Comments on: Agent Trick: “Buying a Listing” Vs No Recommended List Price http://blog.franklyrealty.com/2008/02/agent-trick-buying-listing-vs-no.html Fri, 27 Jan 2012 18:42:01 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Thomas http://blog.franklyrealty.com/2008/02/agent-trick-buying-listing-vs-no.html/comment-page-1#comment-4666 Thomas Wed, 30 Mar 2011 15:49:35 +0000 http://franktempblog.wordpress.com/2008/02/12/agent-trick-buying-a-listing-vs-no-recommended-list-price/#comment-4666 Great article, my wife and I got conned by an agent who bought our listing. We moved towns and went with the person who promised us the best price. The house set on the market for over a year. Over that time the two house payment nearly sunk us finically and almost destroyed our marriage. We finally sold it to someone who could tell that we were desperate by that point. We unloaded the house, but it was for 20k lower than the original listing and we ended up paying their closing. Lessons learned: your house is not worth as much as you think it is, find an honest agent, price it reasonably (people aren’t stupid when making the biggest purchase of their life) and if it sounds too good to be true it probably is! Great article, my wife and I got conned by an agent who bought our listing. We moved towns and went with the person who promised us the best price. The house set on the market for over a year. Over that time the two house payment nearly sunk us finically and almost destroyed our marriage. We finally sold it to someone who could tell that we were desperate by that point. We unloaded the house, but it was for 20k lower than the original listing and we ended up paying their closing. Lessons learned: your house is not worth as much as you think it is, find an honest agent, price it reasonably (people aren’t stupid when making the biggest purchase of their life) and if it sounds too good to be true it probably is!

]]> By: FranklyRealty.com http://blog.franklyrealty.com/2008/02/agent-trick-buying-listing-vs-no.html/comment-page-1#comment-4577 FranklyRealty.com Tue, 27 Jul 2010 18:14:34 +0000 http://franktempblog.wordpress.com/2008/02/12/agent-trick-buying-a-listing-vs-no-recommended-list-price/#comment-4577 You are right! Thanks for the correction of my math. You are right! Thanks for the correction of my math.

]]> By: E http://blog.franklyrealty.com/2008/02/agent-trick-buying-listing-vs-no.html/comment-page-1#comment-4574 E Fri, 23 Jul 2010 09:38:51 +0000 http://franktempblog.wordpress.com/2008/02/12/agent-trick-buying-a-listing-vs-no-recommended-list-price/#comment-4574 > three appraisals, each 5% different then the next. A 15% spread. Wait ... 3 appraisals each 5% different from the next gives a 10% spread. How did you get the 15% spread? What gives? > three appraisals, each 5% different then the next. A 15% spread.

Wait … 3 appraisals each 5% different from the next gives a 10% spread. How did you get the 15% spread?

What gives?

]]> By: FranklyRealty.com http://blog.franklyrealty.com/2008/02/agent-trick-buying-listing-vs-no.html/comment-page-1#comment-4174 FranklyRealty.com Sat, 17 Oct 2009 03:24:05 +0000 http://franktempblog.wordpress.com/2008/02/12/agent-trick-buying-a-listing-vs-no-recommended-list-price/#comment-4174 Hey Catherine, I appreciate your comment. I always like a good debate. Your thoughts are typical actually, and that is great. The more people that think like you, the better it is for my buyers. I love when my buyers find a home that is poorly marketed and a clueless agent that will actually fold when an appraisal comes in. Yeah right. Fire all the Realtors, and give appraisers MLS access. Great solution. The last home my buyers bought had three appraisals, each 5% different then the next. A 15% spread. And you would rely on that to sell your home? Heck, who cares about 15%, at least you saved 1% or 2%. Frank Hey Catherine,
I appreciate your comment. I always like a good debate. Your thoughts are typical actually, and that is great. The more people that think like you, the better it is for my buyers. I love when my buyers find a home that is poorly marketed and a clueless agent that will actually fold when an appraisal comes in. Yeah right.

Fire all the Realtors, and give appraisers MLS access. Great solution.

The last home my buyers bought had three appraisals, each 5% different then the next. A 15% spread. And you would rely on that to sell your home? Heck, who cares about 15%, at least you saved 1% or 2%.

Frank

]]> By: Catherine http://blog.franklyrealty.com/2008/02/agent-trick-buying-listing-vs-no.html/comment-page-1#comment-4172 Catherine Fri, 16 Oct 2009 17:04:08 +0000 http://franktempblog.wordpress.com/2008/02/12/agent-trick-buying-a-listing-vs-no-recommended-list-price/#comment-4172 I sorry but you are saying you spend 5 to 10 hours with a prospective client coming up with a price for their house???? based on what unless its a cash deal the appraiser will reference the MLS to coming up with the value of the house anyway, which is what the buyers are willing to pay at the moment in time??? and if it does compare to the recent sales the buyer will not get their loan, so what crystal ball do you look into for 10 hours to come up with a price this is just a gimmick! sorry agent trick. I sorry but you are saying you spend 5 to 10 hours with a prospective client coming up with a price for their house???? based on what unless its a cash deal the appraiser will reference the MLS to coming up with the value of the house anyway, which is what the buyers are willing to pay at the moment in time??? and if it does compare to the recent sales the buyer will not get their loan, so what crystal ball do you look into for 10 hours to come up with a price this is just a gimmick! sorry agent trick.

]]> By: FranklyRealty.com Trust Me I’m A REALTOR » Don’t Buy Our Listings! Staging Required http://blog.franklyrealty.com/2008/02/agent-trick-buying-listing-vs-no.html/comment-page-1#comment-3363 FranklyRealty.com Trust Me I’m A REALTOR » Don’t Buy Our Listings! Staging Required Sun, 31 May 2009 04:24:04 +0000 http://franktempblog.wordpress.com/2008/02/12/agent-trick-buying-a-listing-vs-no-recommended-list-price/#comment-3363 [...] buyers). Many agents will tell the sellers, “I can get you top dolla‘ “ (or they BUY a listing) and then turn around and tell buyers “this is a great [...] [...] buyers). Many agents will tell the sellers, “I can get you top dolla‘ “ (or they BUY a listing) and then turn around and tell buyers “this is a great [...]

]]> By: Anonymous http://blog.franklyrealty.com/2008/02/agent-trick-buying-listing-vs-no.html/comment-page-1#comment-2737 Anonymous Thu, 18 Sep 2008 05:46:00 +0000 http://franktempblog.wordpress.com/2008/02/12/agent-trick-buying-a-listing-vs-no-recommended-list-price/#comment-2737 I am not a realtor, but I really enjoy reading this site, so here's a post with a seller's perspective. A few months ago, I sold my house in Florida, in an area hit hard by the crash. We had a contract on it in 3 1/2 weeks, after rejecting 3 previous offers. <br/><br/>How did we do it? It wasn't our realtor selection. <br/><br/>1) Sweat Effort: We made sure it was in immaculate shape before listing it, and we kept it that way while it was on the market. That meant painting the outside, updating appliances and replacing even small things like switch covers- then driving several hours, a few times a week, after work, to handle seemingly unimportant stuff like dusting, weeding, mowing, and cleaning. I was constantly amazed at how inconsiderate people were about things like tracking mud over the wood floors, locking the doors, etc. Sellers, keep an eye on your investment when it's on the market! <br/>2) Pricing: We had it appraised two days before we listed it and agreed to take the first offer within 15% of that amount. We told the appraisor we wanted an accurate and conservative number, for our use alone. We did not rely on a realtor to set our price. Our house was not a short sale, so we were better able than some people to set a reasonable price- a price we had figured out before we even met with the realtor. If you have reasonable expectations and are willing to work for it, you can sell your house. If you price it like it's not a stripper house but refuse to invest a few grand in nice shiny kitchen appliances or new fans, then let weeds grow in the sidewalk cracks while you complain, you'll be stuck with it. I am not a realtor, but I really enjoy reading this site, so here’s a post with a seller’s perspective. A few months ago, I sold my house in Florida, in an area hit hard by the crash. We had a contract on it in 3 1/2 weeks, after rejecting 3 previous offers.

How did we do it? It wasn’t our realtor selection.

1) Sweat Effort: We made sure it was in immaculate shape before listing it, and we kept it that way while it was on the market. That meant painting the outside, updating appliances and replacing even small things like switch covers- then driving several hours, a few times a week, after work, to handle seemingly unimportant stuff like dusting, weeding, mowing, and cleaning. I was constantly amazed at how inconsiderate people were about things like tracking mud over the wood floors, locking the doors, etc. Sellers, keep an eye on your investment when it’s on the market!
2) Pricing: We had it appraised two days before we listed it and agreed to take the first offer within 15% of that amount. We told the appraisor we wanted an accurate and conservative number, for our use alone. We did not rely on a realtor to set our price. Our house was not a short sale, so we were better able than some people to set a reasonable price- a price we had figured out before we even met with the realtor. If you have reasonable expectations and are willing to work for it, you can sell your house. If you price it like it’s not a stripper house but refuse to invest a few grand in nice shiny kitchen appliances or new fans, then let weeds grow in the sidewalk cracks while you complain, you’ll be stuck with it.

]]> By: FRANK LL0SA Va Broker- BLOG.FranklyRealty.com http://blog.franklyrealty.com/2008/02/agent-trick-buying-listing-vs-no.html/comment-page-1#comment-2755 FRANK LL0SA Va Broker- BLOG.FranklyRealty.com Thu, 20 Mar 2008 03:10:00 +0000 http://franktempblog.wordpress.com/2008/02/12/agent-trick-buying-a-listing-vs-no-recommended-list-price/#comment-2755 Hey Justin,<br/>Were you using a Buyer's Agent? Then you were probably played.<br/><br/>The chances that the agent wanted more, is next to zero. Non-Realtors think that the motivation in going after that last $10,000 is the few hundred dollar higher commission. That couldn't be further from the truth in 99.9% of the cases. Most Realtors would rather take the barely lower commission and get the deal done fast, so they can move onto the next deal.<br/><br/>As for my fighting for the last $10,000, I do whatever my client wants. Frequently saying "I'll go for it, but don't blame me if it doesn't work out (ie the other side walks)"<br/><br/>Also this blog post was more about figuring out the list price in order to win the listing agreement, and less about the actual end game negotiation. Hey Justin,
Were you using a Buyer’s Agent? Then you were probably played.

The chances that the agent wanted more, is next to zero. Non-Realtors think that the motivation in going after that last $10,000 is the few hundred dollar higher commission. That couldn’t be further from the truth in 99.9% of the cases. Most Realtors would rather take the barely lower commission and get the deal done fast, so they can move onto the next deal.

As for my fighting for the last $10,000, I do whatever my client wants. Frequently saying “I’ll go for it, but don’t blame me if it doesn’t work out (ie the other side walks)”

Also this blog post was more about figuring out the list price in order to win the listing agreement, and less about the actual end game negotiation.

]]> By: Justin http://blog.franklyrealty.com/2008/02/agent-trick-buying-listing-vs-no.html/comment-page-1#comment-2754 Justin Thu, 20 Mar 2008 02:48:00 +0000 http://franktempblog.wordpress.com/2008/02/12/agent-trick-buying-a-listing-vs-no-recommended-list-price/#comment-2754 Buyers point of view here. I recently bought a $350K home in Harrisonburg for $50K below the original asking price. The story is simple, both seller & agent wanted top money -especially agent. After careful research (i.e. all houses sold in that neighborhood in previous months, previous price paid, etc.) inspection and appraisal, I offered $349.9K. Seller's agent said that would be "an insult" to seller. So I walked away. Needless to say, days later the seller asked me to offer again (The house had been seven months on the market before I bought it). Sooooo.... "not only seller wants too much" as I read here, sometimes "agent wants too much" --and sellers just want to sell. Peace. Buyers point of view here. I recently bought a $350K home in Harrisonburg for $50K below the original asking price. The story is simple, both seller & agent wanted top money -especially agent. After careful research (i.e. all houses sold in that neighborhood in previous months, previous price paid, etc.) inspection and appraisal, I offered $349.9K. Seller’s agent said that would be “an insult” to seller. So I walked away. Needless to say, days later the seller asked me to offer again (The house had been seven months on the market before I bought it). Sooooo…. “not only seller wants too much” as I read here, sometimes “agent wants too much” –and sellers just want to sell. Peace.

]]> By: FRANK LL0SA Va Broker- BLOG.FranklyRealty.com http://blog.franklyrealty.com/2008/02/agent-trick-buying-listing-vs-no.html/comment-page-1#comment-2753 FRANK LL0SA Va Broker- BLOG.FranklyRealty.com Tue, 04 Mar 2008 17:01:00 +0000 http://franktempblog.wordpress.com/2008/02/12/agent-trick-buying-a-listing-vs-no-recommended-list-price/#comment-2753 Hey Pink!<br/><br/>Actually you are confused. <br/>I do not have a listing in 1021 right now.<br/><br/>See why you were confused:<br/>blog.franklyrealty.com/2007/01/mls.html <br/>or<br/>www.tinyurl.com/2ex7vy<br/><br/>It explains how you can tell who the listing agent is.<br/><br/>Or you can see it here:<br/>www.franklymls.com/AR6588810.html<br/><br/>If you ever do see a listing of mine that is overpriced, I would love to be called out on it.<br/><br/>Frank Hey Pink!

Actually you are confused.
I do not have a listing in 1021 right now.

See why you were confused:
blog.franklyrealty.com/2007/01/mls.html
or
http://www.tinyurl.com/2ex7vy

It explains how you can tell who the listing agent is.

Or you can see it here:
http://www.franklymls.com/AR6588810.html

If you ever do see a listing of mine that is overpriced, I would love to be called out on it.

Frank

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