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Sellers, beware of the big bad wolf!!!!

By Ana M. Williams

Real Estate Agent with Bush Real Estate

May 15, 2010 10:17 AM

We all have one thing in common: we like for people to agree with us. AT ALL TIMES. Before I became a real estate professional, I tried to sell my own home because the agent that I consulted to begin with told me I needed a new roof, my house was dated and I needed to sell it for 50K as is, or make some improvements that would result in the best return on my money. I made the decision to sell it FSBO, ask for 105K and prove her wrong.

My house did not sell, the best offer I got was for 50K (amazing) and as the result of the market turning sour, I still have that home. I did followed her advise as far as improvements and turned it into rental property.

I still see this agent as we work in the same area and now that I am an agent myself, I have the outmost respect for her because of her honesty and integrity.

Some friends of a good friend are getting ready to put the house on the market. My friend suggested they give me a call since I am very familiar with their area and have sold several homes here.

Surprise, surprise!!! They do not like what I have to say: The home is dated, it only has one bathroom and the three most recent comps in the neighborhood have sold between 30-40K.

Well, they did not decide to sell on their own like I did when I had my head stuck in the sand but this might had been a better decision because they are hiring a "NEIGHBORHOOD EXPERT" who has told them their house is going to sell for TOP DOLLAR after they replace all their faucets and light fixtures to brass and hang a huge chandelier above the dining table (REALLY????!!!).

The home was built in the 50s, does not have a garage and it looks like a matchbox. I don't care how many brass light fixtures and how many chandeliers they hang, the house will never sell for over 70K.

Sellers, there are some people out there that will do anything to get a listing(SAD) but before you fall victim to this WOLF, put your personal feelings aside and ask to see the numbers and statistics. THESE DON'T LIE.

And for the neighborhood expert, go take a course on Ethics.

Ana Ramiscal

Bush Real Estate Group

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Vickie Nagy

Coldwell Banker Residential Real Estate - Palm Springs, CA

Vickie Jean the Palm Springs Condo Queen

I agree that these recommended 'fixes' seem insignificant, but I know that sometimes it's location, location, location, or schools, schools, schools and people will choose to live in a matchbox. However, those types of homes are few and far between. As you say, the neighborhood comps simply cannot tell a lie!

May 15, 2010 10:19 AM

Dan Benefield

Benefield Realty - Decatur, GA

Good post Ana. It is sad that some agents will list extremely high knowing full well the property will not sell for that amount. Then hard feelings ensue.

May 15, 2010 10:22 AM

Paul Walker

Equity Fifty Five Realty, LLC - Scott AFB, IL

Scott AFB IL Area Realtor

Good post! It is very true some agents will tell a seller anything that they want to hear in order to "get" the listing. Most times they are actually hurting the seller, because the longer it takes to sell the home, the more the seller actually loses in the end. Time is Money! This is not a market where home prices can be pushed up over the comparable sales, buyers are only willing to pay what other similiar homes have sold for recently.

May 15, 2010 10:29 AM

Dale Terry

Yadkinville, NC

The agent is an example of why the public thinks so little of us. I for one would vote for a reprimand at least from the board for putting her client in a bad position. But you will never see the NAR or a local board do the right thing and put those agents out of business.

May 15, 2010 10:48 AM

Dale Baker

Baker Energy Audits and Commercial Properties Inspections - Claremont, NH

New Hampshire Relocation Real Estate Information

Howdy and evenin to ya Ana

Mighty fine blog post, and you sure have gave folks some mighty fine tips to read and follow. You sure are right about, brass faucets, light fixtures and fancy chandeliers sure ain't go-en to make their home worth more money.

Have a good one
Dale

May 15, 2010 12:02 PM

John Thomas

E3 Green HOMES - Boulder, CO

EcoBroker, MSEE, MBA

Ana...I can relate to your story. I had a similar situation not too long ago where the sellers were completely out of touch with with the market. Needless to say, they are in for a reality check. It's sad that some people can only hear what they want to hear. It's equally sad that some agents are willing to tell them exactly that.

May 17, 2010 05:46 AM

Sellers, beware of the big bad wolf!!!!

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