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Wait, what?
Picture of gearhounds
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Who cares if the house is sold in such a way, or appeals to the seller getting the highest value for their property? Having sold a house or two over the years, I can say that I’d rather have more than less. And I can say from said experience that not all realtors want to act in the sellers best interest. Both houses I sold were “listed too high” in the realtors opinions. It isn’t that they were willing to give up a higher commission. Realtors deal in time as well as property. If they have to show the house to 100 people before a sale as opposed to showing to 10 before the same in a shorter period of time, they will choose the latter believing that money today is better than only the possibility of more tomorrow. If “coming soon” nets the seller more profit, good.




"Live every day as if it's going to be your last, and one day, you'll be right.”
Malachy McCourt
 
Posts: 11040 | Location: Martinsburg WV | Registered: April 02, 2011Reply With QuoteReport This Post
paradox in a box
Picture of frayedends
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Your are correct Gearhounds. My gf will always recommend listing at a fair price. Overpriced properties sit for a long time. When the seller finally agrees to a price reduction buyers think something is wrong with the place. Better to price right and have bidding war.




These go to eleven.
 
Posts: 10116 | Location: Westminster, MA | Registered: November 14, 2006Reply With QuoteReport This Post
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I have not seen the coming soon but I have seen properties listed in the MLS but stated no showings unit XXX date. Its just a way to drive up interest in hopes the property sells on day one. People get emotionally attached and will be forced to make an offer or lose the property.


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There is no cure for stupidity, you either die from it or with it.
 
Posts: 4181 | Location: Pittsburgh, PA, USA | Registered: February 27, 2001Reply With QuoteReport This Post
safe & sound
Picture of a1abdj
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quote:
If you ever sell any real estate, feel free to refuse all offers above asking price.


My family is in the building business, and we have sold thousands of homes in the St. Louis area for a price. I can't recall a single instance in which a buyer offered us more than what we told them the price would be.

Come to think of it, I can't recall a single instance, ever in my life, where I paid more than the asking price for an item. Do you? Do you go into the gun store and slap down $500 for a gun with a $400 price tag?


quote:
That simply isn't how real estate works. Anyone that goes in expecting to have a full price offer accepted just doesn't know what they are doing (in a seller's market). There is a lot more than price. When realtors say "highest and best", best means a lot. A full price cash offer is the best unless there is a higher price cash offer. Closing date can be a deal breaker. VA of FHA financing is often a deal breaker. Down payment amount, home inspection requirement, etc. There are tons of things that go into a real estate deal that mean more than the price alone.


In addition to the family business mentioned above, I was also a licensed Realtor.

I know that's "not how it works" which is why I have a problem with it. If the intent is to sell to the highest bidder, then the asking price format is the incorrect choice. Auctions have bidders. Listings for sale have buyers.

Don't list something for sale, for a price (and we can include conditions in there as well), and not be willing to accept a seller offering exactly what you're asking for. If you're wanting to create a bidding war, then hire a real estate auctioneer.


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Posts: 13842 | Location: St. Charles, MO, USA | Registered: September 22, 2003Reply With QuoteReport This Post
paradox in a box
Picture of frayedends
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quote:
Originally posted by a1abdj:
quote:
If you ever sell any real estate, feel free to refuse all offers above asking price.


My family is in the building business, and we have sold thousands of homes in the St. Louis area for a price. I can't recall a single instance in which a buyer offered us more than what we told them the price would be.

Come to think of it, I can't recall a single instance, ever in my life, where I paid more than the asking price for an item. Do you? Do you go into the gun store and slap down $500 for a gun with a $400 price tag?


quote:
That simply isn't how real estate works. Anyone that goes in expecting to have a full price offer accepted just doesn't know what they are doing (in a seller's market). There is a lot more than price. When realtors say "highest and best", best means a lot. A full price cash offer is the best unless there is a higher price cash offer. Closing date can be a deal breaker. VA of FHA financing is often a deal breaker. Down payment amount, home inspection requirement, etc. There are tons of things that go into a real estate deal that mean more than the price alone.


In addition to the family business mentioned above, I was also a licensed Realtor.

I know that's "not how it works" which is why I have a problem with it. If the intent is to sell to the highest bidder, then the asking price format is the incorrect choice. Auctions have bidders. Listings for sale have buyers.

Don't list something for sale, for a price (and we can include conditions in there as well), and not be willing to accept a seller offering exactly what you're asking for. If you're wanting to create a bidding war, then hire a real estate auctioneer.


For new construction you are right. Generally the price is set. But as you also know the builder makes more money on upgrades. The initial agreed price is rarely the final price.

Regarding existing sales I don’t get your problem with it. There is a list price not an “asking” price. If there is low inventory and multiple offers you think the seller should take the list price offer, ignore higher offers, and ignore all the other factors that make an offer good or not? If it were a buyers market things would be different. But home sales are always best offer situations. I think people most understand this. If they don’t then they should hire a good realtor. Wink




These go to eleven.
 
Posts: 10116 | Location: Westminster, MA | Registered: November 14, 2006Reply With QuoteReport This Post
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