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Buyers On The Internet Know It All! Or Know Too Much?

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Real Estate Agent with Allison James Estates & Homes 01079287

    I showed a REO house yesterday to clients, they really liked it went home to think about it. Well this morning I get an e-mail they found the same house listed $40,000 less on both Zillow and the agents web site. So how does that make me look? And how does the list agent look?

 

   I had already e-mailed the agent a few days before because I wanted to know if the the bank would consider $40,000 less with an all cash offer and quick close. Maybe he figured he could bait my clients for himself? Maybe I should not have let the cat out of the proverbial BAG!! But I knew and so did my buyers that it was over priced.

 

   With so much information available at one's finger tips, it can backfire on us. Or it can help us. Certainly if I was looking for a house I would search all the web sites. I have even googled addresses to try and find more info and pictures. It can give you a great insite when buying a home and it can also give you an edge on who you are doing business with. In this case I then googled the list agent and his name showed up on a site called Rip Off Report. Not good for him. Now I am unsure about even writing an offer, how can I trust this agent? Would you?

 

 

 

Tere Rice

REO Short Sale Specialist

Real Deal Properties

Temecula, Ca. 92590

 

 

 

Posted by

Realtor simple guideline to guesstimate a Homes values! Comparing apples with oranges? How to set values for embellishments? Do you think the old adage of Value equals Location, Location, Location, is true? Views, Pools, special interest additions can add desirability, and then Granite Counters, Travertine flooring, condition, square footage and any embellishments, upgrades, updates you can add to a property is worth 60-70% of the cost. This value will also be depreciated over time. Example would you consider if a twenty year old solid oak cabinette's
value even in good condition is equal in value to cabinets in the newer current color, or are they? Objective would be desirability.

Location is the basis for value. Like Homes within a one mile radius share values, and can be evaluated by sales per square foot within the last 3+ months. Pulses

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Jeff Craig
Hang Me Up Photos - Jamestown, NC
Greensboro Area Real Estate Photography

The overwhelming amount of info on the web cann make clients "dangerous". 

Oct 16, 2009 02:04 AM
Chris Hill
Century 21 New Millennium - California, MD
Your Southern Maryland Real Estate Professional

OK SO how does this affect you trusting the agent? The agent doesnt make the price? The agent can only recommend a suggested market price? I would simply suggest offering the $40k LESS?

Oct 16, 2009 02:10 AM
Mick Michaud
Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 - Granbury, TX
Your Texas Lifestyle is Here!

Trust the agent for what?

All he has to do is present the offer to the bank, then he's out of it.

The fact that he has his pricing at several points in different places is a problem.

 

Oct 16, 2009 02:14 AM
Tere Rice
Allison James Estates & Homes - Temecula, CA
First Time Home Buyers, VA Buyers, Horse Ranches,

The problem is he puts it on the MLS for one price and then to sell it himself he posts it at a lower price to get directly to the buyers. I have never heard of this to double end a deal, very creative. You don't think my clients question both my and the list agents integrity? I say it's this price and then they find it lower on his web site? So their conclusion is if I buy with him directly I get a 40K savings or more. Do think if the bank knew this they would think highly of his selling strategy? Who would think this is ethical?

Oct 16, 2009 02:23 AM
Aaron Hoffman
Florida Homes Realty & Mortgage - Jacksonville, FL

It's definitely not ethical.  You can, however, use it in your favor.  Let your buyer know that, unfortunately, this is not the norm, but you can protect him from unscrupulous agents and sellers.

Oct 16, 2009 02:41 AM
Tere Rice
Allison James Estates & Homes - Temecula, CA
First Time Home Buyers, VA Buyers, Horse Ranches,

Unfortunately for these realtor types, this buyer has found many unethical agents. One even told her he had the scoop on REO listings before they even hit the MLS. She asked for an example and sent it to me and it was already listed! Yes, she has become the Realtor Police on the inter net. She has opened my eyes to what is going on with Realtors with no morals, values or ethics.

Oct 16, 2009 03:07 AM
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