Our house is Sedona subdivision of Tustin Ranch was listed a week before this home. The agent is NOT in our County. They did not put up a sign in the yard or put a lock box on the house.
The listing was not accurate. The agent did not return my phone call or my agents phone call. It sold the first day and was listed $30,000 under our asking price.
I've had over 60 agents in my home. I've left home on early on Saturday morning, after 7pm, twice given a 20 minute notice before a showing...
Please don't take what I say personally but it sounds like a case of sour grapes.
"The listing was not accurate"- Give me an hour I can find you 100 that are not accurate-from sq. footage, descriptons, etc..
"I've had over 60 agents in my home". That doesn't mean your house is worth more or that will guarantee you a buyer.
It can be very frustrating making sure your home is ready, clean, etc..showing it all the time I understand but it still doesn't guarantee you a buyer.
"If it's a distressed prperty, aren't they supposed to list it that way?" If it's an REO or short sale the buyer will be told..but so what? I've heard agents say well that home sold for less but it doesn't really count because it was a REO..or such. Umm, yeah...right. If it has 4 walls, the same stucco, etc...as yours..guess what? it's a legit comp! And that is your competition.
There are sellers out there that may find buyers before it goes on the market. We're in escrow for selling a rental that we own without having to even put it on the market.
Now you have to come to terms because even if you get an offer the buyers will need an appraisal that comes in at their offer. And two of the last comps as you pointed out went for less which makes it more difficult to sell. I say if you really want to sell lower your price, or you may be chasing the market down.
If that property closes at the listed price, you'll need to re-examine your own price and adjust accordingly. It doesn't make a whit of difference if the home is an REO, Short Sale, or Equity Sale. What matters in this case is closing price. The market has said the value of this model match property is X. The home might be a "comp killer" sold at such a low price that appraisers cannot ignore it's impact on surrounding values.
I'd certainly recommend having a deep conversation with your listing Realtor. How did they NOT know this home was coming? What strategies are they employing to mitigate the damage? What is their sales plan over the next 30-45 days knowing this comparable is now marketed? What is your obligation to their firm? I'm certain there are 1000 other questions to ask, and now is the time to do so.
Tough situation to be in. You're not alone.
Thanks for reading,
John Wheaton NMLS 653018 | Redfin Open Book Recommended Lender See all my reviews
I agree with JK-1 that it sounds possible they already had a potential buyer in waiting...also, their listing has no pictures so we do not know the condition of that house compared to yours.
It looks like homes are selling in that neighborhood at around $300/sq.ft....the one you posted the link is listed at $313/sq.ft and might close closer to $300/sq.ft. ...I am not sure which is yours but I see a similar home listed at $327/sq.ft. Someone might be willing to pay at or close to that if they value the condition and the place appraises there. Also, the location within a tract can influence demand for it...
As for their lifting your brochure details, if they had a buyer waiting then the brochure didn't really matter although I understand how you feel about someone swiping your marketing material. But it could help you out a little since that place is not available so someone who came across their listing would also likely be considering your place.
If that property closes at the listed price, you'll need to re-examine your own price and adjust accordingly. It doesn't make a whit of difference if the home is an REO, Short Sale, or Equity Sale. What matters in this case is closing price. The market has said the value of this model match property is X. The home might be a "comp killer" sold at such a low price that appraisers cannot ignore it's impact on surrounding values.
I'd certainly recommend having a deep conversation with your listing Realtor. How did they NOT know this home was coming? What strategies are they employing to mitigate the damage? What is their sales plan over the next 30-45 days knowing this comparable is now marketed? What is your obligation to their firm? I'm certain there are 1000 other questions to ask, and now is the time to do so.
Tough situation to be in. You're not alone.
Thanks for reading,
JW,
With all due respect, there's no 'sales strategy' that's gonna fix his problem. We've come to a point in Real Estate where all the pretty flyers, open houses, and realtor caravans mean nothing. This isn't like it was 20 yrs ago when buyers didn't have access to listings via the internet and agents had to hustle a lot more for leads. Now, the vast majority of buyers find listings on-line and then call the agent. The best things a seller can do is price accordingly, make the place clean and presentable, take nice photos, and have a listing agent that is quick to respond to all inquiries and offers.
I don't disagree. It used to be "location, location, location" that differentiated properties. Now it's "price, price, price", especially when you've got 5,000 model matches in some of the more cookie cutter communities. The OP was not well served by their realtor in how this property was listed for sale. They deserve straight answers, swiftly provided, so they can adjust their exit strategy accordingly.
Thanks for reading,
John Wheaton NMLS 653018 | Redfin Open Book Recommended Lender See all my reviews
JW made this comment: "It used to be "location, location, location" that differentiated properties. Now it's "price, price, price", especially when you've got 5,000 model matches in some of the more cookie cutter communities. The OP was not well served by their realtor in how this property was listed for sale. They deserve straight answers, swiftly provided, so they can adjust their exit strategy accordingly." ( After a previous comment he made, which indicated HIS opinion, that ALL comps should be priced like the distressed sale listings, down the street.)
I have demonstrated, on numerous occasions, that there are two separate tiers for pricing in my area of Coto de Caza.
If I were to take the distressed sales of last year, and compare them to the "equity" sales, there is about a 5% - give or take, a skosh - premium for the equity properties. As a listing agent, it would be wrong for me to tell an equity seller - especially one with a REALLY nice property - that he can't expect to get more for his house, than the run down piece of excrement, listed down the street.
Occasionally, it DOES happen, where a foolish seller listens to an out of touch agent, and DOES list their home too low, and that becomes a terrific buy, for an eagle-eyed buyer. There's a listing in Coto right now, which came on the market more than $50k too low - based on neighboring comps and listings. It went into escrow, with multiple offers, in less than one day.
So, yeah, there are such things as actually marketing a property, in today's HOT market, without simply reducing things to the lowest price.
All this, of course, is merely MY opinion. Thanks for reading.
Bob Phillips - Realty ONE Group - South Orange County, CA
My agent said the house was scheduled for auction forsclosure this week, so they listed the house at a low price in order to stall or prevent the forced sale.
The listing said the laundry is in the garage, and it's really upstairs. It said "as is" but did not say short sale.
It just seems shady.
We did got an offer before this home was listed. I'm just wondering if this is ethical. If the agent was in my agents board it would be easy to complain. Since they are in LA versus Orange County, it seems like too much hassle for her.
For many shortsales they are just fishing for an offer to present to the lender. It does not mean it will close.
Often the lender rejects the offer and other future offers before finally accepting one at a higher price or they end up foreclosing after they string the homeowners along, or after the homeowners string the lenders along, depending on who want to drag this out the longest.
