Sellers: This is why you need to do some homework on choosing an agent

Just went to meet with a prospective client and conduct a listing presentation. The seller called me and indicated that they would like for me to list their home. I knew his home had been listed for sale and had went to expired a couple of months earlier. He indicated to me that he was re-listing with a different agent because" he wasn't getting the attention from his agent that he felt he should".

 We set an appointment for a meeting at his home, but I knew before I went to the home that it was more  than likely a futile trip. You see I am a knowledgeable,ethical and  straightforward REALTOR®. I knew that a home in the area of this home and its age, that it was a $110,000 home, Tops!! I also was well aware that this home was listed originally at $140,000 and then reduced to $129,000 before expiring. Yes its not a typo, a one hundred ten thousand dollar house that was listed at one hundred forty thousand. It was also no surprise that this house had just a couple of in & out quick showings. Most agents ignored this home just from looking at their computer screen on MLS!

 I could think of no reason that an agent would take a listing this far off on price. As I went to the home I noticed that the lock box was still on the front door. Two months expired!! All this by a 15+ year agent working with the number one office in the county.

  As I toured the home I discover that some maintenance needed to be done and the $110,000 might be a stretch. The seller and I talked for awhile and he revealed that he had a first and second mortgage totaling $118,000 and that explained everything. The agent just used the sellers price, which he established based on what he needed to get out of two mortgages. The $20,000 second mortgage was the problem.

 Long story short, I explained to this seller that I was very sorry that I could not help him because he did not have the ability to sell his home.Like a used car, he was "upside down" on what he owed vs. the value someone would pay.  I explained some different things to work on and maybe revisit in a year. He was free of course to try another agent, but I strongly recommended if he did this, to make the agent verify to him the price. How they came up with it, an similar sales to back it up.Which I knew would be impossible.

If he did not due his work on the front end with the agent. He would end up with another agent that won't do any work on the other end. They would get another "Just stick a sign in the yard and maybe someone will call". They know they can't sell this house, but maybe they can flip them to something else. He was being used as bait.

 So if you are considering  to place your home on the market. As the owner, you need to ask questions of any prospective agent. Find a good one and listen to their advice. If you are going to set the price and not listen to someone who touches real estate everyday. All you are going to do is mess with a stupid box on your front door knob for months.