad part of town which I told her this and she said it doesn’t matter. We do not live in the bad part of the town, the only thing we have going against us is that we live on a busy street. We were really disappointed, but she said we should move forward with it because a short sale can take up to a year to go through so she said we can save in the meantime if we sell ours ASAP , which we could possibly do but it would be really tough to live with my parents for that amount of time and hope that we save enough, when we really aren’t in a major rush to sell it ASAP. We told her we had to think about it, as soon as she left I called my Realtor friend (she only does new houses not resale) so she said it sounded a bit fishy and went and pulled the sold listings that were more comparable to our area ( the nicer area), she pulled at least 10 houses that sold near us, most were 2 bedrooms 1 bath that sold starting between 310-350 . We have a 4 bedroom, 2 bath (we added the 1 bath so it’s brand new) We were shocked and pretty pissed because this Realtor didn’t show us any of the higher listings. The one listing, the house closed in Feb, so it’s not like they are outdated listings or anything. My Realtor friend thinks that the other Realtor is just trying to make a quick sale. The Realtor made it a point to stress how her company is number 1 in the area and they are known for quick sales and turnaround. She also said if a house is on the market for 30 days then it’s listed wrong. Which I def don’t agree with her on that being the state of which our economy is in I don’t know how she can really say that.
Any thoughts on this for folks?
Post # 3
very sketchy! in this economy, the vast majority of houses sit on the market more than 30 days (i think the average is 2-3 months?) i would find a new realtor asap.
Post # 4
Use your friend as your realtor!!! That other lady is off her rocker!!!
Post # 5
We intentionally went out and got our own realtor before making an offer on our apartment because even though we liked and trusted the listing agent, we thought there would be a conflict of interest if we only went through him.
It does sound kind of fishy that she didn’t seem to think it would make a difference that your house is in the good part of town. I mean isn’t that the first thing you learn in real estate school: location, location, location? If I were you, I would get a second opinion from a broker that doesn’t work for her company. Ask your friend for a referral. The worst that could happen is you find out this original agent was right, but at least then you can make peace with it.
Post # 6
@ams12: My DH also sells real estate and anytime a friend asks him about their home it’s so tough. His biggest complaint is that they always think their house is special and therefore worth more. It’s hard to keep your emotions out of selling your home, even if you think you aren’t using your emotions, you probably are. Your realtor friend, may also have a hard time telling you this. I would have another realtor come in and look and give you their estimate on how much they would sell it for. You need another un-biased opinion.
Post # 7
I wish we could use my friend, but she works for a place selling only new construction and it’s a breach of her contract of she does it. BOO!
I am glad it def seems sketchy to others as well! I didn’t know if we were just over reacting and feeling pissy with the news she told us or if we really had valid concerns!
Post # 8
I’m not a realtor, but I’ve talked a LOT with our agent as we go through the process. And as a buyer, I can tell you, neighborhood is HUGE! It’s one of those things that you just can’t change. DH and I have seen gorgeous houses in our price range and walked away due to the neighborhood. And I suspect that’s why those houses are still on the market and at a lower price, because people want to live in good neighborhoods. And people with children want good school districts also. Also, most houses are on the market for anywhere from 2-6 months as an average (at least in our area). The market isn’t what it used to be and houses are not flying off the market like they used to.
I’d say it’s time to find a new realtor because I’m not convinced this one has your best intrests in mind.
Post # 9
mwitter80 _ Def agree with that, a lot of people think their home is worth more and so great. My friend actually didn’t even tell us what she thought we could list it for becaus she doesn’t do resale, she was just able to pull the comparables with the town and that is how we found out the higher listings. We def are going to bring in someone completely different for a second opionion. I think in this case it’s needed!
Thanks for your advice!
Post # 10
You should ask friends or neighbors for realtor recomendations. We broke up with our first realtor because she was also really sketchy. We found one that wass 100x better.
Post # 11
It sounds like she’s pricing it low to get a quick sale. But, that’s what she told you, too. In her opinion, a well-priced home is a home that sells quickly. Which, if you think about it – it’s true!
She’s pricing it so it will be snapped up.
Did you tell her you were hoping for a higher amount? I’m curious what she said.
If you keep your realtor, I’d ask her for some comps in YOUR neighborhood and/or street. Not the bad part of town….the other thing you could do is get it appraised. That will cost you some money, but at least you know what the appraised value is (they’ll use comps too – so that should give her an idea).
I’d also seek out another realtor and have them tell you their opinion (with a different realty company).