TV Show Did Not Sell Home

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Real Estate Agent with Elite Home Sales Team OC BRE# 02066030

TV Show Did Not Sell Home

A home that was featured on a TV show "Million Dollar Listing" did not cause the home to sell.  The Newport Coast home on Bravo TV with an asking price of just under $10 million did not sell.  The show featured a big fight over the difference between that price and the $8 million cash offer.  The TV show did not sell the home in Pelican Crest went to foreclosure a few weeks later. 

The Realtor who made the offer was selected by the bank to list the property and sold it for $7,050,000.

There were some problems in the sale the basement filled with water and had be be repaired at he tune of over $200,000 which lead to a price drop. 

The owner who lost the home called the cash offer of $8 million "ridiculous.  So what should have been a sale if the owner accepted the offer ended up a foreclosed property and the TV show did not sell the home.

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Rainmaker
850,184
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

I forgot to let everyone know that it was not the realtors but the seller who had the problem.

Nov 03, 2009 05:00 PM #1
Rainmaker
630,896
Debra Leisek
Bay Realty,Inc Homer Alaska - Homer, AK

I saw it and the seller was ridiculous and wouldnt even consider the 8 million CASH offer... when she bought it for 4...it makes you wonder how people get to a mind set like that... she would rather lose it than sell it and walk away with money in her pocket... is it pride? is it greed? is it stubborn....

makes no sense yet you see people do that on much less scale everyday... go figure!

the realtor just walked away from the lsiting when she wouldnt even look at the 8 million cash offer... he did his job... and when he saw she was not reasonable he walked... i thought that was pretty good!

Nov 03, 2009 06:04 PM #2
Ambassador
2,057,296
Michelle Carr Crowe,Altas Just Call...408-252-8900!
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

It's a good lesson to sellers who feel if a home just gets enough "exposure" and glamour, it will sell for their expected price.

Nov 03, 2009 06:51 PM #3
Rainmaker
434,738
Dick and Dixie Sells
Sells Real Estate, LLC - Trinity, FL
Realtors, Tampa Bay Florida Homes For Sale

I saw that and just could not believe she (the seller) was that out of reality to not take the offer. But as Paul Harvey said "Now we know the rest of the story!" Thanks for the update!

Nov 03, 2009 09:38 PM #4
Rainer
157,174
Tom Boos
Sine & Monaghan Realtors, Real Living - Grosse Pointe Farms, MI
Providing the very best of service to Sellers and

Interesting info.  I just saw that episode while eating my lunch today, and I thought how lucky I am NOT to have clients as STUPID as the one featured. 

Nov 04, 2009 05:24 AM #5
Rainmaker
382,670
Matt Listro
National Credit Fixers - Matt Listro - Vernon, CT
Your Credit Repair Expert

Wow - I missed the show but sounds like the seller was a stellar example of what not to do!

:)

Nov 05, 2009 02:09 PM #6
Rainmaker
985,918
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

Great follow-up! Thanks for sharing.

Nov 07, 2009 04:52 AM #7
Ambassador
2,299,461
1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

I did not see the show, but based upon your post, sounds like it was one to miss.  I wonder how that seller feels about her decision today.

 

Nov 07, 2009 10:42 PM #8
Rainmaker
628,117
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

I didn't see the show either, but I can only imagine that the seller is kicking herself in the behind for not taking the $8 mil -- that's really too bad. And I wanted to stop by to say thanks for commenting on my post today.

Nov 08, 2009 01:50 PM #9
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Rainmaker
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