Trooper_IHB
New member
so ipop, what are his comps looking like?
I hope I'm in the right place
- Thread starter manchesterjack_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
Don't listen to Capt. Ipop. I never show anything less than 5%.
;-)
3% will get every broker there. Good, bad, or otherwise. Going above that, philosophically, I think is a waste and should be better reflected on the list price, which affects a larger pool of end-users: the actual buyers.
Some people dislike lawyers. Some dislike cops. Some dislike realtors. You can't win 'em all.
But you can treat each other with respect.
You can deal honestly.
And keep a modicum of self-worth knowing you have a great capacity to help people in doing what you do well.
I don't like realtards either. They're leaving the industry en masse.
Okay... here is your first problem. You have to be freakin kidding me that you have only one sink in the master bath, in a home that is 2100 plus sqft. I wouldn't even consider a home with one sink in the master bath. You gotta give the SO a space of their own in the bathroom, and I have known this for years and years.
Now for a little story. My neighbor recently listed his house for 40% less than the "recent comps" on a sqft. basis. He bought around the same time as you, and had equity to play with. Guess what though? He not only had traffic, but he had offers, and offers over the listing price. It must have sold, because there has been some crappy construction work being done. Gawd I hope they don't try to flip it. Anyway, the point is, and he is a broker that actually knows the market, that he knew of the foreclosures and short sales in the area. If he didn't price it as low as he had, the other homes would have beat him to that price point eventually. There has been a few foreclosures in your neighborhood, and a few more that are in trouble. If your agent is as professional as you say, they will beat them to the punch in price.
If you want to list it again, go ahead an price it at $699k, but if you want offers, then price it at $625k, and better yet $599k. You pay off the ex, and get at least $50k for yourself, why be greedy? Feng shui ain't going to help you, it is the price, and like ipop says, your neighbors. Why would I pay $700k for a 2100 sqft. 30 year old home, when I could easily find and have seen 30 year old 2500+ sqft. homes sell for less than $650k, with just as good schools, not far from Irvine, just as low of crime if not lower, and near establishments that stay open past 10pm? As Adibi has said, OC is not special, and neither is Irvine. Or better yet, why would I pay that price when I can get a 2yr old Woodbury foreclosure for less than $700k? It's going to happen, and your agent should know about it, it is their job. I have that info, and I don't get paid for your home selling, so they should at least have that info for you.
Yep, these small little niche companies, while not uber-profitable, will eventually put the greedy lot out of business. If a customer can log onto a computer and get any and all information they want, the RE agent is put into a very, Very small role. We still have to use them to purchase the house, how long will it be before we have people who are discount, "Johnny on the spot" agents?
Trooper, no need to rant, once you know what they are all about, now you can manipulate the system to YOUR needs. Its one of my greatest tools in my basket.... They see me drive up in a economy car, dress in jeans and a T-shit and immediately discount me. Of course when I show up with a big check and a fleet of people get the work done, they stop laughing (because by then, I have the upper hand in the deal).
Anyways good luck
-bix
Troop,
A broker would have to be a "Realtard" to pass on a deal like that. If someone has done the homework and knows what they are looking for, it is a very very reasonable deal. Smart businesspeople focus on the long-term benefits, not the short-term outcome.
Some poetry for the morning:
A Little More
I recall the kind old grocer
When the sugar he would pour,
How he'd tip the scale to balance,
Then he'd add…just a little more.
My how his business prospered,
Folks were always at his store,
For he'd give an honest measure,
Then held add . ..just a little more.
So it is with life, my Brother,
We would build a better score;
If, when we've done what is expected,
We’d add…just a little more.
Relator,
While I would agree with you, having alot of experience with realtors and brokers, they NEVER tell you the good deals, you have to search them out for yourself. They also tend to have these little deals with the loan agents/et al. NOW you tell me I need their help at the tune of 3% for doing the research, the work, the finding, the driving?
I will say though that the efforts you put into your clients have been quite extraordinary. Hopefully alot of people take a cue from your work and put in that bit of extra effort.
good luck
-bix
IrvineRealtor_IHB
New member
Trooper said:
Don't listen to Capt. Ipop. I never show anything less than 5%.
;-)
3% will get every broker there. Good, bad, or otherwise. Going above that, philosophically, I think is a waste and should be better reflected on the list price, which affects a larger pool of end-users: the actual buyers.
Some people dislike lawyers. Some dislike cops. Some dislike realtors. You can't win 'em all.
But you can treat each other with respect.
You can deal honestly.
And keep a modicum of self-worth knowing you have a great capacity to help people in doing what you do well.
I don't like realtards either. They're leaving the industry en masse.
IrvineWorker_IHB
New member
There are currently 14 active listings of 4BR homes under 800K in Northwood and 7 in escrow, so you have a good chance of selling your home, IF it is priced right and it could benefit from a little staging, as well. You'd be amazed at what a good stager can accomplish for just a few hundred dollars. From looking at the photos, some of the decor is taste specific and you have a lot of white walls. I'd suggest a warmer paint color. Most buyers want to feel like they can move right in. I think a price of $699K or maybe even a range price of $675K to 725K should get your home sold. Good luck to you! This house can be sold, but don't waste any time or the spring buying season will be over.
Trooper_IHB
New member
What I'm saying IR2, is your comment about the almost mandatory 3% co-op or realtors wouldn't show it....struck a nerve.
I was in exactly this situation a few years ago when I bought my house. My real...real....realtor, who I thought was on my side, was not. After looking at a bunch of listings over several months, I stumbled across the perfect house on Realtor.com. I called the agent and asked her why she hadn't shown it to me yet, b/c it fit all of my criteria and was priced right (and this was a small town, no way she didn't know about it). She mumbled something, but we got into the property the next day.
The MLS sheet in the house said it had been listed for the entire time I had been looking, but I still didn't really think much of it. I submitted an accepted offer that same day. I didn't realize, until I was at the closing table, that she was only getting 2% and the listing agent 3%. Then the bell went off in my head, "OH, so THAT'S why she never showed me the house". Talk about pissed. I mean it was the perfect house, exactly what I had been looking for and she should have known that. Instead, she was too worried about her paycheck than serving me well.
You even confirm that this is a common practice today. I call it realtors in collusion with other realtors, attempting to manipulate the system so that it suits their needs best. I believe this is why all those start up realty companies will eventually be the end of realtors as we know them. Their own greed will have rendered them "replaceable". /rant
Nice hair though !
and thanks for sending everyone the comps they requested. That's cool
I was in exactly this situation a few years ago when I bought my house. My real...real....realtor, who I thought was on my side, was not. After looking at a bunch of listings over several months, I stumbled across the perfect house on Realtor.com. I called the agent and asked her why she hadn't shown it to me yet, b/c it fit all of my criteria and was priced right (and this was a small town, no way she didn't know about it). She mumbled something, but we got into the property the next day.
The MLS sheet in the house said it had been listed for the entire time I had been looking, but I still didn't really think much of it. I submitted an accepted offer that same day. I didn't realize, until I was at the closing table, that she was only getting 2% and the listing agent 3%. Then the bell went off in my head, "OH, so THAT'S why she never showed me the house". Talk about pissed. I mean it was the perfect house, exactly what I had been looking for and she should have known that. Instead, she was too worried about her paycheck than serving me well.
You even confirm that this is a common practice today. I call it realtors in collusion with other realtors, attempting to manipulate the system so that it suits their needs best. I believe this is why all those start up realty companies will eventually be the end of realtors as we know them. Their own greed will have rendered them "replaceable". /rant
Nice hair though !
and thanks for sending everyone the comps they requested. That's cool
IrvineRealtor_IHB
New member
Troop,
Sorry to strike a chord, but your story exactly crystallizes the dilemma for sellers.
And yes, thank you. I borrowed some of ten's pomade.
Sorry to strike a chord, but your story exactly crystallizes the dilemma for sellers.
And yes, thank you. I borrowed some of ten's pomade.
manchesterjack_IHB
New member
Hi. it's late but time for one more post before I go sailing on Blanket Bay.
Our realtor was a true professional in every sense of the word and he did all the things
you would expect from an agent but I think the comment about buyers sitting on the fence
hits pretty close to home. Towards the end of our contract I was telling him to do whatever it took to get an
offer, the divorce decree orders the house to be sold at fair market value and if 720k was the only offer in 8
months there would be little problem in filing an emergency ex parte with the judge to push the sale through.
But still no offers, not even a lowball!!!
The house is completely remodeled, I'm not a builder but I've dabbled in the trades and there was very little of the
original fittings left. No popcorn, master shower recoated and new aluminum doors. Master bath converted to one large sink and stand alone
cabinet. Tile everywhere(is this a negative for the Asian buyers??) Tile in second upstairs bathroom, Tile in downstairs bathroom/ shower.
all new low flush toilets, sinks and faucets. All three bathrooms were matched, ie same tile, same sink, same toilet, same faucets and this all matched the
kitchen (except for the big double sink) Near new carpet throughout the house( before we went to market I had a carpet installer come in and stretch out
some ripples and loose areas) New roof, new paint outside, mostly brushed a good solid coat that hasn't faded and will protect the wood for years to come
Remote fans(the $300 versions) in the master and the downstairs bedroom/office. $6,000 worth of new glass across the downstairs family room
to the kitchen. Every door knob in the place replaced with newer shape, brushed chrome style(again I wonder if the bright chrome hi-tech look is a too cold for the
market which was mostly young, successful, asian couples) There's more but I can't remember right now.
The house kind of fell out of the market, I haven't spoke with our agent yet but I will, he will probably throw a little light on the situation.
Funny thing is my ex says the phone is ringing all the time and some of the prospects are asking what's going on, now it's off the market it's like they woke up.
Maybe we need to relist and say it's $700,000 to the first buyer, no whining or playing games, take it or leave it. We owe 400k on it and I owe my ex the first
115k. With commisions to pay I can still make a fair pay check out of it but the trend is still going down so it's possible that it could reach the point wher it's not worth selling
I really can't get a feel for it, I'm confused to the point where I wonder if it's got something to do with the ugly bastard that lives next door, the one who can't keep his
nose out of everyone elses business.
Then there's always the Feng Shui?????
HELP!!!!!!!
I really don't know
Our realtor was a true professional in every sense of the word and he did all the things
you would expect from an agent but I think the comment about buyers sitting on the fence
hits pretty close to home. Towards the end of our contract I was telling him to do whatever it took to get an
offer, the divorce decree orders the house to be sold at fair market value and if 720k was the only offer in 8
months there would be little problem in filing an emergency ex parte with the judge to push the sale through.
But still no offers, not even a lowball!!!
The house is completely remodeled, I'm not a builder but I've dabbled in the trades and there was very little of the
original fittings left. No popcorn, master shower recoated and new aluminum doors. Master bath converted to one large sink and stand alone
cabinet. Tile everywhere(is this a negative for the Asian buyers??) Tile in second upstairs bathroom, Tile in downstairs bathroom/ shower.
all new low flush toilets, sinks and faucets. All three bathrooms were matched, ie same tile, same sink, same toilet, same faucets and this all matched the
kitchen (except for the big double sink) Near new carpet throughout the house( before we went to market I had a carpet installer come in and stretch out
some ripples and loose areas) New roof, new paint outside, mostly brushed a good solid coat that hasn't faded and will protect the wood for years to come
Remote fans(the $300 versions) in the master and the downstairs bedroom/office. $6,000 worth of new glass across the downstairs family room
to the kitchen. Every door knob in the place replaced with newer shape, brushed chrome style(again I wonder if the bright chrome hi-tech look is a too cold for the
market which was mostly young, successful, asian couples) There's more but I can't remember right now.
The house kind of fell out of the market, I haven't spoke with our agent yet but I will, he will probably throw a little light on the situation.
Funny thing is my ex says the phone is ringing all the time and some of the prospects are asking what's going on, now it's off the market it's like they woke up.
Maybe we need to relist and say it's $700,000 to the first buyer, no whining or playing games, take it or leave it. We owe 400k on it and I owe my ex the first
115k. With commisions to pay I can still make a fair pay check out of it but the trend is still going down so it's possible that it could reach the point wher it's not worth selling
I really can't get a feel for it, I'm confused to the point where I wonder if it's got something to do with the ugly bastard that lives next door, the one who can't keep his
nose out of everyone elses business.
Then there's always the Feng Shui?????
HELP!!!!!!!
I really don't know
graphrix_IHB
New member
Okay... here is your first problem. You have to be freakin kidding me that you have only one sink in the master bath, in a home that is 2100 plus sqft. I wouldn't even consider a home with one sink in the master bath. You gotta give the SO a space of their own in the bathroom, and I have known this for years and years.
Now for a little story. My neighbor recently listed his house for 40% less than the "recent comps" on a sqft. basis. He bought around the same time as you, and had equity to play with. Guess what though? He not only had traffic, but he had offers, and offers over the listing price. It must have sold, because there has been some crappy construction work being done. Gawd I hope they don't try to flip it. Anyway, the point is, and he is a broker that actually knows the market, that he knew of the foreclosures and short sales in the area. If he didn't price it as low as he had, the other homes would have beat him to that price point eventually. There has been a few foreclosures in your neighborhood, and a few more that are in trouble. If your agent is as professional as you say, they will beat them to the punch in price.
If you want to list it again, go ahead an price it at $699k, but if you want offers, then price it at $625k, and better yet $599k. You pay off the ex, and get at least $50k for yourself, why be greedy? Feng shui ain't going to help you, it is the price, and like ipop says, your neighbors. Why would I pay $700k for a 2100 sqft. 30 year old home, when I could easily find and have seen 30 year old 2500+ sqft. homes sell for less than $650k, with just as good schools, not far from Irvine, just as low of crime if not lower, and near establishments that stay open past 10pm? As Adibi has said, OC is not special, and neither is Irvine. Or better yet, why would I pay that price when I can get a 2yr old Woodbury foreclosure for less than $700k? It's going to happen, and your agent should know about it, it is their job. I have that info, and I don't get paid for your home selling, so they should at least have that info for you.
lawyerliz_IHB
New member
One last comment, which is sort of an obsession with me.
I'm in Miami/Brevard, and here, nobody but the highest
of the high scorers/earners, with down payment are getting
any loans. Remember, even at your reduced price, there are
very few who have 20% down, and then have the income to
pay for a (say) 650 thou house. That's 130,000, a lot of money to
most. Hey, IRenter, what can the average Irvinite qualify for,
in the average income is $90,000? Or, median. $520,000 is
a LOT of money to borrow. 4 times income (which I regard as
ridiculously high) is only $360,000. 3 times is "only" $270,000.
Maybe your pool of possible buyers is only 10% of the population.
Loans may actually be available there, but they also may be an
illusion.
I like to go to open houses, but it is just curiousity, tho we did
buy the house we are in as a result of one.
Is the ex getting the phone numbers of these now supposedly
eager buyers?
I'm in Miami/Brevard, and here, nobody but the highest
of the high scorers/earners, with down payment are getting
any loans. Remember, even at your reduced price, there are
very few who have 20% down, and then have the income to
pay for a (say) 650 thou house. That's 130,000, a lot of money to
most. Hey, IRenter, what can the average Irvinite qualify for,
in the average income is $90,000? Or, median. $520,000 is
a LOT of money to borrow. 4 times income (which I regard as
ridiculously high) is only $360,000. 3 times is "only" $270,000.
Maybe your pool of possible buyers is only 10% of the population.
Loans may actually be available there, but they also may be an
illusion.
I like to go to open houses, but it is just curiousity, tho we did
buy the house we are in as a result of one.
Is the ex getting the phone numbers of these now supposedly
eager buyers?
awgee_IHB
New member
It has as much curb appeal as possible.
You've staged it.
The only factor now is price. Anything will sell for the right price. If you lower the price enough, it will sell. And there is nothing you can do to get folks to pay more than they want.
It doesn't matter what anybody else is listing their property for. It doesn't matter how much you owe. It doesn't matter how many people tell you how nice your home is. It doesn't matter ...
Stop paying attention to anything but price.
You've staged it.
The only factor now is price. Anything will sell for the right price. If you lower the price enough, it will sell. And there is nothing you can do to get folks to pay more than they want.
It doesn't matter what anybody else is listing their property for. It doesn't matter how much you owe. It doesn't matter how many people tell you how nice your home is. It doesn't matter ...
Stop paying attention to anything but price.
Shay_IHB
New member
I'm going to ask a question that might be more loaded than it's meant to be. So please let me try to explain myself before some of you pounce!
Manchester, you mentioned that the bulk of potential buyers looking at your property were young, successful Asian couples. Your post also implies that you are probably not a young Asian man. Is there a way to see who has listed the houses that are in escrow in Northpark? If there is, I'd recommend seeing who has had the most sales in the past 3-6 mos in your area, and talking to that person about listing your house. Regardless of their race, they clearly understand the demographic buying in your neighborhood, and are able to sell to them.
Secondarily, if there is not a way to research who has sold the most houses in your area, you might want to look for a realtor who better understands the demographic looking at your house than your current realtor? What I have seen from experience is we all choose realtors we feel we can relate to. I know my first realtor reminded me of my parents. I was only 24 and I felt comfortable working with her, she also saw me in a similar light. I know our current landlord is trying to sell the condo I am renting and has listed it with his mother's best friend. She is a middle aged caucasian lady. Most of the prospective buyers looking at our house are young, Asian couples. Guess who these buyers have as realtors when they stop in for a showing? Asian realtors, either around their own age, or their parent's age.
The buyer's realtors get to hear the thoughts both negative and positive that their young, Asian clientele share with them. Many of them speak the same language as their clients. I know this because I've seen them speaking to each other as they've looked through the condo. Do you think my landlord's realtor has any idea what they are saying or thinking? Nope. I've also seen where she develops very little rapport with most of these prospective buyers. However, she chews my ear off all the time. Guess what? I remind her of her kids.
This is definitely not meant to be a racist comment, more an observation on cultural differences. Understanding and relating to your potential buyers is absolutely crucial. True, it's got to be priced to sell, but it also has to be marketable to those who want it.
Good Luck.
Manchester, you mentioned that the bulk of potential buyers looking at your property were young, successful Asian couples. Your post also implies that you are probably not a young Asian man. Is there a way to see who has listed the houses that are in escrow in Northpark? If there is, I'd recommend seeing who has had the most sales in the past 3-6 mos in your area, and talking to that person about listing your house. Regardless of their race, they clearly understand the demographic buying in your neighborhood, and are able to sell to them.
Secondarily, if there is not a way to research who has sold the most houses in your area, you might want to look for a realtor who better understands the demographic looking at your house than your current realtor? What I have seen from experience is we all choose realtors we feel we can relate to. I know my first realtor reminded me of my parents. I was only 24 and I felt comfortable working with her, she also saw me in a similar light. I know our current landlord is trying to sell the condo I am renting and has listed it with his mother's best friend. She is a middle aged caucasian lady. Most of the prospective buyers looking at our house are young, Asian couples. Guess who these buyers have as realtors when they stop in for a showing? Asian realtors, either around their own age, or their parent's age.
The buyer's realtors get to hear the thoughts both negative and positive that their young, Asian clientele share with them. Many of them speak the same language as their clients. I know this because I've seen them speaking to each other as they've looked through the condo. Do you think my landlord's realtor has any idea what they are saying or thinking? Nope. I've also seen where she develops very little rapport with most of these prospective buyers. However, she chews my ear off all the time. Guess what? I remind her of her kids.
This is definitely not meant to be a racist comment, more an observation on cultural differences. Understanding and relating to your potential buyers is absolutely crucial. True, it's got to be priced to sell, but it also has to be marketable to those who want it.
Good Luck.
biscuitninja_IHB
New member
Trooper said:
Yep, these small little niche companies, while not uber-profitable, will eventually put the greedy lot out of business. If a customer can log onto a computer and get any and all information they want, the RE agent is put into a very, Very small role. We still have to use them to purchase the house, how long will it be before we have people who are discount, "Johnny on the spot" agents?
Trooper, no need to rant, once you know what they are all about, now you can manipulate the system to YOUR needs. Its one of my greatest tools in my basket.... They see me drive up in a economy car, dress in jeans and a T-shit and immediately discount me. Of course when I show up with a big check and a fleet of people get the work done, they stop laughing (because by then, I have the upper hand in the deal).
Anyways good luck
-bix
ipoplaya_IHB
New member
I ran a little Case-Shiller on your place manchester and it probably should sell in the $680-700K range based on your 1998 purchase price, especially considering you have put some money into it over the past ten years. If you listed at $699K, or even range priced down to $675K, I think you'll probably be able to draw out an offer of $650K that you'd be able to counter up. If market value is high $600K range, not many are going to bother with trying to offer if you were listed $100K over that. Most buyers would assume that is too large a gap to bridge...
You should get it listed again ASAP. 57 Bluecoat has been receiveing notices of default for the past 3-4 months. If that goes back to the bank, you'll have to compete with the lender. There is also a preforeclosure a few blocks down from you on Yorktown...
You should get it listed again ASAP. 57 Bluecoat has been receiveing notices of default for the past 3-4 months. If that goes back to the bank, you'll have to compete with the lender. There is also a preforeclosure a few blocks down from you on Yorktown...
Trooper_IHB
New member
how long will it be before we have people who are discount, “Johnny on the spot” agents?
In my parent's neighborhood in Phoenix, there is one realtor who will conduct a purchase transaction for a flat fee of $3000.00. You come to her, having done all the work yourself identifying properties you are interested in. All she asks is that you come to her pre-approved and ready to make an offer. She does the rest for a flat fee and holds your hand through the process. No pressure, no 3% or else....no brainer. Her business is booming.
In my parent's neighborhood in Phoenix, there is one realtor who will conduct a purchase transaction for a flat fee of $3000.00. You come to her, having done all the work yourself identifying properties you are interested in. All she asks is that you come to her pre-approved and ready to make an offer. She does the rest for a flat fee and holds your hand through the process. No pressure, no 3% or else....no brainer. Her business is booming.
effenheimer_IHB
New member
I think Jim Klinge in North SD county once wrote on his blog that he'll do something like this.
IrvineRealtor_IHB
New member
Trooper said:
Troop,
A broker would have to be a "Realtard" to pass on a deal like that. If someone has done the homework and knows what they are looking for, it is a very very reasonable deal. Smart businesspeople focus on the long-term benefits, not the short-term outcome.
Some poetry for the morning:
A Little More
I recall the kind old grocer
When the sugar he would pour,
How he'd tip the scale to balance,
Then he'd add…just a little more.
My how his business prospered,
Folks were always at his store,
For he'd give an honest measure,
Then held add . ..just a little more.
So it is with life, my Brother,
We would build a better score;
If, when we've done what is expected,
We’d add…just a little more.
biscuitninja_IHB
New member
IrvineRealtor said:
Relator,
While I would agree with you, having alot of experience with realtors and brokers, they NEVER tell you the good deals, you have to search them out for yourself. They also tend to have these little deals with the loan agents/et al. NOW you tell me I need their help at the tune of 3% for doing the research, the work, the finding, the driving?
I will say though that the efforts you put into your clients have been quite extraordinary. Hopefully alot of people take a cue from your work and put in that bit of extra effort.
good luck
-bix
IrvineRealtor_IHB
New member
thx, bix.
IrvineRealtor_IHB
New member
MJ, do I have your permission to post the old mls listing? Your agent did an xlnt job and I think it would help others here help you.
manchesterjack_IHB
New member
Thanks again, more great comments. It's a bitter pill to swallow when you find that your house is not going to sell for what you had hoped. I am beginning to see the problem I have here.
My wife is the classic head in the sand ***hole who screams bloody murder at the mere suggestion of a price reduction. I had to work with my agent in an arm twisting effort to get the price drops over the period of the listing. I always felt comfortable in the knowledge that I already had the divorce judgement and could play that ace when the time came. But the time never came because there were no offers. There were no offers because the price was just a little too far north of where it needed to be. I MADE THE MISTAKE OF LISTING THE PRICE TOO HIGH because I was trying to cater to that stupid **tch as usual.
Like a lot of the posts say, "it was a little too high"
If anyone could second this for me I'd appreciate it.
My wife is the classic head in the sand ***hole who screams bloody murder at the mere suggestion of a price reduction. I had to work with my agent in an arm twisting effort to get the price drops over the period of the listing. I always felt comfortable in the knowledge that I already had the divorce judgement and could play that ace when the time came. But the time never came because there were no offers. There were no offers because the price was just a little too far north of where it needed to be. I MADE THE MISTAKE OF LISTING THE PRICE TOO HIGH because I was trying to cater to that stupid **tch as usual.
Like a lot of the posts say, "it was a little too high"
If anyone could second this for me I'd appreciate it.
OC_Boston_Bay_IHB
New member
Good luck Manchester. You won't have to cater to her any longer!