In 2007 we turned down a listing I really wanted. It had such great curb appeal. The home was a For Sale By Owner when I first saw it. I made contact with the wife who needed and wanted to sell her home. By the time we were allowed to give a listing presentation it was obvious the Market was slipping badly. As is often the case when you deal with FSBO's they have an inflated idea of the value of their home. Often they are upside down and just cannot face the fact they must come to the closing table with money if they have any hopes of unloading their little piece of paradise. Well it was abundantly clear that paradise in this case had gone south. . They were adamant about the value of their home...Our team did the comps and they were not even close to being in the market at the price they were stuck on.
Part of our listing presentation entails saying we would rather disappoint you now than six months down the road. We are serious about this. Though, admittedly at the time, it gave me serious heart burn. I just hate to walk away from a Listing, especially one I really want. At the same time we take the concept of a Fiduciary relationship seriously. If there is no way you can sell at the price a client is demanding the kindest and most honest thing to do is walk!
It would be down right funny if it were not so sad! Another Realtor took the listing...this so called professional did everything Mr. and Mrs. FSBO wanted. A few days ago on the way to the post office I saw a sign on the home that said Short Sale. Mrs. FSBO had really wanted us to list her home and was incensed that we would not do what she wanted. There is a wee part of me that would love to say" I told you so!" But the real emotion I feel is contempt for that Realtor who took the listing. The home would have sold at the price we gave them. Yes, it would have been painful at the time but oh the heartache and credit hit they must endure now. Probably the best part is if they had taken our advice back in '07 the results would not have been so dear and at this point just a bad memory in their lives. Granted sometimes we all take an over priced listing....or we hang on to a listing we know should be reduced... But any Realtor worth their salt had to know these folks would pay dearly for allowing them to proceed on the path to Short Sale. Shame on her!.
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