Heather the Realtor - Orlando Area's Top Real Estate News

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Receiving an offer

The other day I received an offer on one of my listings. It was from an agent I had meet earlier this year and have attended numerous events with. Now I do realize we are in a buyers market and prices are down but I try to do my best to properly price a listing and price it even a tad under market. The offer I received was $40k under what the list price is, this is well below what the seller paid for the house almost 4 years ago. When I told my seller of the offer price he didnt even want to counter back he was completely insulted. So I talked with him a little and said why dont we at least verbally throw a number out there and see what we can get done. I didnt want to deal to just die even though the offer was insulting.

Long story short the buyers came back at $190 and said they house isnt even worth that we can get something brand new for $20k more. So I asked the agent where they were looking and the neighborhood is in a seedy part of town where most people dont like to live and my listing is in Lake Mary, ranked #4 place to live in america. Hmm some how I dont think you are comparing apples to apples. I asked the agent if he comped the house out which he explained he didnt. Isnt this a disservice to your buyers to not explain all the advantages or disadvantages over one of or the other? Isnt it our job to educate them on the market, resale potential, some information on the area and where to find demographics?

Oh well it was nice to think I could sell another one of my listings in this market under 2 weeks but guess it was just too good to be true. 

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Heather Joubran, GRI, NRBA, CLHMS, CDPE

RE/MAX Central Realty

www.HeatherTheRealtor.com     (407) 810-6304

Specializing in First Time Home Buyers, Short Sales, Bank Owned Real Estate, REO & Foreclosure Properties

Servicing Real Estate Needs in: Lake Mary, Longwood, Winter Springs, Sanford, Altamonte Springs, Oviedo, Orlando, Downtown Orlando, Thornton Park, College Park, Winter Park, Maitland, Windermere, UCF, Lake Nona, Baldwin Park, Apopka, Ocoee & Winter Garden

 

8 comments • Heather the Realtor - Orlando, Lake Mary First Time Home Buyers, Bank Owned Homes • September 26 2007 01:19PM

Comments

Heather, there is an underlining issue here for the Buyers agent not to "steer" from one area to the other. The buyer's agent can "be the source of the source" about areas but Fair Housing is at play here IMO.

Were the buyers from the area or from out of the area?

Posted by Charlottesville Real Estate - Your Trusted Broker Charles McDonald (RE/MAX Assured Properties - No one sells more Real Estate) over 2 years ago
There will always be those out there willing to throw out the line and see if someone bites. But, that said, do dome comps if you are working with a buyer!
Posted by Gary L Waters PLLC-Realtor Viera Suntree Melbourne Rockledge Brevard County FL (Century 21 Baytree Realty, 1211 Admiralty Blvd, Rockledge) over 2 years ago

Knowledge is key! That agent must like driving those folks all over the place;) Hope you sell it yourself!

It's a Good Life!

Fran Rokicki, Clubnet~Mentor

 

Posted by Frances C. Rokicki, Broker~Mentor,CRS (Fran Rokicki Realty, LLC) over 2 years ago
It is too bad that this is happening; hopefully you and your seller can hold out for an educated buyer.
Posted by Creative Group R.E. Inc. over 2 years ago
Heather - I don't understand "seedy part of town". I could see you offering comps to the agent so that the buyer could see where you derived your price structure. If homes are availble that the buyer perceives to be of equal or greater value, the agent did their job showing them. I am reminded of buyers that I was showing homes to in Bethesda and Silver Spring. The showing agent blatantly remarked that Bethesda was the place to live because "those" people that live in Silver Spring don't live here. I casually asked who those people were and the agent rolled her eyes and said "Bethesda has a much higher income demographic, blah blah blah." My clients bought the unit is Silver Spring. Your entry made me wonder if Silver Spring was "seedy". It would be hard for me to determine, I live in Silver Spring but I show homes everywhere that one that meets my buyers criteria. I hope you are hungry, this was just food for thought.
Posted by John MacArthur (ReMax Realty Centre) over 2 years ago
Im not steering people I just believe that when comparing homes and writing offers you should make sure to compare apples to apples. Yes you are getting a new home but what kind of area, demographics and schools I am not saying no one should live in this area but the area in no way compares to where my home is located, yes my home maybe a few years older but you are paying for ammenities, schools and locations. 

When working with buyers isnt it our job to help educate buyers on how these differences impact price, Location, location, location
Posted by Heather the Realtor - Orlando, Lake Mary First Time Home Buyers, Bank Owned Homes (RE/MAX Central Realty) over 2 years ago

Heather, I did not mean you were "steering" it could be that the Buyers Agent might feel they were steering. I like the idea of giving them comps.

Here is a sugestion. Run a CMA or COMPS of homes in the correct area and leave copies in the home for buyers....

Best of luck, Charles

Posted by Charlottesville Real Estate - Your Trusted Broker Charles McDonald (RE/MAX Assured Properties - No one sells more Real Estate) over 2 years ago

I feel your pain. About three weeks ago, I received an offer that wasn't even HALF of our asking price. When I told my seller over the phone, he was silent for a few seconds before responding. He was probably trying to refrain from laughing.

Hope you sell the home fast!

Posted by Joshua Lazaro, serving New Orleans and the Greater New Orleans Area!!! (Prudential Gardner, Realtors) over 2 years ago

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