My year long Listing Appointment; it finally paid off! A year long appointment?? What did I do..sit in their living room for a year? Set up a tent in their front yard for the past 12 months? Come on..who does this?? Well, here's my story and I suspect MANY of you AR'ers out there have similar ones to share..
One year ago this month, October of 2010, I saw a FSBO sign at a prime property for one of my polo property buyers. I contacted the Seller and it turns out she's a Realtor. We chatted for awhile and I told her I may have someone and could we meet so I could preview her property? We set a time and met. Basically it went like this..
"I have a CASH buyer, quick close at $650,000, and I know that's lower than the $750,000 you want, but if you're interested, I can get you an offer by 5 pm tonight." said I.
She stepped back, crossed her arms over her chest, "That's ridiculous! Why would I sell my home for so little? With your commission, I'd get even less, and I can sell it myself for more than that!"
We ended up laughing together, talking about the housing market, comps in the area, polo people, horse people..everything. I left on good terms, but without the deal.
Throughout the season, I kept an eye on it. I called her a couple months later.
"I got my buyer for $750,000!' she tells me.
"That's fantastic! Will do nothing but help me with my area comps..thank you! Well done!" I say and off I go.
First week of October of 2011 and I'm in my office with her daughter. Seems it was a "Lease-option" and the Leasee's time to buy has expired. It's been a dreadful experience for her mom.
"My mom's sick, and I need this home SOLD now!" her daughter shares with me.
Listed on Monday for $620,000, in escrow last night for $610,000. Same Buyer just saved themselves $40,000, while the Seller could've saved themselves money and time had they been ready to list a year ago this month, at the number I gave them. Oh..and Seller would've pocketed $40,000 more due to declining value over the past 12 months!
Helped solidify my opinion of Listing a property at too high a price. It comes with way too many pitfalls..
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