Besides the fraud and deceit, I have a new story every day about how listing agents are undermining their own sales, to the detriment of their clients, the sellers – and usually caused by incompetance or inexperience. Some deals still close, with all parties bitter and pointing fingers, but others never happen.
Take the case where we made an offer that was about 4% below list price on a CV house, priced in the $800,000s. The listing agent waged her entire case on one sold comp, when there were several others that supported our price. Proud as she was, her counter came back at $4,000 below the list price, and we walked. Why? Listing agents who had two sales last year, and are mis-reading the market that badly aren’t open to being wrong about price – and sure enough, two months later the listing is still active, and no price reduction. My buyers will be closing escrow in the first week of May instead, getting a bigger, better house with state cheese on top.
If you are selling your house, select your listing agent very carefully – check their sales history so you know they can close a deal!
I forgot to mention on the video that the second house on Oak (the one who wanted $1.3 million in 2005) was a foreclosure when they bought it in 1994. Sales prioce was $177,000.