Excuuuuuuse ME...I thought prices were realistic, Interest Rates Great...How Sad

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

sad statue

    It was with a great sadness, I had to tell a good friend's prospective daughter in law and son that the home that the daughter in law bought 2 years ago on a very busy street  declined in value....to the point that the home she and her brother had most probably over paid at $163,000 with no money down would now list for $139,000....no other home in the last six months had sold for even close to that amount...so there was no choice since both brother and sister were gainfully employed with good paying jobs but to bite the bullet,...not ruin their credit  AND take out personal loans and come to closing with the necessary cash.What was that realtor thinking...the neighborhood was not on the rise and the street had no signs of getting less busy....she had certainly not done them a favor and I felt badly that this realtor had been the daughter-in-law to be's first introduction to real estate. I would do all the marketing and advertising I could to sell this house and have this young couple begin their lives together.

                                         BUT WAIT....the STORY GETS WORSE !!!!!! 

      I felt it in my bones as we left the house....they would call the other realtor...how could she possibly show them comps....would she continue her evil ways...this time, there would be no way out...the house would never sell for that amount...and it would certainly never, ever appraise.....Enter Realtor no. 1....sure enough....no comps of course but she KNEW she could sell it for the $174 she would list it at...and of course I had no clue what I was doing....and becuz people hear what they want to hear....and believe what they believe is less painful....I know they will list with this...........don't even want to use the word "realtor".  Does she sleep nights ?  Do they know she has a similar listing that has been on the market over 6 months ?  The groom's mother says let them learn the hard way....and I know that in the end they will learn I was the honest realtor....I just wish they could do it less painfully....and without learning that another realtor could be sooooo dishonest !

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Rainmaker
251,783
Katrina Madewell
Charles Rutenberg Rlty- More than 5,000 agents(813) 777-1196 - Tampa, FL
Tampa FL Homes for sale | Tampa Bay - (813) 777-1196
Unfortunately Sally, sometimes to you gotta just let the kids fall, regardless of how painful it might be for you to watch, after a few cuts and scratches "they get it"
Feb 25, 2008 03:33 PM #1
Rainer
83,497
Matthew Zgonc
Aksland Real Estate - Modesto, CA
Realtor, CFS, CVS
Unfortunately, people need to learn from their mistakes. All you can do is be there when or if they need you.
Feb 25, 2008 04:33 PM #2
Rainer
78,779
Obeoman Glade Jones
www.obeo.com - Salt Lake City, UT

Sally and David,

ow...ow...ow...Ow!

Sometimes experience is tough to pay for on both ends of the deal, isn't it?

Hang in there,

Steve

Feb 26, 2008 09:46 AM #3
Rainmaker
59,689
Sandra Workman
Keller Williams Preferred Realty - Kankakee, IL
BBA, Broker, CRS, GRI, ABR, SFR, CNE, ePRO, CNHS
They need to learn on their own that you are an Ethical Realtor and are being honest with them.  Unfortunately, I have had a listing that was on with other Realtors previously, for an over market price, and after getting it to market value, it's just sitting.
Feb 26, 2008 10:50 AM #4
Rainer
69,000
Sandra Carlisle (Ayers)
Berkshire Hathaway California Properties - Newport Beach, CA
Real Estate Marketing & Sales
Denial is great isn't it. And when they do realize you were right, their home will be worth even less than the $139,000 it is right now. Even worse, they will probably be too embarassed to call you.
Feb 26, 2008 11:09 AM #5
Rainmaker
227,956
Gene Wunderlich
1st Action Real Estate - Murrieta, CA
Realtor & Legislative Liaison
Happening all the time out here. Since 80% of our sales are currently REO properties, individual sellers have to get real - but the only thing they hate worse than getting real is having somebody tell them they have to get real. Tough crowd.
Feb 26, 2008 11:33 AM #6
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Rainmaker
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
For All Things Wisconsin Real Estate...Call the Hansons
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