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An Expired Listing ~ What would you do if you were me?

I have a listing that expires at the end of January. The property did not sell. I have done everything possible in terms of on line real estate marketing. This home was for sale three years ago with another Broker, and it did not sell at that time either.

Of course we have had all the open houses we could, and other marketing efforts as well.

So it has been a year and the property did not sell. So why are they mad at me?

I sold a property across the street that I had listed for over a year. It was listed and expired before I came along for 8 months as well. During an open house there, I met these sellers. We listed their home almost one year ago now.

It is a 150 year old stone farm house next to a covered bridge. The property is not near the creek, the creek runs through this property. It is in a flood zone. The yard floods during a big storm. The basement takes on water. There are marks in the basement showing water levels at knee level in the past.

The property includes an in-ground pool and two detached garages. When you get to know it, it is a pretty neat place, for those that can appreciate a home of this age.

So the market is small for an old farmhouse that needs flood insurance. Original comps showed pricing should be about $425K. We have reduced the pricing down to 385K, where we only had one offer that went south due to financing.

We understand that we need a good price, a good location, and a good condition, all in place to sell a home. Perhaps we are a little off on all three of these important ingredients for a successful sale.

The seller was angry with their previous Realtor, as they never personally showed the property. Well through the craigslist and active rain, I have actually shown the property more than all the other agents combined. Feedback says it is too much work. They don't like the flooding issue.

I am not a quitter. I would like to continue, get it renewed, and find the buyer in this market of historic low interest rates.

What would YOU do, if you were me?

I welcome the responses of my fellow Active Rain professionals.

Posted by Donald Bradbury, 610-952-3578 REALTOR Bucks County PA on 01/07/2009 11:20 AM

Comments (73)

Expired Listings in the Home Selling Channel

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Originally posted at: Bradbury Team's Blog: An Expired Listing ~ What would you do if you were me?

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73 Comments on An Expired Listing ~ What would you do if you were me?

JAN

Chalk it up as a loss and realize that it may NEVER Sell unless they are willing to drop the price some more. Even then, you have to realize that they have a very UNIQUE property and it only appeals to a VERY UNIQUE BUYER. They should have realized this when they purchased it and in this market it may never sell no matter what the price (Just my opinion)...

You can try offering the buyers a 1year flood insurance along with the home warranty. Reduce the price to a unbelievable price (Say $199 K), so that you can have multiple buyers bidding for it. Just my 2 cents :)

sit down with the sellers and explain that they need to fix the home and all the flooding issues and basement issues or that the negative feedback will continue with no sale. If they are unwilling, tell them to get quotes for the items and then take it off the price of the home.

Cut your losses and move on, that's my advice. In this changing market my sales team started refusing to list houses that were going to be tough sales, or had sellers that wanted way to much for their house. It saved us a lot of time, money, and effort, we've been able to focus on listings that will sell.

We have agents in our office who ask the same questions, "What should I do? It hasn't sold in 15 months!" And in many cases the reason is that the house is horribly over-priced or has some sort of stigma that prevents it from being an easy sale. We usually advise them to let it go, let some other agent waste their time and efforts on it.

Sandy Aichner. Thank you. That sounds like a great idea

Thanks for the feedback Harpal. I will take that into consideration.

Don

Thanks Brint Wahlberg (RE/MAX Realty Consultants, LLC) for the feedback. I appreciate your comments

Don

I agree with fixing the problem. Who would ever buy a home that floods like this. If they ever want to sell they need to fix the problem. If I were you, I would sit with them and explain what has to be done and if they are not inclined to resolve the problem, I would let the listing go. Why keep killing yourself when you know what the outcome will be.

First of all, to continue or not is a decision that you should make by your relationship with the seller. If you like them, you may want to continue and offer 1 yr flood insurance etc as Harpal said and get a price reduction. If you do not like them, fire them

I would not waste anymore time with listing this property; unless the sellers agree to bring this 150-year old home up to standards (flood issues, etc). Ask them if they would buy their own property in its current condition. More than likely and 'realistically' they should say no. But I do agree with Harpal and Sandy.

Certainly, make sure the property is priced right. If it is, it should sell (eventually). You should hang in with them if that is the case. How about offering an incentive to the Buyer or the Buyer's Agent rather than lowering the price (if it is priced to sell)? Prepaid flood insurance is a great idea, or maybe money at closing for a sump-pump. Also consider a higher commission rate than your area normally charges, and give the excess to the Buyer's Agent. That should help too. Also, be patient. These Seller's need us right now, so don't give up on them. Our marketing time is much longer, so hang in there. From Key West...

Hey you win a few and lose a few. Good try, let it go if you did your best you know you did the right thing.

Patricia Aulson/ Hampton NH Real Estate

Address the flood issue first. If your sellers aren't willing to fix the problems then I agree with a buyers incentive. One thing is certain however, if the sellers don't want to hear what you have to say, move on, you're just spinning your wheels.

Well..sometimes sellers just want someone to blame..so if it is going to expire...and they want a new agent, I would suggest, that you tell them, that you would love to stay on, but if they feel they need a new agent, you certainly do understand, and that you could assist them by referring to another agent, and make it a smooth tranistion (and you get a referral fee, so your marking dollars are not lost)

Konnie MAC, Northern Virginia Real Estate (Konnie McKee )

These are great people actually. Very easy to deal with. Nice Folks. But, the house did not sell. It is that simple. Thanks for the feedback Konnie

Don

Richard Shuman Thanks for your feedback. I appreciate your thoughts on this

Patricia Aulson: Thanks Patricia. I hate to quit anything, and I would like to do what is right for my sellers. I appreciate your comments

Thanks

Don

Brenda Duley:

I so agree with you Brenda. We have a good relationship, it is just that the house did not sell, yet. I thank you for your feedback. It is very good.

Thanks

Don

Curron Eckwood:

Thanks so much Curron Eckwood. These sellers have lived in the home for 40+ years, and no longer have the means to make the necessary improvements. So, we probably need to reflect this in the price. I appreciate your comments.

Don

Either cut your losses and give it up or have them adjust the price by an amount to provide the buyer with a 10 year flood insurance premium.

So, the most important factor is that THEY don't have the means to do the repairs. In that case, they need to slash the price and find someone who is willing to take on this property warts and all. And you can't feel bad about it. You've done all you can. My saying is "all I can do is all I can do"

Don, my advice is to either get an estimate for flood insurance and repairs and reduce the price by that much or offer a repair incentive of that much OR offer a price reduction to, say $325,000 for 24 to 48 hours then the price gos back up to what you have it listed for now.

This one sounds tough, but might be a candidate for "outside the box" approaches. Consider these?

Have the Home professionally inspected, then either make the repairs OR get bids from local contractors that include an incentive paid by your Seller to reduce the cost. This approach might allow for a marginal "as is" sale that could still meet mortgage restrictions.
Take a one, last approach to the sale by holding an auction.
Ask the Sellers to cover your costs to market the Home nationally -- your target would be groups and publications that cater to folks who enjoy "unique" properties.
Contact a niche publication to see if they'll feature the Home itself, or an improvement/upgrade being made to the Home.

Please let everyone know how this one turns out for you.

Have the seller agree to entertain offers from FHA 203(k) approved buyers which allows the approved buyer to acquire the home at an (hopefully negotiated and agreed) as is price plus borrow the necessary funds to spruce it up or add comfort and appeal to it, like the water stains or other imperfections it may have, especially since the seller hasn't fixed any of it and probably won't. Maybe put in the comments in the listing that FHA 203(k) financing is available to approved applicants. My team and I have salvaged numerous dead or dying deals using this method including on REOs and pre-REOs. Just aome food for thought, Donald and best wishes with this one and throughout 2009.

~ Jamie Woods

I live in Saint Louis and sell in a market that is riddled with flood plains, some of them in areas that you would never think would flood. There is a buyer for every home. Providing flood insurance for the buyer is a great idea. I try to address the issue up front by having my insurance agent prepare a basic quote with the information on what is included in the policy. Then, I try to prepare a letter about what the seller enjoyed about the property, especially the location if others feel it is less than spectacular. Finally, I figure out who would be the most likely to purchase the home and address all the issues that I can think of in a brochure with a positive spin to them. Good luck

Becky

PS...At the NAR convention I ran across www.historicproperties.com They may be able to attract people who are looking for exactly what you have.

I agree that for the right price, every home will sell. Your home has a stigma of a "distressed property" and needs to be priced accordingly. Just because comps were $425K doesn't mean that this one will sell in that neighborhood because of the flooding issue. That is a major deal and it's not just the flood insurance but also the hassle of what to do when it does flood. This past year has been tough enough for normal properties without these issues. I expect that things are going to improve in 2009, locally we're already seeing signs of improvement between prices coming down and lower interest rates, so they may have luck this year but I would suggest a good price drop before the spring market comes into full swing. Good luck!

I have never refused a listing or leaving a home on the market. I HAVE, however, changed the marketing that does not work. It sounds like Active Rain and Craigslist are working, that's great! I would continue to use those forms of advertising. But if print ads, such as newspaper, don't seem to bring any buyers than I would quit that form of advertising and focus on those that work for the property.

Price drop and offer free flood insurance for the first year.

Donald, I believe there are two ways to handle this issue.

1) Really think about why you want this problematic listing so badly. I took a course about 20 years ago by a man named Jerry Bresser. He said that you should always look at the buyers and sellers you are working with. If think there is a "monkey on your back" then you should get rid of it. Figure how much time, money and advertising you have spent on this very difficult listing. Could you better spend all of your efforts and emotions on getting listings that will actually sell or buyers that are in need of you attention.

2) Sit down with the sellers and go over everything that you said you would do at the listing presentation. Did you fulfill everything what you set out to do? Did you go above board? If the answers are yes-then ask them why they are unhappy with your representation. You know that the next agent is only going to go after a price adjustment and you should mention that to them as well.

Homes without leaky basements are not comps to homes in good condition. The price has to always be adjusted accordingly. Did you know about the leaky basment and the need for flood insurance when you took on this lisitng?

There is only so much we can do as real estate marketers.

Don -

I wouldn't drop the listing, you have a lot of work in this. What I would do is obtain estimates for prospective sellers to review and lower the price accordingly. If the sellers can afford to pay for a whole home inspection, and you think it will help, I would do that. Many potential buyers look at a home, especially an older residence, and feel it will be a lot of work. But if they can review a home inspection that identifies the issues, and non-issues, this might help.

I hope it works out for you and your sellers.

I had a listing very similar to yours. 125 year-old house with a 1980's addition, on 2 acres, in a flood zone, although it had never flooded. It was 20 yards from the state road, and on the other side of the state road was I-70. Oh yeah, and I forgot to mention on the other side of the highway was the railroad. To top it off it had a mobile home on the lot, and the water was a spring. Can you say, non-conforming times 2!

The homeowners were referred to us by friends who had done 9 transactions with us. We couldn't let them go, although we wanted to. After starting at $425,000 and ending at $359,000, the miracle happened after our 14th month. We got that one-in-a-million buyer. He wanted a large old place outside the city to house his large extended family. (He didn't even care that it was kind of ugly:) The mobile home was perfect for his son and daughter-in-law and their children. He was as happy as a clam. And he didn't want a home inspection because he worked for a commercial builder and knew what to look for. And the best thing is we brought the buyer and got both sides of the transaction. We were heroes and everyone was happy.

You just have to decide if you want to stick it out until that one in a million buyer comes along. It will definately take a while, and if the sellers don't know that they are being unrealistic. It really is up to the sellers, whether they want to speed it up by lowering the price or doing something about the flooding issue, or both.

Don, I personally would not want to give up on a listing just because it is a hard sell. It seems that you feel the same way. I would lay out your case for the sellers just as you have for us here. With all of the exposure that you have given this property there can only be one reason for it not selling, and that's the price. Every home has a price and you've got to find the correct price for this one. If the sellers don't want to budge, then it may be time to walk away. - Jim

I agree with everyone's comments related to 'standard ways of listing' - ie., offering flood insurance, etc. Have you investigated or thought about having an auction? You need to make sure of the laws in your area related to auctions/contests. AND also need to make sure that if you coordinate, commission is involved. Benefits - gets the house sold so they can move on; buyer knows exactly what they are getting..... just a thought

Marcia L/Prudential Santa Fe; www.homesforsaleinsantafe.com

I like the idea of the flood insurance coverage, maybe an allowance for 2-years, and I echo the idea of marketing or promoting the home at area historical society's, museums, antique shops, any place where the idea of old home is not an immediate turn-off. Since they are nice people I'd stay after it.

Hi Donald,

Two things come to mind and they are not new based on the other posts here.

#1. Property must be reduced or priced accordingly to entice a buyer to want the hassles.

#2 Ditch the sellers if they won't reduce the price. The monkey on the back analogy is really really true. Yes the market is weird, but we must be confident and keep our composure. Not all sellers understand that you must discount for "problematic issues". Great post.

Thanks

Kelly

Not trying to be facetious... but... 1) Bury the statue 2) Watch The Secret DVD and attempt to vibrate a buyer to the property 3) Persuade for the price reduction needed and 4) admit that perhaps things just weren't meant to be (Que Sera Sera). Sellers will definitely turn on you if you are unable to sell the property.

You never know, the next agent may sell it in 4 days!

Oh My! So many many replies. Thank you all!

Don

Donald - What more can a person say? You have been given all the answers a person could ask for. Perhaps you can have your sellers read all of these comments from REALTORS across the country. They will see that what you have been telling them is true. They either correct the problems or correct the price. Water scares people. Always has. Always will. Good luck to you!

I think first you need to review the seller's motivation -- four years on the market is a long time. It sounds like they're chasing a declining market. If they truly want to sell they need to price it competitively and be willing to offer concessions or contributions for all of the flood issues.

I'm having the same problem with a listing of mine in the flood plain. $1200 flood insurance on an $85K property - Geez! Thanks for sharing all the feedback you received! My sellers are friends so I have no choice but carry on!

Robin Thomas Prudential Silver City Properties - Mimbres, NM

Don: I have a couple of listings that, like you, I have put all my efforts into and still no deals. I am not a quitter either so I suggest keeping the listing and see if there is any way to reduce even more.Have you consider to put the house on a bid or auction? I recommend for you to check this site:soldin21days.com.Hope you get some results soon.Good luck to you!!!Ana Ramiscal.

Bush Real Estate Group

Newnan,Georgia

JAN

Don, Your post is the reason I love AR so much. Where else can you get great advice from exceptional Realtors. All who commented should be commended.

My 2 cents...think outside the box. I had a tough sell this summer during the Gas Crisis. I had my seller offer a years worth of free gas for the buyer. It still did not sell but there were other issues. The point is that you have a challenge. I have read your blogs before and I think I have a pretty good idea about what kind of agent you are.

Tough it out. You can do it! Is there a good restaurant nearby? Daycare for a year..You get the idea.

Let me know when you settle.

sit down with the Sellers and tell them what you told us... 'I did everything I could marketing-wise and it worked - I showed it more times that all the other agents combined... but still no sale. So... what would you like me to do? 1) Stay the course and hope the lucky horse shoe falls on our head like one of the commenters had happen to them? 2) Dramatically drop the price so we can get it sold (re-comp it, anything done before mid-Sept's financial crisis probably needs a good hard look)? Or 3) shall we part ways? "I'd rather turn you down now, then disappoint you later" (or continue to disappoint you). Then let them talk... if you stick with it... remind them of this conversation, or re-have the conversation, at least once per month.

Lastly - consider time/cost vs. opportunity... how much future time/money will you spend on this listing if you do keep it... and where else could you spend that time/money for future business?

Don, In my market where we once had waiting lists for just about everything, we now have good listings that take years to sell. I think you continue to work with these folks if they are still happy with you, but you sit down and talk to them like you would talk to your kids. Be brutally honest about all the negatives and be sure they are clear about their motivation. If they NEED to sell, then they may have to really give up a lot and you know that. But I read all the comments saying, let it go and move on and I just don't think that's always the way to go. Relationships are very important and if these people like and trust you then you owe it to them to continue giving them your best efforts. If they blame you for all the problems with this property, then, they're ready to let you go. Let it be their choice. GOOD LUCK!

Donald,

It is hard to give up when you know what great potential it COULD have for the buyer.Maybe what a couple of loads of dirt to help with the flooding would cost and re-sealing the basement could help greatly and be able to still get this property sold. Keep at it,There is a lid for every pot!!!!

Thanks Tonjz. I will sit down with the sellers and talk to them. They really are great people. It is just that they have their home, which they have lived in for well over 40 years, and it is an emotional issue. I promised at the listing appointment, that I would help them get it sold. I would like to follow through. We will see what happens when we meet. Thanks so much

Don Bradbury

Marian Goetzinger Crystal Coast Real Estate NC (Pine Knoll Shores Realty 252-422-9000)

Thanks for your comments. I will be meeting with them shortly. There have been so many great suggestions. Thank you.

Don

Brian Ryan:

Don, Your post is the reason I love AR so much. Where else can you get great advice from exceptional Realtors. All who commented should be commended.

My 2 cents...think outside the box. I had a tough sell this summer during the Gas Crisis. I had my seller offer a years worth of free gas for the buyer. It still did not sell but there were other issues. The point is that you have a challenge. I have read your blogs before and I think I have a pretty good idea about what kind of agent you are.

Tough it out. You can do it! Is there a good restaurant nearby? Daycare for a year..You get the idea.

Let me know when you settle.

I appreciate your comments Brian Ryan. Thank you. So many great Ideas. I will let you know what happens.

Don

Don: I saw your blog about the expiry that's coming up and I thought I'd email you quickly. While doing research for our website earlier this year I came across a great quote of unknown origin that has made me smile more than once during these tough times and given a boost to any discouraged realtor that I repeat it to.

"To succeed in life you want to be the first child, the second spouse and the third realtor."

Unfortunately, sometimes you just aren't #3 and there's nothing you can do about it. Burns us up as we know the next guy may do less, have less experience, fewer tools etc and in the end may still be the guy putting up the SOLD sign - or worse yet, gets them to list at a lower price, just like you told them, and it sells in a short period of time. But you know what? It happens to all of us, good, bad or otherwise.

So don't lose heart. I hope it goes well, I hope they extend, but if they don't have faith that it's not because you didn't do your job.

All the best.

Tracy Stacer, Administrator

LOL Thanks Tracy. in this case, I am the second Realtor. I appreciate the advice on this.

Don

It appears form your post that you have been the consumate professional for these folks and at some point down the road they will realize that. I absolutely feel that your instincts (I'm no quitter) are dead on and hanging in there until the final outcome whatever it is will benefit you and your sellers in the long run. If you give up, you may always have that little nagging doubt about "what if I did this or that differently etc"?. If you remain, then you move on afterward very secure in the knowledge that you truly did everything humanly possible to help these folks. Besides, there is always a buyer somewhere for every property and Murphy's Law comes into play all the time in our business in the form of a buyer that materializes out of nowhere the day after the property lists with another agent. I say hang in there and keep swinging !

Donald, I have a listing that I know I should walk away from. It's a great house, I love the sellers, but it really needs another price reduction. She's willing, he wants to wait......

The market will not support the price you are asking.

Only 2 options: lower the price of the home to market value or wait for the market to come up enough to justify the price you are asking

Don,

I've been there! The question I ask myself is do I like working with the clients? If I "WIN" this one (sell it) will the clients be big enough fans of me to recommend me? And so on.

It's important for your clients to know that YOU DON'T CONTROL THE MARKET! And further, that the market is speaking about their home. The market doesn't see the value. Either they have to enhance the value in some way or reduce the price to the point that the market DOES see the value. Why did they buy this home? What were they thinking at that time about the flooding issues? If they were unreasonable, how can they expect to find a buyer who will not be willing to overlook these issues.

As for marketing, how much of YOUR OWN money do you want to spend? Truth is we Realtors can't sell every house. Sometimes, we make mistakes in taking listings that no amount of marketing will end in a sale.

Good Luck with this one.

If I would be the buyer agent for a house like this I would try as hard as possible to keep the buyers from buying this home. As a listing agent I would make very sure that every one involved knows about the problems with the house. Flooding ,possible mold ,etc.With the wrong buyer this can easily end up in court.

This is a house for a builder or contractor .Let the owner sell it them selve at what ever price they can get.i would not take this listing.

Don, I understand where you are coming from as I had an older home that neither I nor other list agents couldn't sell for 18 months. It was a slightly updated 1950 home close to town center but couldn't move even with several showings by myself and others; including lowering the price below market and still clear abt $2K. She finally placed it in rental status to wait out the market.

Before she did I offered to act as a mediator with a local real estate auctioneer and sell it with a reserve (referral fee paid by auctioneer). This might be an avenue for you to move the home. Some of our auction businesses have access to appraisers/home inspectors on retainer so they could see possible problems at the sale and offer advise to your sellers.

Good luck!

Don - At this time with so many homes on the market, buyers have a lot of other choices that do not have the risks that this home has. These sellers would need to make this home a good enough deal to motivate a buyer to take a chance on it. It appears that they have not done that. Are theiy willing or able to lower the price to the point that the home is a good deal despite the water issues.

EVERARD KORTHALS Thanks so much for your feedback, which I value a great deal

Don

Pam Dent: Thanks for the comments. Good points here

Don

Dave Meyer (Remax Real Estate Services)

Thanks for the feedback Dave Meyer. I appreciate ths kind words

Don

The market will not support the price you are asking.

Only 2 options: lower the price of the home to market value or wait for the market to come up enough to justify the price you are asking

01/08/2009 11:00 AM

by Chuck Capan Realtor® (Mel Foster Co)

Thanks for the comments and feedback Chuck Capan

Hi Donald,

It sounds like you are doing everything, but the price needs to come down more. I would recommend a price that seems "rediculous minus 5%." Then if it doesn't sell in the next 60 days, cancel it and enjoy some extra free time.

Good luck,

Mike

JAN

Everyone has provided great advice here. Since you have a good relationship with the sellers, extend if you can and implement some of these ideas. How about posting a few photos of this property? After reading about it, I wanted to see what it looks like but you didn't include a photo on your blog and O don't see it featured on your website. Enquiring minds want to know!

I have read through all the posts and one thing that hasn't been mentioned - Professional Staging. Yes, the flood issues need to be addressed somehow and I agree with the suggestions of offering flood insurance for a year, fix the problem if possible, lower the price. If the sellers have lived in the home for over 40 years, they may have a lot of personal treasures - "clutter" to the potential buyer.

Professional Staging works. I am Principal Broker of my firm and an Accredited Home Staging Specialist. It has been my experience that the homeowner must apply all the recommendations the Stager gives them for the process to work successfully.

Just another opinion/option for you to present to your client.

Don:

This house is a textbook example of when to call the real estate auctioneer!

If you price a property too high, it will sit on the market forever and nobody even wants to look because they think the sellers are unreasonable.

If you price it too low, the property will sell to fast and you will leave money on the table.

An AARE Auctioneer will qualify the seller by making them pre-pay an auction entry fee to properly advertise & promote the property.

An auction is a call to ACTION and you will be blown away to see more activity around the property in 1-week than in the past 3-years combined!

The auction will deliver an all cash, no contingency, 30-day closing contract for the seller. They can have a 'secret reserve' price and if the reserve is met during the auction, it will be announced and sold on the spot.

If the high bid is below the sellers secret reserve price, the auctioneer will write up the contract and collect the winning bidders deposit. The seller will then have 2-business days to decide if they can live with the cash on the table or if they will continue to think De-Nial is a river in Egypt.

If they accept the winning high bid, the buyer will close fast, they will pay ALL of the closing costs and the commissions.

You will get paid about 20% to 30% of the auctioneers commissions which is about 2% to 3% of the selling price or the same is if you had co-brokered the transaction with an agent from another company.

If the seller turns their nose up to the high bid cash delivered on auction day, they are greedy, stupid or both and no longer worthy of your time.

Staging, fixing things up, lowering the price, adding room additions, etc are all a waste of the sellers time and money in this market.

AN AUCTION IS THE ONLY SOLUTION FOR THIS TYPE OF SELLER / PROPERTY!!!

Please call or e-mail me if you would like the contact information for our AARE auctioneer who services your area.

Sincerely,

Billy Burke, CAI - AARE Auctioneer

Catherine C Capasso (Catherine Cornelia Real Estate)

Thanks so much Catherine Capasso. BINGO! You have hit the nail on the head. One of my Team members is a professional stager. We have offered these services for free. We will offer them again at our upcoming conversation.

Don

Listen to Billy Burke's advice and Call Me : Omar Bounds The Bounds Auction Company, Willow Grove PA. @ 215 830 1416 and take this property to auction " as is - with all faults and no contigencies"

Don,

After reading all this good advice, I have nothing to add but this: If someone is on their 3rd marriage, they are probably a lousy spouse. If someone is on their 3rd broker, the problem isn't the broker. HINT.

I am the first one not to be a quitter but you do need to we the cost of carrying the listing. It just might not be worth it to continue the listing unless price reductions were given and I like the idea of offering to pay for flood insurance for the buyer too.

Thanks for the free advice on the auction J. Philip. We will take it under advisement.

Don

Hey Karl A Battaglia from Florida. I appreciate you stopping by with advice as well. Happy New Year

Don

JAN

Whheeeee! Sounds like we ALL have had a similar experience whithall thiese great and helpful comments. If the home is obsolete, is the LAND worth something to someone else. I live in a small city where many of our downtown homes are small, poorly constructed and just not worth saving as far as the house goes but OH, The LAND is so very valuable do to location, view, proximity to our terrific downtown and all it offers.

Otherwise, I like Curran's question of whther your owners would buy their own house in this location.

I can imagine the sputtering they would do while you ask this question at their kitchen table. Do they have family members that would buy the property? What have their reactions been(or is it JUSTIFICAtION) for buyer feedback?

Donald, you are overly involved, you seem to be PERSONALLY involved. Take yourself out of it. Did you do EVERYTHING you could think of? Have you worked with complete integrity? I be the answer is Yes, or you wouldnt be asking us :-)

Take yourself out of this based on their answer.

Warm regards,

Kathryn Hoffman

Coldwell Banker Residential Brokerage in Beautiful Naperville IL

JAN

Thanks Kathryn Hoffman for your great remarks. We now have a new plan on price reductions, open houses, direct mailings, and internet marketing to get this sold in 2009.

JAN

Hi, aside from the flooding issues and water in the basement, how does the house show? Have you had the house professionally staged? I'm not a real estate expert, by no means, but I'd would love to see what the house looks like in side. Maybe a few changes, some repairs, a small drop in price and a new marketing plan will get some interest. Just a suggestion.

Good luck!

Eileen Brigantino

Center Stage Home Solutions

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