SYMPATHIZING WITH BUYERS BOUGHT REAL ESTATE IN 2005/2006

By
Real Estate Agent with Charles Rutenberg Realty

I have a prospect who bought townhome in 2006 for about $283,000. He previously listed for sale with an agent at$275,000. The listing expired, so I contacted the seller and he wanted to list it with me for $259,000. I checked with the builder of this townhome and found out that they have an inventory and wanted to sell for $259,000 with $10,000 allowable towards closing cost. On preparing CMA, I noticed that similar townhomes in other subdivisions were sold between $220,000 to $225,000. So I told the seller that I can list for not more that $225,000. Meanwhile, another agent agreed to list for nearer the value the seller wanted.and was listed.but the home could not been sold. He called me if I am willing to list. So, I checked with the builder who sold recently for $199,000 which I conveyed to him.The seller is now worried and is not willing to take loss of about $100,000 inclusive of commission and thinking of renting the property.  

Being a new comer in the real estate field, I am feeling sympathy with the seller. Therefore, I am seeking guidance of experienced Realtors on this issue.

Comments (5)

Jeff Fulgham
T.U.P. Realty - Tupelo, MS
Broker E-Pro ABR
Sad but no need to take a listing that will not sell. You are going right just keep it up.
May 21, 2007 01:49 AM
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate
Abdul, happens all time in Michigan since 2002. Yes, it is sad and I feel terrible for them. But, the market is what the market is. A high priced listing will not sell. Builder in our area have reduced their spec houses and condo's below what was paid when the seller bought and that is a reall bummer.
May 21, 2007 01:49 AM
Val Rensink
HomeSource Lamoreaux Group - Victorville, CA

Your best friends in this matter will be an appraisor, but be careful he/she is using old data. A more experienced realtor, even a paid coach. and the faithful and trustworthy friend of every realtor- THE

CMA

May 21, 2007 01:52 AM
Greg Cremia
Shore Realty of the Outer Banks - Nags Head, NC

Why feel sorry for someone who did not listen to your good advice. If he had listened to you he would have minimized his loss. For someone who is new you were right on the money. Keep it up and you will be successful in this business.

 

May 21, 2007 01:53 AM
Cynthia Sloop
Community Association Manager - Indianapolis, IN

The other agent bought the listing, so to say.  Sorry to hear you lost it but you were honest.  Unfortunately, this seller may be getting even less when it still doesn't sell.  Such a shame and yet it happens alot.

May 21, 2007 09:51 AM