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Live like you are dying and list like you're bank owned.

Live like you are dying, the lyrics of this Tim McGraw song speaks volumes to many different people.

As I listened to what this song is advocating, It occurred to me many sellers should heed this lesson. They put a price on a property that they think "someday" it may sell for. If moving on with your life requires the sale of a property you own...there is not an infinite amount of time to accomplish this sale. Life is Short.

What got me thinking about this, is I have several short sales a bank owned sale and a probate property that are pending. With these sales the process to close will be longer (in some cases much longer) than the time it took to find a buyer. The price was right, the buyers where motivated and the sellers showed their willingness to sell, by pricing the property to sell.

List like the market is dying. Life is Short.

#1 If you are going to buy after this sale...the sooner you sell the sooner you are in the buyers shoes (you are merely trading equity...if you buy a replacement property).

#2 Moving on is far less painful than hanging on (how many months of mortgages, taxes, insurance utilities will be spend holding...after you admit you want to sell).

#3 You may be better off renting for a time (dropping the major maintenance costs and healing your credit may put you in a better place in the long run than draining your savings, while waiting to score on unrealistic re-sales).

My Bucket list doesn't include living in a home I can't afford...and waiting for someone to over pay me for the same privileges. Life is Short.

Steve Loynd profile photo

Your-White Mountain New Hampshire real Estate Expert

steve@alpinelakes.com toll free 800-926-5653 /cell 603-381-7898

MLS search and Realtor web site: www.alpinelakes.com

My outside Blog: www.steveswhitemountainblog.com

Lincoln NH & Local interest site: www.localism.com/nh/lincoln

Posted by Steve Loynd/ 800-926-5653, White Mountains NH on 10/26/2009 02:48 PM

Comments (57)

priced right properties, opinion of market value, dont ask yesterdays prices sell today

Post is included in group: "Whacked"!!!
Post is included in group: Square Pegs
Post is included in group: Short Sales Pre Foreclosures Bankruptcy and More!
Post is included in group: Realtors®
Post is included in group: Club Chaos

57 Comments on Live like you are dying and list like you're bank owned.

OCT

Steve:

You are so right. People need to learn to move on. Holding out for a price that you are not going to get is just not worth the stress. Great point.

Claudette...I have tried to tell sellers that it is much more painful to pull off the band-aide slowly...and it takes longer to heal, then if you do it quick and get it over with.

Great tips. You are the king of metaphors. In almost every single blog post I've read that you have written, you have compared two unlike things (no complaints though--I don't think that I ever employ that style, so it's kind of interesting.) I'm just wondering . . . what are you going to compare the pumpkin to? Have a great evening, and thanks for your comments on my posts!

Melissa...King of the metaphor....ok I'll take that (although I would rather be the king of England) thanks. It is easier to explain to a client what you are talking about by equating it to something they understand. My pleasure to comment on your posts, I have enjoyed them very much.

Steve - I was compelled to read your post. I hope the sellers got the picture, great job!

OCT

Hi Steve, good article that is to the point. Letting go may be hard to do but moving on is living.

Silvia...Thanks, we all have to know when a patch isn't going to hold back the water...its time to get out of the way of the dam.

Great post Steve - I've re-blogged it to my Localism blog for some local Sellers to read :0)

Steve, I also think you said it beautifully, and I also reblogged your post. We may not have short sales, but we certainly have homes that are 'hoping to sell one day' (overpriced). Hopefully sellers will listen ... and with Tim McGraw attached to the message, how can they not get it? :)

Best post on this subject in a while. I don't reblog unless it is exceptional, or I think I can add something to the post. In this case, I don't believe that I can add anything, you said it very well. I was looking at homes yesterday, and came upon one with a price adjustment UPWARDS! Very interesting. They were overpriced to start with. They don't want to move. (Thanks, Sylvie, for the heads up on this one. )

Steve, Great thoughts, for many families the tie to their home represents a tie that isn't easily broken through an analytical review of facts. It is a symbol of their dreams and family history. Your approach in assisting Sellers to come to grips with the facts is well presented.

Clever title and thoughts. It's amazing how difficult it can be to get the seller to accept an offer....the greed takes over. Even a nice over-asking offer with qualified buyers can be turned down to get just a bit more. Foolish and greedy...and risky. I had a buyer walk away because they were annoyed at the greed. That home was on the market for another 3 months and they ended up with $20,000 less.

Wow...Thanks - Susan & Sylvie - for the re-blog, I do think the life is short metaphor is easy to understand for many people...but for others its hard to come to grip with reality. Hope for more money has never been a good business strategy, market value is what it is, seller have to get in the game or sit on the bench there is no in between.

Yes exactly! What are people hanging on for? Life is too short. Get it done and move on.

So, So right on........I am just not taking listings unless they have a "reality" of what it takes to sell now days.

Steve,

I'm going to take your message to a seller today!

Thanks, Big Guy! for putting it into perspective!!

Thanks for the great post!

Somehow, we have to get sellers and maybe even ourselves to see value beyond just the dollars. Moving ahead and on in life must be given value. Loosing dollars in exchange for the goal of moving to another area, simplifying life, downsizing, etc must be seen as a positive experience. If we stay attached to the money, as it swirls down the drain, we will go with it!

I agree!! Very well said!

I agree! Good post.

Now convincing the seller is the challenge...

I tell people that all the time in Ann Arbor and Saline.

If fact you said it so perfectly I re-blogged it.

We have a seller or two that needs to hear this message - mind if we borrow your analogy? :)

Missy... Thanks so much for the re-blog, that is awesome...I hope it brings you some good client feed back.

Sharon...Please feel free to pass this analogy along...it really did strike me as a life is too short moment. You'll get a kick out of a very tongue and cheek post I wrote this morning called " If I had a pony I would ride him everyday...I swear!.

What a great post, brilliant. I'll be passing this on to all my realtors.

Eloquently spoken! Amen...

I have told people it is better to sell low and by low than to sell high and buy high.

Steve, I hope sellers are reading your blog. Very sound advice. Thanks.

Boulder City Steve

I had an ex-client who wouldn't believe what the appraisers told her what her house is worth. She backed out of escrow when the buyer's appraiser came up with $625K appraisal on her house after the buyers offered $660K. Buyers still wanted the house, and offered $15K above appraisal, or $640K.

She refused. So now, it's back on the market with another agent....another two months on the market and with it, her hefty monthly payments. She coulda been outta there sooner!

No amount of statistical information, spreadsheets, etc. will convince her.

Steve that is great advice. I've had the conversation of trading equity for equity just last week with my sellers and once they get it, it makes the whole process that much easier.

Steve - excellent philosophy for all aspects of life. But appropriate for both the seller and the buyer in today's market.

Steve,

Great post with great advice. I have a seller I have been trying to convey this idea to for a while and it is great to have your post. Other overpriced listings I have, I have successfully encouraged my sellers to either let the listing expire or reduce the price.

Life is definitely too short not to move on. Thanks!

Hi Steve -

I like that phrase: Moving on is far less painful than hanging on. I think I'll use that one. Thanks!

Interesting thoughts, Steve. Living in the White Mountains, away from the smog, noise pollution and taxes must make one's mind think more clearly. Maybe we should all take your advise.

Steve, found this re-blogged by Missy Caulk and wanted to come by and say that I loved the title, as well as the post.

Pacita...My high-end sellers have been adamant about there prices, not realizing they could be buying some great replacement properties if they could get out of their own way.

Susan, The moving on is far less painful than hanging on thought came to me while I was writing this post, but I'm sure there are some ex-husbands trying to use this logic somewhere in the world as we speak.

Rebecca...I'm glad you enjoyed the post and I'm so happy that Missy thought enough of it th re-blog the post...thanks for finding me my friend!!

You're preaching to the choir Steve. Sellers always have reasons why market forces don't apply to them.

I have 4 of them right now that will never sell because they have to get their price even though they have to sell. (according to them)

I came from Missy's reblog.

There was an old joke back in Russia, and a famous comedian played it perfectly. It was about lobsters on the market, where yesterday they were for 3 bucks and they were large, and today they are small and they are for 5 bucks. The guy was trying to scramble this dilemma: yesterday large and for $3; and today is small and for $5.

So many Sellers would like to sell it today at yesterday's price and buy tomorrow at today's price.

OCT

Great post. There are people who are motivated by life events and I don't get the delay in right pricing. If they are maybe they want to sell to trade up, I understand those people.

Life is short indeed, Steve! Thanks for your post!!!

Jon...That will be the goal for ever...but when you sell Lobsters you have a perishable item...you better know your market or your dead. I suppose you can make Lobster Salad before its too late. I think Homes have a shelf life too, and unfortunately you can't make property salad when the product starts to smell.

Steve, yep your right. I like how you phrased it instead of the same nonsense buyers agents have been saying to sellers 'you'll make it up on the other end'. Someday is just a fantasy and could be quite a time away. Deal with the situation today, with today's prices and todays circumstances.

Steve-

Listing DO have a shelf life. The longer you are on the MLS ( our new system now tracks the MLS history, all those expireds add up) the greater the message your house is sending out to buyers:

"The Market has Rejected Me"

Thanks for the post

Lyn...Thanks I'm glad you enjoyed this post, I get a kick out of your blogs as well.

Jim... Homes are like fish they are great if you do something with them right away, but after a while of sitting around they begin to stink.

OCT

Hi Steve! You're spot-on with this one! So many pass up that first relatively low offer and later live to regret it!

OCT

Debe, I'm a golfer, and wish I could take a Mulligan many times after making a bad shot. I tell people all the time...you get no Mulligans when it comes to real estate, there is so much available...miss your shot and live with poor decisions.

An awesome post. I tell my sellers that the sooner we get their home sold, the sooner they can move on with their life.

Judi...Excellent way to coach a seller...the early offer is often your buyer send them away and you have made a big mistake.

OCT

Steve, I think you found the pot of gold at the end of the rainbow. Life is indeed WAY too short for nonsense. It is what it is. Deal with it or die with it. Great post, my friend!

NOV

Thanks Randy...The nonsense has to be left in junior high school, Now is the time to move on.

NOV

I have to re-blog this Steve with banks falling over right and left , appraisals under purchase prices that are steals , just plain whacko, deals falling apart with qualified, solid buyers and SO many unrealistic vendors not too mention the "buying the listing at the vendor price listing realtors. I am so over this market and the "we don't have to sell" attitude!

NOV

Steve,

great message it really struck a CHORD with me. I'll pass it on

Karen...Please feel free to re-blog this sorr it took me a while to get back to the post...to thank you for your comments. Steve

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