Anyone who reads our blogs on a regular basis knows that we do short sales...we have spent the money, taken the time, invested the energy and feel in some small way, this is how we choose to give back to the communities and a profession that have given to us...we love what we do. There is a challenge with short sales but it is nothing compared to the challenge that the sellers face every day when they wonder what to do with the happily ever after that didn't turn out that way...the job that was supposed to mean retirement or the illness that everyone else got.
This morning was no exception with an email from a young woman who had been referred to us. With short sales, we are almost never the first realtor. The first realtor told the seller what they wanted to hear...the price that would never happen. Months later, with money borrowed from family, friends, emptied 401K, cars sold and traded for older models...the seller is poorer and still has no solution to the mortgage that they cannot afford. Another Realtor had listed the house ....$50,000 more than the market indicates....which in this case represents a very healthy percentage of what the REAL list price should be...Who does that...who dares to make people believe that a price that is clearly not appraisable...will make all their mortgage woes disappear...give them some to start over and they will live happily ever after.
I wish there was a Realtor Court...I wish there was a REAL punishment, real damages for agents who clearly...for what reason is not clear to me...List a house at an impossible price. Is this to convince them as the months pass that "the market" now indicates a lower price. It is most probably the same price that "the market" indicated when it was listed thousands and thousands of dollars toooo high...
Mr./Ms "List over Market/Buy a Listing/Crush the Sellers' Dreams" agent...I won't respect you in the morning or any other time.
If you are having difficulty paying your mortgage...if your house has been on the market for months...with few/no showings and no offers...Call the Hansons...7 days a week: 414-525-0563...we will tell you the way it really is...not the way we all wished it could be....and we will all respect each other in the morning.
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Dwellings Realty Group - Scottsdale, AZ
Scottsdale and Phoenix Homes
Keller Williams Park City Real Estate - Park City, UT - Park City, UT
Park City Real Estate
Sally & David, per your comment #14 I checked but HallOfShame.com is, unfortunately, already taken. Great idea tho! We can only hope that some of these realtors don't make it in the business very long.
Mar 13, 2011 05:24 PM
Pasadena Views Real Estate Team, Inc. - Pasadena, CA
Pasadena CA Real Estate
Nashville Short Sale Specialist - Jim McCormack - Edge Advantage Realty, LLC - 615-796-6898 - Murfreesboro, TN
Nashville Short Sale REALTOR - Stop Foreclosure
Amen. I handle Nashville Tennessee short sales and pre-foreclosures and see this nonsensical over pricing all the time. Agents routinely list properties at inflated prices that after a cursory check of the public records is clearly going to be a short sale at the real market price. What a waste of everyone's time and even worse for the seller.
Mar 13, 2011 07:18 PM
San Diego Homes Guide - San Diego, CA
Broker Associate
Realtors are the unsung hereos of Short Sales. I must finish writing that post. What you're doing is a service to the community.
Mar 13, 2011 10:06 PM
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!
lots of short sales here. here's another viewpoint; the selling Realtors often aren't up front with the buyers about the process and timeframes.
Mar 13, 2011 10:51 PM
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA
Building experience at the expense of distressed homeowners. ..being done all over the nation.
Not really a time to fault. . .if you don't know it. . .refer it!
Mar 13, 2011 11:53 PM
Desert Sun Home, commercial Inspections - Carlsbad, NM
Desert Sun Home, Comm. Inspection 1-575-706-5586
Daid and Sally, your firm offers what a lot of others don't. "A way out". Not everyone wants to offer such services.
Keep up the good work.
Clint McKie
Mar 14, 2011 12:07 AM
Long & Foster Real Estate, Inc., Annapolis MD 21403 - Annapolis, MD
Your Homes Around Annapolis Agent
I am with you on this. To take a listing, where it it is so blatantly evident that the sellers are in trouble, and price it at an unsellable price should be a crime. Actually in Maryland it was for one agent where the Sellers took them in front of the real estate commission. It was not a short sale sceanrio but it was a wrong price for the location scenario. Great post
Mar 14, 2011 12:14 AM
Southern Living Realty Partners - Smyrna, TN
Moving to Nashville TN Real Estate Specialist
This is a great post and a situation that I run into all of the time. I am going to re-blog this. Very good post.
Mar 14, 2011 02:47 AM
Reid Real Estate Group LLC - Jacksonville, FL
Broker/Owner
I just took one of these - not only did the last realtor keep it on market for 6 months at a grossly unrealistic price because she admittedly would not do a short sale, but she charged my client a $5000 deposit to do it! The nerve!!!
Mar 14, 2011 02:48 AM
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA
Sally and David, I totally agree with you. Pricing is a major factor when listing a short sale. We have a fiduciary duty to our clients not send them down the primrose path.
Mar 14, 2011 02:48 AM
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert
Sally and David,
Exceptional post. The stakes are higher for the seller in foreclosure, and the damage of overpricing could be irreversible as the house speeds towards the foreclosure sale.
Mar 14, 2011 03:33 AM
Keller Williams Tulare County - Visalia, CA
Real Estate Done Your Way
I am in the negotiating stage of my first short sale listing............a process I wouldn't wish on any seller, but it's at least the most positive outcome they can have.
I hope to learn from experts like you and a great short sale expert in my KW office.
thanks so much.
Mar 14, 2011 04:45 AM
Quicksilver Real Estate Solutions, LLC - Portland, OR
Websites and Contact Management
What a moving post. I hate to hear stories about taking advantage of others. I hope you can help her do what she needs to get on with her life!
Mar 14, 2011 05:02 AM
RETIRED / State License is Inactive - Portland, OR
At times, I'd like to be a fly on the wall of that listing appointment. To see what comps they're using to justify the price. OMIGOSH, if they bring up things that sold even a year ago . . . keep on keeping on. You're helping people as best you can.
Mar 14, 2011 05:41 AM
Keller Williams of Central PA - Mechanicsburg, PA
Bill Morrow, Associate Broker
There are far too many Realtors and licensees that make a living by default . In my opinion their business plan is get the listing at any price and eventually sometihning will sell. I don't know how many listings I have "lost" because my competition "bought " hte listing with inflated promises. I do understand that it is easier to consumate a traditional transaction than a short sale transaction, but is the easy way out being fair to the seller. Michael Setunsky said it best "We have a fiduciary duty to our clients not send them down the primrose path".
Mar 14, 2011 06:09 AM
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce
Thank you all for your kind comments....if any agent or seller needs help with a short sale anywhere...please know that we are here for all of you. Hansons Both
Mar 14, 2011 06:17 AM
Sells Real Estate, LLC - Trinity, FL
Realtors, Tampa Bay Florida Homes For Sale
Congrats on the Feature! We knew you when......................
Dick and Dixie
Mar 14, 2011 07:02 AM
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce
Aw shucks....all that money invested in a Journalism degree finally paid off ! :)
Mar 14, 2011 10:18 AM
Rainmaker
3,347,208
3,347,208
Sally K. & David L. Hanson
WI Real Estate Agents - Luxury - Divorce
Comments(32)