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When Do You Throw it Back?

By Scott Allen

Real Estate Agent with Scott Allen Realty

January 25, 2008 05:00 PM

I have a multi-family listing that is drawing offers below what the seller can financially accept. Meaning, once the taxes, realtor fees, closing cost and loans are paid, he can not bring money to closing. These offers are 'market' price. However, the seller needs 'asking' price. It will be sometime before the market gets to asking price.

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ARDELL DellaLoggia

Better Properties Seattle - Kirkland, WA

What is the difference between the two? Is it more than 2%?

Jan 25, 2008 05:03 PM

Scott Allen

Scott Allen Realty - Spokane, WA

Near 6%

Jan 25, 2008 05:06 PM

Robert Huntsinger

Empire Realty - Upland, CA

Empire Realty Upland, CA - Full Service at a Discount

I don't know if you throw it back, I would work it until I find someone that sees it the Seller's way or until hell freezes over.

Take care!

RJH

Jan 25, 2008 05:32 PM

James Gordon

Sibcy Cline Realtors® - Cincinnati, OH

REALTOR, PBD SFR SRS

Scott a multi is not just a property but also a business. Can you show that the cap rate is higher on your property than on competing properties? You can get a higher price but you need to generate a higher income.

Jan 25, 2008 07:55 PM

Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239

Real Estate One - Commerce, MI

Michigan homes for sale ~ yesmyrealtor@gmail.com

If your name is on the sign it is exposure. If you are wasting time better spent elsewhere, give up the listing. If you are spending money on color flyers give it up.

SPEND THE TIME GETTING A LISTING THAT CAN SELL

Jan 25, 2008 10:18 PM

Anonymous

You might want to tell your seller to go with a more experienced agent.....Hope this helps.

Mar 10, 2008 04:37 PM