A SHORT STORY FROM YOUR REALTOR

If you’re thinking of buying or selling by yourself, don’t do it …. THE END! ???

Yes, I know I’m a realtor so of course I’m going to say that right??I’m also realistic about my own limitations. Kiwis in general are a pretty intrepid bunch and much to my husband’s horror, I often end up biting off more than I can chew, or it takes more time / work than I anticipated. But I’m telling you now, I wouldn’t try and build a deck or fix my car. I’d get an expert in I can trust to do the job right. Just like I’ve always used a realtor when buying or selling real estate.

If you’ve read my earlier post, you know I’m in the process of purchasing a ‘For Sale by Owner’ (FSBO) property. I did not seek that option out, in fact I avoided them, however chance, lady luck, good fortune, whatever you want to call it, led us to driving past what will be our new home.

I know it’s a seller’s market, however the impression I get, is people look at what they perceive a realtor does and think it’s easy (wrong)!

Let me give you some examples:

1: The FSBO Property

There is an older gentleman on the next street, who has listed his house as a for sale by owner on one listing site. He listed it on January 2nd and he dropped the price by $15K or 2.5% 2 weeks later. As of today, Feb 23rd, it’s still sitting on the market while other properties come and go. Where I live is a small area, close to the beach and very popular. ?So why isn’t it selling?

·?????It’s overpriced, even in this market

·?????The photos could be better

·?????People don’t like dealing directly with owners as they feel they can’t be honest

·?????It’s been on the market for too long, so now when people view it, they think ‘what’s wrong with it?’

If the owner were to list it with a realtor, it would be photographed professionally, priced correctly, and listed on the MLS which would give it a much wider viewing audience. Realtors are great networkers, and news of your property would spread quickly. And potential buyers would feel safe knowing they are in the safe hands of a professional.

I have reached out to the owner, however he’s insistent he will sell it himself. I will keep quietly reaching out and maybe one day he’ll change his mind.

In the meantime, what do I predict for this property?

·?????It will continue to languish on the market

·?????The price will be dropped again

·?????Eventually it will sell but it will be a lowball offer

2: My Own Deal

·?????I’m working with two owners as it was an investment property and it all started with one having out-of-date computer systems so she couldn’t open the contract to read it.

·?????When I wrote my offer, I gave them a set amount of time to accept, or it would expire. An hour before the expiry time, I followed up. Well, they hadn’t read the contract and didn’t know it could expire. Ahh! So, I wrote an addendum extending the expiry of the offer to 11am the next day. As a buyer that’s dangerous as it gives the seller time to receive and accept another offer.

·?????Nowadays, contracts are signed via e-signing, and you guessed it, come 10.30am the next day, we’re on a 3-way call as the one with the computer issues can’t sign it and has to give written permission for the other seller to sign on her behalf.

·?????Fortunately, as a realtor, I know the escrow deadlines. Miss them and your deal will fall through. I also have access to an excellent mortgage broker, a title company, an insurance broker, and my realtor connections recommended an excellent inspector as well.

·?????We are now 9 days from closing. I’ve already had to remind them the closing date once, and I intend to do it again today or tomorrow.

Just from these two examples you can see how important the role of a realtor is, and I’ve only touched the surface on what they do! Even if I don’t live near you, I can refer you to real estate professional in your area. ?Questions? Just ask:?[email protected]