How long should you give your real estate agent

[jcommin]

In the hot areas in Chicago, homes sell in days. My son just sold his Chicago house in less than 2 weeks at full asking price.

Two months is to long. I would say either the house is overpriced or not presented well or both.

[speeder]

Originally Posted by ckcarr

What cracks me up is when a person lists their house and it sells in a day... And they're all happy. My feeling is it was severely underpriced, and the agent made a fast buck...

Not in Los Angeles. It can be severely overpriced and sell in a day. I could show you endless examples of houses selling for $3-400k over asking in days. And they were not priced cheaply to begin with. It’s a Hunger Games market for people trying to buy $1.5M starter homes.

[Shaun @ Tru6]

One of my local customers stopped by today, he's a mortgage broker, he thought, in addition to some of the good thoughts here, that the condo association may be known to be difficult or under litigation or something like that.

In fact one of the main reasons for her selling is the condo association. It's a serious s-show from the stories I hear. Nothing legal, more like high school catty ****.

Thanks for all the good thoughts.

[drcoastline]

Originally Posted by Shaun @ Tru6

One of my local customers stopped by today, he's a mortgage broker, he thought, in addition to some of the good thoughts here, that the condo association may be known to be difficult or under litigation or something like that.

In fact one of the main reasons for her selling is the condo association. It's a serious s-show from the stories I hear. Nothing legal, more like high school catty ****.

Thanks for all the good thoughts.

That sounds like a vible probem. If the agent is aware and the buyer disclosed (as is legally required) In New jersey we have a Seller disclosure form the seller fills out and signs. If the association is in littigation or think of the miami condo collpase where there where maitnenace issues these would need to be disclosed. Buyers maybe walking away especially in light of the Miami condo collapse.

Both of my examples could result in special assetments to owners. Who would buy a property knowing they may get hit with a huge special assement or multiple assesments right after purchase? $10K roof repair bill, $50K railing replacement, Water damage pool deck, etc?

I am wondering why is your friend selling?

Edit: the high school catty sh!! can be put to an end real quick. Pull out the master deed and by-laws and say follow the rules or you are gettig sued.

[Shaun @ Tru6]

How about $700,000 for a lobby renovation that looks like it was done for $50K.

[drcoastline]

That could turn a buyer off. Would you buy in a property that has that kind of shoddy workmanship in a public space?

Only one opportunity to make a good first impression. Right? In a singl family "curb appeal" In a condo public space appeal.

Is the $700K renovation in a lawsuit? Someone needs to foot the legal bill and insurance isn't paying for it.

[Shaun @ Tru6]

No lawsuit, nothing like that. I look at it and can't imagine where $700K went. $200K, I could see that all day long even though it looks like $50K. But not 7. or even 3.

[Norm K]

Originally Posted by speeder

Not in Los Angeles. It can be severely overpriced and sell in a day.

It might seem severely overpriced to you but if a buyer steps up (or often multiple buyers) on the first day and offers asking or higher, then the market says you're wrong.

_

[t6dpilot]

I have my RE license, but don't actively practice. However, I follow the market pretty closely where I have interest (certain areas of Chicago, SW Colorado for example). Why don't you send us the listing link. There are lots of reasons that a property doesn't sell within a reasonable time and many markets have different factors that affect demand. It could sit for many of the factors previously stated:

Overpriced (seller or broker set - usually seller)
Condo versus single family home. The condo market may not be as strong as single family homes right now depending on the area.
Time of the year (this is a slow time - very early spring is the best right after the Super Bowl).
Is it outdated or need updating?
How is the health of the condo association? Any special assessments in the past or coming up?
Staging - a properly staged home will sell quickly if priced right. A cluttered home will languish.

[Shaun @ Tru6]

I would like to Scott but I would like to keep my friend anonymous.

[TimT]

We just sold our Vermont property for 300K over appraised.. which was 250K over asking in a matter of days..

Rural Vermont...yes lakefront...

We had a bidding war going on....Finally my brother just set a date for BAFO..

At least my Mom won't have to worry about her assisted living place

[aigel]

In a hot market a listing is more of an auction than anything else. You start it at your reserve price, so to say, something you could live with but low. Then you let the market figure it out. In a hot market there are always at least a hand full of buyers making offers and you will get what it is worth, just like putting something up for auction.

This property you describe Shaun, it looks like it is expensive (not a starter home or rental), has some questionable remodel work and is in a possibly undesirable neighborhood. If the market isn't super hot, this may be a turn-off. If I'd buy something in an HOA, you bet I'd go ride my bike around and chat up some neighbors. "Hey, I am thinking about moving here ... do you like living here? Is it quiet? How is the HOA!?" - If that yields poor results, that may be part of the reason.

All really not a big deal, it just means the property isn't worth what your friend thinks. People compromise on a lot of the price is right!

G

[look 171]

My take is to lower the price a bit and let it go. How long has your friend owned this place, Shuan? If over a few years, they made their money already, so let it go while its still hot. Your friend should have every right to tell the agent to see at a certain price even if its under market value. Don't get greedy, take the money and spend it on something else. Agents work for your friend, not against.

[stomachmonkey]

Originally Posted by look 171

....Don't get greedy, take the money....

Things I've (sometimes painfully) learned.

Bulls and bears make money, pigs get slaughtered.

No one ever lost money on a profit.

[rwest]

Spammer reported.

But, while we’re here, did the condo sell?

[masraum]

Interesting. I would not have thought that HAR needed SPAM.

I got a text the other day from someone wanting to offer me a job that I could do part time from home to earn $200 - $6000. I wonder if that's what all of our spammers are doing.

[JavaBrewer]

What is the process to report a spammer?

If you hover over the link posted you can see where it leads to.

[Seahawk]

Originally Posted by JavaBrewer

What is the process to report a spammer?

Just PM me or OT-PARF. We can either fix or ask for assistance from the PP folks.

Post removed.

[porsche tech]

I think the rule of thumb is if you ask too much to start with, you generally net less than if you price it right to begin with. My 2¢.

[dad911]

Depends on the market and of course price.

In my area of Florida, there is a 10+ month supply, In NJ the market is still warm and we are selling in weeks.

If it's been 6+ months, sounds like it was overpriced and she is chasing the market down.

Good realtors I know would rather not take a listing than agree to list it over priced.