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" BUYING A HOME ON E-BAY"

By
Real Estate Agent with Century 21 Lakeside Realty 2002011212

 

Has anyone seen a home for sale on e-Bay?  Well it might be a steal for some, but for 3 sellers that bought homes on e-bay it was a nightmare.

First they purchase a home on e-bay and not knowing what the market value is for that home in the area they requested. 

Now I have 3 sellers that purchased a home on e-bay and bought it so high that they really thought they were getting a steal.

Well, I had to tell them exactly what there home was worth and some of these homes didn't even have pipes for water.  "Oh my"!   This is so devasting to them becasue they thought they were going to make a killing.

Well sorry!  I had to show them the comparables, and they were shock!  

This is a lesson learned.... and The first thing a buyer should do is contact the agent in that town and see what the market are really worth before they go buying. 

Yes, they are all from out   of town, and they never been to this area at all. 

Has anyone else exprience this?  Let me know!

 

 

Comments(5)

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James Gordon
Sibcy Cline Realtors® - Cincinnati, OH
REALTOR, PBD SFR SRS
I always tell people that are new to real estate investing to buy something that is close to them so that they can see the property and do some of the work themselves.
Feb 17, 2007 09:07 PM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Now they have to figure out how to blame REALTORS for their folly.

 

Feb 17, 2007 10:43 PM
Jim & Maria Hart
Brand Name Real Estate - Charleston, SC
Charleston, SC Real Estate
I can't even imagine buying a home off of eBay.  Other things, yes.  But a house, especially one in a market that I know completely nothing about, NO!
Feb 18, 2007 04:02 AM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Red Hook, NY
Mid Hudson Valley real estate connection

What a costly mistake, here is a classic example why realtors are necessary.

Feb 18, 2007 06:21 AM
Maria Cutrona
Century 21 Lakeside Realty - Austintown, OH
ASP

Jennifer, you are right, about realtors are necessary!   Buyers beware!  

 

Maria Cutrona

Feb 24, 2007 07:33 AM