Realtor Makes Claim That He's Selling His Home For $150.00

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Real Estate Agent with RE/MAX Compass, formerly RE/MAX WHP 0524642
https://activerain.com/droplet/4DcF

Listen to the homeowners claim at the 16 second mark. He's also a Realtor. He states "Someone will walk away with this home for $150.00."

 

Then at the 1:11 mark he says, "We're hoping to get market value for the home, we're not just looking to lose money, or just give away a house." 


I'm wanting this home for $150.00 per the video, but am confused by the second statement. 

 

Posted by

 

 
Greg Nino
, Houston area Realtor®.
Helping residential buyers, sellers and tenants 7 days a week.
Available @ 832-298-8555 

RE/MAX Compass (Formerly RE/MAX WHP)

www.GiveMeMyHomesValue.com

www.EverydayHoustonHomes.Com

 

 

The information contained in this blog is believed to be reliable and while every effort is made to assure that the information is as accurate as possible, the author of this blog, and its comments disclaim any implied warranty or representation about it's accuracy, completeness or appropriateness for any particular purpose. All information is copywritten and the property of Greg Nino.  

 

 

 

 

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Topic:
Home Selling
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Texas
Groups:
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Club Chaos
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Rainmaker
1,717,527
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

And people wonder why realtors are down there with snake oil salesmen and used car vendors? 

May 14, 2015 02:48 PM #1
Rainmaker
747,224
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

$150. entry fee AND the winning essay would get the home if he receives enough entries to cover the value. This may be legal as I heard this done before, but I'm sure this will break a lot of hearts.

May 14, 2015 02:49 PM #2
Rainmaker
114,828
Home Value Leads
Autaugaville, AL

It sounds a little unethical, doesn't it? Just listening to a couple of the letters he read out loud himself, he is clearly disappointing a lot of hopeful people and taking their money. Would he really pass up a buyer who offered more than his asking price? Agreed with Lisa and Pete.

May 14, 2015 03:29 PM #3
Rainmaker
1,563,669
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

OK... so it's sort of like buying a lottery ticket for $150. 

Sounds shady, but I imagine he's checked state laws. 

May 14, 2015 03:35 PM #4
Ambassador
2,896,022
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I've heard about this kind of thing for over 20 years.  Sometimes it works, and sometimes they don't get enough entries and return all the cash and keep the house.  

Charities "give" away houses the same way sometimes.  I just don't understand why people care if he tries something unique to sell his house.  I don't it affects anything else we are doing with our own business.  There is room for lots of different methods and business models.

May 14, 2015 03:36 PM #5
Rainmaker
344,530
Yolanda Hoversten
Berkshire Hathaway HomeServices Elite Properties - O'Fallon, IL
Broker - O Fallon, IL Real Estate

I was a little confused at first, but have a better understanding of it now. We have an annual raffle here in my area for Big Brothers, Big Sisters charity. The newly constructed home is built by area builders and contractors, with materials contributed by area businesses. It is raffled off for $100, (with no gimmicky essay). It's been going on for a number of years, so they probably break even, at the very least.

The seller will get a lot of takers, but the house won't be sold if the reserve is not met--the $300,000 value. I imagine the entries will exceed the value. I don't think it's illegal--just another way of marketing it. It's also disclosed that a Realtor-owner is selling it.

May 14, 2015 04:04 PM #6
Ambassador
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TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

Good morning Greg. I do have to agree with Lise. Sounds shady.

May 14, 2015 07:36 PM #7
Rainmaker
679,980
Nicole Doty - Gilbert Real Estate Expert
Zion Realty - Gilbert, AZ
Broker/Owner of Zion Realty ZionRealtyAZ.com

The only thing that confuses me is why they would resort to this kind of sales tactic? Is he not confident in his own skills to sell the home without gimmicks?

May 14, 2015 08:14 PM #8
Rainmaker
279,186
Annette Thor
Connecticut Homes and Commercial Fairfield Cty,CT reinct.com - Westport, CT
Residential & Commercial Real Estate Broker in CT

Greg it sounds like he's really hoping to get way over market value using this method.  I wonder if he has a disclaimer saying if he gets less than x, the contest money would be returned....Well you only need 1333 people to pay $150 to hit 200k.  

May 14, 2015 08:49 PM #9
Ambassador
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Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

I don't understand the last statement where he offers to give everyone back their $150 if he gets market value for the house.  He should ether be sticking strictly toe the contest to sell the home or drop that farce and just try to sell the home.  As for market value, if he dreamt that farce up makes one question what the true market value of the house is

May 14, 2015 10:27 PM #10
Rainmaker
1,210,679
Lorrie Semler, REALTOR® in the Dallas area. Call/text 972-416-3417
United Real Estate - Addison, TX
Real Service. Real Results. Real Estate

It's $150 to submit the essay. He's hoping for enough essays at $150/each to get to his "real" desired price. I smell a lawsuit in his future.

May 15, 2015 01:42 AM #11
Ambassador
3,101,639
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Yep.  He's collecting $150 for the entry.  It's a lottery of sorts. Hope he's checked it out with the state lottery commission.  Lawsuit indeed.

May 15, 2015 04:27 AM #12
Rainmaker
1,560,731
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Hmmmmm . . . he's a real estate agent and he knows, or should know the current market value of the property.

So, if he knows that he's got a house valued at $395,000 and he's soliciting entries of $150 for a "chance" <------------------ that's gambling.  Or, it's a "lottery"  . . or both?

I'm not familiar with the Houston market, but I am willing to bet (LOL . . . I'm so punny) that there will NOT be 2,633.33 people that "enter to" win the contest.

Let's do the math:

$395,000 / $150 entrance fee = 2,633.33 

And if they are that many, he's collecting entry fees of $150 from people that can NOT afford it.  The gullible? 

Just put the f*&@ing house up for sale.  

Texas Law on Gambling

Texas Law on Lottery 

May 15, 2015 05:33 AM #13
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3,101,639
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Nevermind the Fair Housing implications of the essay portion.  This guy is clown.

May 15, 2015 05:36 AM #14
Rainmaker
1,560,731
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

And the managing broker approved this??  OY VEY!!

May 15, 2015 05:44 AM #15
Ambassador
3,101,639
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

He probably is his managing broker.

May 15, 2015 05:48 AM #16
Rainmaker
114,828
Home Value Leads
Autaugaville, AL

After researching this a bit more, it seems that everything is legit. Here is the website for the sale: http://www.150house.com/

The guy has the required state disclosures on the site. He has inspection reports. He has a mold remediation certificate. He has all of the rules and regulations clearly described on that website. 

 

May 15, 2015 08:27 AM #17
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Rainmaker
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Greg Nino

Houston, Texas
Providing Real Estate Advice 7 days a week!
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