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If you can’t sell it, I’m going to rent it (HUH?)

By Todd Clark - Retired

Real Estate Agent with eXp Realty LLC 200311024

August 11, 2008 01:49 AM

I recently had a client call me two weeks after I took a listing from her and she told me if I didn't have it sold in 20 days, that she was going to take it off the market and rent it out for $1500 a month.

What? OK, first of all, I have a six month listing and I wouldn't have taken it had I known I only had thirty days to sell this at a slightly higher price than the competition. Also, I find this very weird since she wouldn't even consider doing a lease option for two years at $2200 a month, because it wouldn't cover the payments. But, now she is willing to take a $1000 a month loss each month because it couldn't sell in thirty days?

So, please tell me Mrs. Seller, why won't you let me sell your home on a lease option?

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Lori Franks

Real Estate Consultant - Brookings, OR

Brookings, Oregon

Good morning Todd, The only thing I can figure is that sellers right now are scared, confused and grasping at straws. And looking for a magic potion to get them out of a tough situation.

Aug 11, 2008 02:53 AM

Sharon Paxson

Sharon Paxson, Realtor® EQTY Forbes Global Properties - Newport Beach, CA

Newport Beach Real Estate

Todd, I also have a client who rented their home, however it is still on the market. I think they are concerned about making their payments.

Aug 11, 2008 03:12 AM

Kathy McGraw

CELLing Realty - White Water, CA

Riverside County CA Real Estate

Todd- Sounds to me like one possibility is the Bank might be knocking on the door. Lori's comment above was my first gut reaction....but whatever it is sounds like you have some negotiating to do my friend.

Aug 11, 2008 03:44 AM

Barbara Carter

Century 21 Alliance Realty Group - Highland, NY

Serving Your Real Estate Needs in the Hudson Valle

Hi Todd- I agree with Lori, sellers are really confused about this market (like the rest of us). Prices that they saw several years ago are still in the back of their minds and days on the market are really long. I think everyone thinks that their home is different- That their property is going to be the one that sells quickly- They love... it why should it not sell? Then they list it and get no showings and reality hits! Good Luck!

Aug 11, 2008 05:10 AM

Jennifer Monroe

Indigo Home Team powered by Compass - Charlotte, NC

Real Estate REALTOR®/Broker/Designer

I could tell you why but I don't want to insult anyone. I'm in a similar position with a dud for a listing. But they won't even entertain the option. Go figure.

btw... thanks for the call yesterday sweetie :) Sorry I didn't have something more cheery to say. Next time...

Aug 11, 2008 07:17 AM

Linsey Ehle

M Realty - Rancho Santa Margarita, CA

I just posted something on my own blog about this very thing. The elusive 'bottom line' is something I struggle with. It's interesting to me how the 'bottom line' changes when reality sets in.

Aug 11, 2008 09:55 AM

Fran Gaspari

Patriot Land Transfer, Inc. - Limerick, PA

"The Title Man" - Title Insurance - PA & NJ

TC,

She needs a lesson in third grade arithmetic!!! Thanks, Fran

Aug 11, 2008 10:11 AM

Mott Marvin Kornicki

Waterway Realtors® • Notary Public & Apostille - Sunny Isles, FL

Miami Notary & Apostille 786-229-7999

People change their plans, their minds and goals.

Go Figure!

Aug 11, 2008 01:55 PM

Virginia Hepp - Mesquite NV REALTOR

Desert Gold Realty - Mesquite NV Homes For Sale - Mesquite, NV

Mesquite NV Homes and Neighborhoods - Search MLS

Hi Todd - me too! I have a client who told me he wants to rent it while it is for sale. I can't blame him, our market is so small and slow right now. But it is not real inspiring.

Aug 11, 2008 04:12 PM

Patty Carroll

Vancouver, WA

Hi Todd, this kind of thing is happening to us as well. We have found that there are many clients getting help from their friends, relatives and just about anyone that they meet that can fog a mirror on how they should deal with their home sale in today's market. It sounds like you might be able to revisit your lease option program with them now and they may be more receptive and listen to it.

Aug 12, 2008 01:50 AM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

Lori - I wish they could just understand there is a way out that all they have to do is just think outside the box a little and do what so many successful investors have done before them.

Sharon - It is really hard to sell a rented home, nobody wants to take on a renter when they are trying to buy a home for themselves.

Kathy - It is even worse down your way with people not being able to make their payments and the house prices dropping. Here we are for the most part staying even, but we do see foreclosures and short sales starting to take their toll on the market.

Aug 18, 2008 11:05 AM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

Barbara - She actually got showings, that is what was so sad!

Jennifer - Anytime you need someone to talk to be it about life or a property, don't hesitate to call!

Linsey - I just don't get it when they are throwing away $300-$400 a month?

Aug 19, 2008 04:12 AM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

Fran - I agree that sometimes the math just doesn't work.

Mott - But she even admitted she was going to try to re-sell it again in a year. So why not make some extra money over that year.

Aug 26, 2008 04:32 AM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

Virginia - Oh, it is so hard to sell a house with a tenant. I've shown my clients the stats for homes right next to each other. One with a renter and one without and it is months longer for the rental to sell and in some cases they are still on the market.

Patty or Scott - You mean there are real estate experts out there that don't have a license? (LOL)

Aug 27, 2008 01:55 AM

Robert Machado

HomePointe Property Management, CRMC - Sacramento, CA

CPM MPM - Property Manager and Property Management

The real reason may be hard to uncover. You could call her bluff and set her up with a local property manager. You might be able to at least get a referral fee!

Aug 27, 2008 05:26 PM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

Robert - It wasn't a bluff, she did go with a property management company, but I didn't know I could get a referral for that as well. Hmmm, I need to get a list of companies that will pay a referral for that.