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When Sellers Want to List for More then the House is Worth

When Sellers Want to List for More then the House is Worth

 sellers price more

I sold a listing to a very nice man . He needed a one floor house and this one had everything he needed  He also had a house to sell but did not need to sell to buy .He was paying cash and did not want to put his  house on the market until after he was settled into his new house . He also informed me he had been in the Real Estate business many years ago and knew what his house was worth. The house was located in an area of single homes of all different styles and sizes. There were also new homes where the city was offering a ten year tax abatement . Not only would you be able to purchase a new home but you would not pay taxes on the house for the first ten years .You would pay a small tax on the land it was situated on . That was his competition

 

He wanted me to give  advice to prepare the house for sale. When I walked in I was hit with a strong odor of cigarettes that could knock you over .  It also had not been updated for at least fifteen - twenty years and had a very unusual flowered carpeting and heavy drapery . It was a contemporary home with a nice layout but it need to be cleaned out . It was in a desirable area The outside needed curb appeal . I gave him a list of everything I thought  needed to be done . The house needed to be dressed for success

 

There is nothing wrong with houses not being updated do not get me wrong but it needs to be priced accordingly . Certainly not at the top of the market  and usually my sellers agree with me and that is what we do .  We price it at fair market value and get a price the seller is very happy with .

 

He assured me he knew what to do as he was once in the Real Estate Business too. The main issue between us at this time was price . His price and mine were totally different by $75,000 . He was not ready to list his house for another three months . No sense in making an issue of it now .

 

Apparently this Real Estate so called expert had the house up for for Sale By Owner . He said he had so many interested buyers he could not deal with them all and wanted me to come and list the house immediately . An agent in my office had two listings similar to this house priced around the price he wanted . I did not listen to  my gut feeling I agreed to take the listing . I did have a long listing contract and he agreed to reduce $25,000 after thirty days . Did I mention he did not do anything I had told him to do to clean it up

 

This listing had multiple showings almost everyday . Finally after the same feedback from several agents about the cigarette smell he had the carpets cleaned but would not remove these outdated drapes . The price was reduced by $50,000 in three months . There were still old clothes in closets and junk in the house . The outside was never cleaned up either .The house was vacant

 

I did receive several offers for exactly what I told him it was worth but he refused  to consider them.  I had a nice man who wanted to buy it for his children .The buyers  did not want it .They said he was so rude to them when the house up for Sale by Owner they would rather buy something else .

 

After the listing contract  expired the seller and I parted ways . He realized the price he wanted and the price he was going to get was unrealistic .  He put it up for  Sale by Owner for more money again  about a year later . He did not list it with a Real Estate Company .  I did not want to get involved with him as a seller again .

 

Sometimes  people just think they know more then a Real Estate professionals . It is a hard lesson to learn .When Sellers Want to List for More then the House is Worth

 

What I also learned was you can do everything right and still lose . I did lead the horse to water but they did not drink it . I checked public records  and can not as yet find that a sale took place but it may be to soon to show up    I am not so sure I made a mistake in taking the listing  at the escalated price as there were other houses priced the same way even though my gut said not too.  I had recommended the lower price but he insisted he had many interested buyers  


What bothered me was that he said I told him to price it at the higher price After all what did he know about Real Estate ? I also kept the add he had put in the local paper before I had listed it . I was so glad I kept all the comps in my file with a note saying I had recommended the seller list at a lower price .

 

I pride myself in being honest with my clients this is one of the most important thing to me . That is why they come back to me .

I felt I had done my due diligence 

 

Sometimes  people just think they know more then Real Estate professionals . It is a hard lesson to learn .

When Sellers Want to List for More then the House is Worth

 

 

If you would are interested in buying or selling please contact me

I would love to discuss any of your Real Estate questions  

and what is important to you

I can be reached  at

Re/max Eastern : 215 953 8800       email : hannahremax@gmail.com

cell phone : 215  820 3376  anytime

This post is an entry for an Active Rain contest  difficult lesson  learned

 

 

 

 

 

 

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hannah williams

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Re/Max Eastern

 215 953 8800

215 953 8818

 cell anytime  215 820 3376

HannahRemax@Gmail.Com

 

 

 

 

 

 

 

 

 

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Comment balloon 29 commentsHannah Williams • June 11 2016 02:31PM
When Sellers Want to List for More then the House is Worth
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