What to Avoid
Here’s another example of a stupid mistake that caused a seller to lose about $50,000 on their home sale.
An alert buyer was able to snatch up a $580,000 property for only $530,000. It was being sold by an out of town owner. The agent was not familiar with the area and suggested a low price. The agent did not bother to put a sign on the property and hardly anyone knew it was for sale.
Two buyers both wanted to buy this property.
One the buyer really wanted it because it was right next to his house. He would have a bigger yard with more room for his kids to play. The other buyers lied in the area and wanted a larger yard. He wanted to buy this property and build a house on it. The first buyer bought the property before the second buyer even knew it was for sale. As soon as he found out it was for sale, he made an offer immediately. The seller accepted it and the property sold soon thereafter. This buyer was gladly willing to pay the full market value of the property. He did not need to; the seller accepted the offer he made. The second buyer never found out the property was for sale until it had been sold. Even worse, the seller never realized the mistake.
Bottom line: The seller lost $50,000 because of his agent’s incompetence. While stories like this do not happen every day, they happen more often than you think. It is a risk you taken when you hire an agent who does not have a proven marketing plan. Had a sign been on the property, it would definitely have gotten more interest and possibly even started a bidding war. At $50,000 below market price, the listing would have been bid and counter-bid on several times, possibly even up to fair market value.
Here is another similar story.
In this case, a seller hired an agent whose incompetence cost her $25,000. Her agent completely flubbed a “Perfect Offer”. The buyer submitted an offer at full price on her home, no strings attached. Her agent dropped the ball and a little problem (one that would have been easy to resolve) ruin a perfectly good sale! The house sat on the market for another year and ended up selling for $15,000 less than the original full price offer. Even worse, she wound up having to make another 15 house payments while her home sat on the market. House payments are a frequently overlooked cost of not finding a buyer quickly. Please don’t become another one of these stories! Take time to know the true value of your home. Do your homework and prepare for the sale before putting your home on the market. The good news is that by reading this blog, you are already ahead of the game!
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For the majority of people, the purchase or sale of a home is their largest single investment. My goal is to guide you successfully and easily through the contractual, investment and emotional decisio....
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