AGENTS - DON'T BE RIDICULOUS

I just received an offer on a home that unfortunately is a Short-Sale.  Now as everyone knows short-sales are discounted before they are put on the market, usually about $30k to $50k.  The asking price for this home is $255,000.  It is a 3 bedroom 2 bathroom home that is less than 10 years old.  It needs no major repairs.  It is in quiet family oriented neighborhood in Fontana.  The only thing it really needs is the lawn taken care of and weeds pulled.  Guess what the all cash offer is for???     . . . . . . . . . . . . . . . .                              $150,000. 

I ask you is this agent for real? 

Number one, this was someone's home.  They raised their children here, and are friends with the neighbors.  Do agent's who discount a property by almost half of its value, insulting the seller, expect the homeowner to roll over and take it up the shorts.  These families are in trouble, NOT STUPID. 

THEY ARE NOT MY CHILDREN.  BUT, THEY ARE SOMEONE'S CHILDREN MR. POTTER. . . .                                     (It's A Wonderful Life)

Number two, as an agent for the Seller it is my responsibility to advise my client that they may be taxed on the difference between what is owed on the property and what it sells for. Let's see Mr. Client you owe $350,000 and this offer is for $150,000 - you could be taxed for . . .ahh lets see . . .  $200,000 by the state.  Oh Yes that's a good deal (because its all cash). 

Number three, Do these jokers (oops I mean AGENTS) really think that the lender taking a loss is going to think that it is better to close a week or so sooner and get cash then it would be to wait the extra time and oh yeah get $200,000 more.

Number four, lets just suppose for a second the bank says oh yeah lets take that offer.  The deal closes.  Your buyer has just devalued the entire neighborhood, including their own property. 

Number five, this so called agent has just reduced his/her commission by almost half (41%).

Number six, if I thought this offer would be approved by the bank, don't you think I have clients of my own who would purchase a lovely 3 bedroom 2 bath home for $150,000.  You wouldn't see it on the MLS because it would go straight to Pending it would sell so fast.

I would like to suggest that as an agent we are responsible for educating our clients.  Clients need to know the consequences of their actions.  When my clients suggest putting in a really ridiculous offer I explain to them the above scenario and let them know that they would already be getting a good deal.  I then suggest to them a more appropriate offer for that particular property.

And if they don't listen to reason, there is always Twanda! (referenced from the movie Fried Green Tomatoes)