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Sellers Are Getting Desperate & Creative

I got this E-mail this morning from a very creative Seller-reflecting on what is going on in our industry to-day?

"I have a great opportunity for you. I am committed to selling my house. It appraised in July of this year for $3 million. I am asking $2,395,000, which is the minimum price I need to complete the old and move on in my life (long story).

I have it listed with a broker, but if I present the buyer, I will save a lot of money in commissions. I would much rather give $10,000 to a friend than pay extra commissions to an unknown real estate agent.

The home is beautiful and amazing. Outstanding location in the most desired neighborhood in Denver.

So, here is the request and offer. Please think of who you know who might want to buy this house, either to live or as an investment ($600,000 instant equity to buyer).

Please put the information on this house out to your contacts. Tell them to call me or email me directly and let me know who sent them. If your referral buys the house at the asking price, I will send you a Big Thank You check for $10,000 within one week of closing.

Remember, for this to work, your referral must not introduce another realtor into the picture. Time is of the essence, so please act now. I thank you for your love and support. With love and gratitude,"- R. H.

What do you think?

To Your Success;

Coach Steve
Real Coaching Radio

Posted by Coach Steve Toth on 09/08/2007 01:38 PM

Comments (15)

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15 Comments on Sellers Are Getting Desperate & Creative

Steve, What I think is that in Florida the referrer, unless licensed, would be committing a 3rd degree felony if they accept a $10,000 "gift" for bringing in a buyer. Not good.

09/08/2007 01:42 PM

by Bryant Tutas-Tutas Towne Realty, Inc

Thank you Bryant,

I'm actually in the process of booking her on my Radio Show. I think the public needs more education! What do you think?

To Your Success;

Coach Steve

09/08/2007 01:46 PM

by Coach Steve Toth (Real-Coaching Institute™)

better make sure of that

09/08/2007 01:48 PM

by Ian Butler PA, ABR - Naples, Florida (John R Wood Realtors)

Steve, More education is crucial for the consumer and for our peers. If only we could get everyone to spend time on AR. This place is a wealth of information

09/08/2007 02:00 PM

by Bryant Tutas-Tutas Towne Realty, Inc

BTW I think I need to set a time to get in on your show. What do you think?

09/08/2007 02:01 PM

by Bryant Tutas-Tutas Towne Realty, Inc

It sounds like an agency listing or a dual commission arrangement. I hope the listing agent has indicated that on the MLS. I know on a deal that big a buyer agent takes a big risk investing time with buyers in that price range for an unprotected commission. That is not creative, that is a FSBO who got his home on the MLS without paying the $199 most of the ABMS charge, Creative? No, he is gaming the system. If he sells the home for his asking price, where is the buyer going to be able to cash in on the "instant equity? I mean banks aren't even that dumb.

09/08/2007 02:07 PM

by Dan Homan (Dan Homan Business Consultant and Advertising Specialist)

What a great idea, I toughed you would never ask?

You can check the Radio Schedule here and then let me know by sending me an E-mail to realcoachingradio@msn.com.

To Your Success.

Coach Steve

09/08/2007 02:20 PM

by Coach Steve Toth (Real-Coaching Institute™)

I wonder if that would be legal in NC? Sounds like paying referrals to non-licensed people...I feel for that listing agent-hope he/she knows what the seller is trying to do, to protect themselves.

09/08/2007 02:31 PM

by Leigh Brown Charlotte NC Broker/Owner (RE/MAX Signature Properties)

Hi Dan;

Yes, she dosn't understand that her home is worth what she is going to sell it for not what it appraised at, there is no $600K equity. Very good point, again education, education, education.

To Your Success,

Coach Steve

09/08/2007 03:06 PM

by Coach Steve Toth (Real-Coaching Institute™)

Two things come to mind here: 1) SELLER needs a little education on the process 2) BYE BYE, license Now Coach Steve, if you do get her to commit to a show, NO PROMPTING! There may be some extenuating circumstances but it could be interesting.

09/08/2007 03:28 PM

by Kevin J. May Naples, FL Southwest Florida Real Estate (Prudential Florida Realty)

Hi Kevin;

1. I thought that was the responsibility of the Selling Agent-tell me if I'm incorrect?

2. Please, explain in more detail?

I had lots of sellers on my Radio Shows before, showcasing their property, but I always had their Realtor with them if they had one.

To Your Success,

Coach Steve

09/08/2007 03:44 PM

by Coach Steve Toth (Real-Coaching Institute™)

Will do Steve. I think you asked me this before.

09/08/2007 05:08 PM

by Bryant Tutas-Tutas Towne Realty, Inc

Sounds illegal to me

09/08/2007 05:36 PM

by David Thomas, ABR, ePro, Realtor, Gilbert, AZ (West USA)

In response, your #1 should be a given. There is an assumption that the listing contract is an exclusive right to sell. Florida statute 475.25 paragraph 1 section b covers the disciplinary possibilities of conducting business this way. You wouldn't necessarily lose your license but it's most likely under those circumstances.

09/08/2007 06:11 PM

by Kevin J. May Naples, FL Southwest Florida Real Estate (Prudential Florida Realty)

This Seller is going to be on my radio show to-day at 1:00 PM MST. Let me know if any one of you that responded to this post are interested in participating?

To Your Success;

Coach Steve
Real Coaching Radio

09/14/2007 10:05 AM

by Coach Steve Toth (Real-Coaching Institute™)

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