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"Did you know that three other Realtors said this house was NOT a short sale ?" Asked the Attorney

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

gavel  Order in the court....part of being a REDS (Real Estate Divorce Specialist) is that you expect court appearances...depositions...swearing to...(as opposed to AT),.... I raise my right hand and swear to tell the WHOLE TRUTH....and the first question from one of the lawyers is:

  "Ms Hanson....do you know that three other Realtors said that the subject property was NOT a short sale ?"

   "Yes, I do." I said in a firm but embarrassed tone.

    Embarrassed because....the comps clearly showed....the property condition clearly indicated.....that the property did not merit the price that the "comps" in other market analyses were indicating. 

     Maybe the market was done blindly....without the benefit of having seen the peeling paint, badly worn/missing shingles, colorful avocado plumbing fixures...

blind folded woman     A Blind Market analysis with only the tax record and the description from the Seller has no place in court.  Blind is a place to start....to get a feel for recent status in a neighborhood...and be the foundation for discussion in a pre-listing meeting....OR it can be done so that the input provided by the Seller(s) at the listing builds the foundation for a credible pricing structure.

                Blind..Court....we think not.



   

                         

 

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News
You are right market statistics on their own without the benefit of actually seeing the property can be misleading.
Jan 18, 2013 09:17 PM
Terkel Sørensen
Real Estate Places - Temecula, CA
Realtor, 951.805.0773 , Bank owned and Short Sales

That does beg the question, why would anyone need 4 Realtors to tell then what the house is worth...

Jan 18, 2013 10:05 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Too many sellers looking for the "right answer" that brings them equity....AND agents willing to do it !

Jan 18, 2013 10:08 PM
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

What your describing is the simple BPO that all banks order. Most of the time an interior, thorough CMA is never done on the house.  Just shows you what happens in this circumstance.

Jan 18, 2013 10:12 PM
Jeanne Dufort
Coldwell Banker Lake Country - Madison, GA
Madison and Lake Oconee GA

If we've learned anything in the past 4+ years, its that rose-colored glasses when it comes to BPO's does a disservice to all parties.

Jan 18, 2013 10:33 PM
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

You are so right, the easy way is generally not a good thing.  I cannot imagine coming up with a market value without doing a great deal of homework for clients.

Jan 19, 2013 12:22 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Going to court and answering questions about the listing with "I don't recall"....doesn't add to anyone's credability.

Jan 19, 2013 12:37 AM
Joetta Fort
The DiGiorgio Group - Arvada, CO
Independent Broker, Homes Denver to Boulder

I hope it turned out well for you.  I got called to court once.  Turned out well but I didn't like it at all!

Jan 19, 2013 12:45 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Court, depositions...mediations, arbitrations...all part of the divorce arena and expected.

Jan 19, 2013 12:47 AM
Kimo Jarrett
Cyber Properties - Huntington Beach, CA
Pro Lifestyle Solutions

In my opinion, that practice is commonplace regardless of the circumstances, yet using a BPO instead of an appraisal is unreasonable and unimaginable for any valuation especially in a court of law.

Jan 19, 2013 12:49 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Depends on who does them and for what reason...we have seen "court ordered appraisals" be off the mark by 30-40%...no wisdom in that either.

Jan 19, 2013 01:20 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Oh, that's too bad that you have to defend the truth in court. But then again, that's a reason to go to court. I suppose you could have shown the number of transactions you closed versus the number closed by those who didn't have a clue. Just because they have a license doesn't mean they can determine value.

Jan 19, 2013 02:09 AM
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

Intersting - I hadn't thought about how short sales would affect the whole divorce proceedings. Just one more thing to do battle about.

I would not have enjoyed being in your shoes - good for you for being both tough and honest.

Jan 19, 2013 02:43 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Divorce is a HUGE hardship and often the one for a short sale....less income...one spouse or former spouse unemployed...if you are going to work with divorce....you have to go to "short sale school."

Jan 19, 2013 03:00 AM
Mitch Muller - Charlotte NC Real Estate
ProStead Realty Charlotte, NC CRS SRES mitch@prostead.com - Charlotte, NC
Certified Residential Specialist

Sally and David, your post brings back old memories.. Not sure why, but for a while I was taking quite a few divorce listings. At first I thought it was exciting to go to court, but that and getting caught up in the drama got old REAL FAST!

Jan 19, 2013 05:37 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

It can be a bit dramatic......but all part of this segment of the business !

Jan 19, 2013 05:44 AM
Dorte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Sally & David,

You have to see, if the house is even still there. It could have burned, had a huge tree fall on it, who knows, what else. In such contentious transactions, I would say utmost neutrality, a la Switzerland, would be a must, since the parties are probably already plenty emotional. One of my colleagues had a sword pulled on them once. Talk about occupational hazard.

Jan 19, 2013 11:42 AM
Bob Miller
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Hi David & Sally, we agree.  We usually have our price fairly firm, but are ready to make a small (5-10%) adjustment based on condition.

Jan 19, 2013 10:18 PM
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Did those other three Realtors get called to give sworn testimony? If so, it seems like they might have had a problem with cross examination.

Jan 20, 2013 12:24 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Actually John....

  One DID !  When it came to the details of the house versus the comps...his memory failed him....grrrr

Jan 20, 2013 12:35 AM