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"FSBO, BUT WILL CO-BROKE"...YEAH-NOT SO FAST!!

By
Real Estate Agent with ERA, Wilkinson Real Estate Charlotte 183201

I saw this ad in my Sunday newspaper...it was about a waterfront piece of property, my first thought was ..."mmm-someone from that Community had called me weeks before and did not like their outlook of what I had shared price wise with them, they also were more than UPSIDE DOWN on their lot"

...I obviously did not list the property and told them they should talk to their bank or try and get an OK to do a Short Sale on the lot..then we could talk again...

NOW...I am not sure it is them who put this ad in...but funny how you notice things...looks like the same description... and of course, THEY DONT TRUST THE EXPERT....

I say "NOT SO FAST" because of a few things these days...

1-YOUR CURRENT LOAN STATUS, how do I know that you are current on your mortgaged property that you could actually sell to my buyers?

2-Why should my buyers pay your price when the Market Prices say otherwise?

3-NO SELLER DISCLOSURE...What are you hiding from my clients?

4-LOTS and LAND these days...tons of cash needed...have you visited a bank lately for a land loan? 20% or more needed...AND VERY HARD TO COME BY....

5-Where are your permits? HOW MANY ROOMS/BATHS CAN WE HAVE?

MORAL OF THE STORY: NOW MORE THAN EVER DO PEOPLE NEED A REALTORS HELP, IF YOU ARE WILLING TO CO-BROKE GREAT...BUT I AM NOT WILLING TO DO ALL THE INVESTIGATING WORK THAT YOU AS A SELLER SHOULD HAVE COVERED IF YOU HAD JUST DECIDED TO LIST WITH AN EXPERT...

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Melissa Polce  mjpolce@kw.com  704-450-4335

www.MyRelocation2Charlotte.com   www.ExclusiveHomesofCharlotte.com

     www.TheShortSaleAgents.com

Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

Just one more seller who thinks they can work around the problem of being upside down.  I'm not without sympathy for people who find themselves underwater with their mortgage, but I am frustrated with them thinking they can scheme themselves out of it.

Oct 25, 2010 02:50 AM
Charles Edwards Bentonville
Coldwell Banker Harris McHaney & Faucette 479-253-3796 - Bentonville, AR
AR REALTOR, Bentonville Real Estate Agent and Broker

Melissa, You are are right on the money here. Every time you talk to a FBSO seller you need to approach with caution in today's market climate. Sounds like you know the right questions to ask.

Oct 25, 2010 02:50 AM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland

You are right about this one.  Maybel they will call you back after the property sits for a while and you will end up with the opportunity of the listing.

Oct 25, 2010 02:58 AM