In the last 4 days I have received calls from at least 6 of my buyers asking me questions about the ridiculously priced homes for sale in Windemere and I have had to give the same explanation to all my buyers. I am tired of explaining how idiotic the listing agents are for creating this nasty feeding frenzy.
In the recent days a couple of Short Sale listings in Windemere have created quite the furor in buyers. Getting taken for a ride by the misleading low price, the excitement turns into disappointment very soon. Not only disappointment but it also creates an anxiety in the buyers that prices are continuing to fall in Windemere.
Here is a clarification for all readers. Banks are NOT idiots. You cannot price a 3500 sq ft home for $849,000 and expect the banks to go for it. Then I call the agents and the answer I get it: “ We are looking at highest and best offer. We are expecting at least $50,000 higher than asking plus X amount of dollars for the second lien.” Wow- what an amazing thought process. You are desperate for an offer but still act like you have peacock feathers growing out of the backyard of the home??????
Buyers- please beware of these sham listings. It makes the job of other agents harder to sell these homes. Do you want to get conned into believing that you can get a 2600 sq ft home for $659,000? Put yourself in the banks shoes. If you are a seller and a buyer comes in with a low offer that is not anywhere close to market value of the asset, would you take it and say “I love you Mr. Buyer, come kick me a bit more in my behind” ????
Banks are getting more accurate BPO’s on their homes. Banks are actually conducting appraisals on their short sale listings to determine the current value of their assets. They are not relying on Realtors alone to give them back a fair BPO. You list the home too low, you risk getting reprimanded from the bank. Then begins the vicious cycle. Buyers get caught up in the bidding process and the winning buyer feels victorious. 3 weeks down the road another property hits the MLS with a more attractive price and there goes the buyer scuttling over to that home. The property comes back on the market and the process starts back again with the bank. And then people complain that short sales don’t close on time??
Buyers please be aware that misleading and false advertising can lead to a lot of frustration for you. Work with an agent who knows what they are doing and don’t be fooled by fake prices. Someone on the other end is an uninformed, should I say Idiot, who is going to give you a lot of frustration and heart ache. And the same goes for sellers, hiring agents just because you happen to have them in the family or friends circle, does not necessarily make them the person who can effectively sell your home in a short sale. This vicious cycle is only adding to dead wood deals sitting on the market waiting to close, and cause havoc in the markeplace
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