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Banks that list homes for 1/3 of the Value to attract Suckers, Clients, Etc ... "Is this Crooked"?

By Robert Vegas Bob Swetz

Industry Observer

September 13, 2011 07:16 PM

Ever since I have been selling Real Estate in Las Vegas I always come across listings by banks, Brokers and Real Estate Agents with low-ball homes either to get the best price they can because it becomes a Bidding War, or to possibly attract clients and get them into a different home if their offer is not accepted.

Me personally ... "I think it's (Bull-Crap) and should not be allowed in the Real Estate Market. But then there are others out there that think it's OK and acceptable.

In Las Vegas Nevada there are so many - so many homes on the market, and a person can get a really great deal.

So why would anyone get caught in this little web of crookedness & lies?

Why would anyone make offers on a home and pay more then what it's listed for, when you can purchase a home on the same block and not get into a Bidding War Game.

(Let me give you a great example):

Vegas Bob drives by a (Car Dealer) and sees a car he really likes, so he pulls into the Dealership. The price tag on the windshield of the car has a price of $9,99.99 written on it. A sales person comes out to greet VB with a hello & handshake. Vegas Bob says to the sales person ... "Is this the right price your asking for this car"? And the gentleman says yes ... VB says this is way to cheap, I will give you $15,000 for it ...

NOT!

I don't care if a Bank is selling a Casino, Building, Home, Airplane, Car, Motorcycle, Etc, put the best price possible on your object your selling and quit playing games ...

And this goes for you Brokers & Agents across the country trying to Sucker people into your game.

If your going to sell a home like this, have a auction and a person with a "Bullhorn" and bid the home like this!

Robert (Vegas Bob) Swetz 9-14-2011

PS - If you want to throw your hard earned money away ... "Throw it at Vegas Bob" so I can take another vacation ... ;o)

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CA COASTAL ESTATES Lauren Selinsky Perez CRS

California Coastal Estates - Aliso Viejo, CA

"Your Real Estate Broker" #oclauren

Are you making us laugh on the price? $9,99.99? I mean I get what you mean!!! But I think that Realtors(R)/ Short Sales Specialist that are marketing these home in the areas are NOT AREA Specialist and are pricing the homes so OFF the scale that this is happening.... These banks are not making good judgment in hiring these agents/Realtors(R). They need to not find just ANY Short Sale specialist and find one that specializes in that area... Just saying....

Sep 13, 2011 07:22 PM

Robert Vegas Bob Swetz

Las Vegas, NV

Hello Lauren and I am glad I had you laughing with my $9,99.99 price tag on the car, and your right some of these agents shouldn't even hold a license!

VB ;o)

Sep 13, 2011 07:26 PM

Cameron Novak

The Homefinding Center - 1000 Palms, CA

Real Estate Broker since 2008

Underpricing a little is one thing, but grossly underpricing a home is just GROSS. Some BOZOS in Southern California will list a $300,000 home over $100,000 under market value to generate buzz.

Then I need to spend 30 minutes with each of my clients that find the listing trying to explain that the home will not sell for that amount and the agent listed it WAYYYY under market value.

Sep 13, 2011 08:57 PM

Clint Mckie

Desert Sun Home, commercial Inspections - Carlsbad, NM

Desert Sun Home, Comm. Inspection 1-575-706-5586

Hi VB,

AHHH.... The old bait and switch huh.

There should be laws against that type of practice.

Have a great dat my friend.

Best, Clint mcKie

Sep 13, 2011 10:53 PM

Gabe Sanders

Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL

Stuart Florida Real Estate

Bob, the additional problems are that after they sell a bunch of homes at below market value, a new standard market value has been set. Now they price below that value for the next round. In effect, lowering the market for everyone as well as their own holdings.

Sep 14, 2011 01:21 AM

Diane Daley

Caron's Gateway Real Estate - Northumberland, NH

Here Here... I hate the bid wars also and it lowers the value of other homes as well after they sell...

Sep 14, 2011 01:28 AM

Melissa Zavala

Broadpoint Properties - Escondido, CA

Broker, Escondido Real Estate, San Diego County

That might be an LV thing, but in SO Cal, banks usually list the properties just a little too high.

Sep 14, 2011 02:36 AM

Hello Cameron and it's been a while since you have stopped by and commented at one of my posts, love the comment and your new photo pic for your profile makes you look sporting ... very good!

Hello Clint and VB agrees with you ...

And Gabe yes these types of practice really hurt the values of homes in the market.

Hello Diane and yes it does ...

And Melissa ... Just about everything in California is to high and I don't understand why?

Sep 14, 2011 02:45 AM

Eric Crane -- Your Full Service, Discount Fee Realtor®

DPR Realty LLC - Gilbert, AZ

Greater Metro Phoenix Arizona

You are right, VB -- then we have to spend time trying to educate our buyer about the marketing strategy that is being used. It just adds to the confusion that is out there. Best, Eric ^0-0^

Sep 14, 2011 10:29 AM

Tom Braatz Waukesha County Real Estate 262-377-1459

Coldwell Banker - Oconomowoc, WI

Waukesha County Realtor Real Estate agent. SOLD!

In my eyes some banks are being very deveiving these days in their practices

Sep 14, 2011 01:04 PM

Banks that list homes for 1/3 of the Value to attract Suckers, Clients, Etc ... "Is this Crooked"?

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