getting out of real estate deal on home

[Bill]

For home prices.

zillow.com shows homes for sale and it's free.
mls.com is $39.00 per month after 7 days free access to try it- I don't know if it's worth it.

[Chance Love]

Chance, my thoughts exactly on the 6% in Farm/Ranch sales (as i mentioned above). EVERYTHING is negotiable. If someone had ten sections of hill country heaven and was offering 1.5/1.5 I am certain there would be plenty folks willing to list and show. :-)

Oh don't get me wrong, I think they should all be at 6%. And my listings are. I just don't see many others in my areas at 6. Lots at 5 or even 4. And for a 1.5/1.5 deal, well that would have to be SOME place for sure. When we as listing agents can offer 3% to a Buyer's Rep, we can usually generate a lot more activity than by offering 2% or less. But true, everything is negotiable.

Something I think is kind of funny though...I have seen landowners that just can't stand to pay that much of a fee to an agent and will only agree to a 4% listing fee, but will drop their price $400K-$500K in a heartbeat to get the deal done. But by golly they saved $10K on that listing fee.

[txtrophy85]

I have read this entire thread and realize the dispute is "resolved." However, with that being stated, I know some very good realtors who price some of their listings in good markets purposefully under what they believe the house will eventually sell for to generate traffic/buzz/multiple offers/best and final offers with multiple buyers. If this was the strategy the same certainly should have been discussed with you but just because the offers rose to full asking price (or even higher) does not mean the realtor did not do their job/homework. Strategy is different in a saturated market; however, can be fruitful in a hot market.

Agree with others--VALUE IS WHAT SOMEONE IS WILLING TO PAY. Who cares if a house only appraises at $500K if buyer is willing to pay $575K and pays cash or several hundred thousand dollars down?

It was also stated above that Farm/Ranch listings are always 6% (3/3). EVERYTHING is negotiable! I know. :-)

they arn't 6% all the time. but 6% isn't uncommon

[Budman68]

I did 6% with 1 1/2% back in cash at closing. As far as comps, throw them out the window right now. I sold my house in 4 hours with multiple offers above asking. I list about 15K more than the agent told me to and it ended up appraising for what I listed at.

The market is fast right now and sellers are in charge.

[txarcher]

I think that some people are missing the point about a property not appraising. If a place goes into contract for $150,000 but only appraises for $130,000, the buyer will have to come up with the other $20,000 for their lender to finance it. So, a property is worth what someone is willing to pay if they have cash, otherwise it's worth what their lender's appraisal says its worth.

[Nova]

At least tell us what happened.Did you up the price, fire him, or what?

[Codypatt1]

We just had a similar situation with our house. Listed for "x" price and had 19
People in 4 days. It was crazy! Out of those we had 4 offers and 3 were full price. My agent sent out email to all full price offers and stated we have more than 1 full price offer so come back with your "best" price by next day 9am. 1 offer was 5k higher and buyer fit into our timeline on when we need to move so we are going with them. The key is to list at a fair price to create buzz as stated above. This creates hype on your property and puts the ball in your court. If you list too high and it sits on the market for 2-3wks with zero activity people will be under the assumption Something must be wrong with that property and just skim over to the next house. The first week is most critical in my book!
The market is crazy right now!!

[txtrophy85]

I think that some people are missing the point about a property not appraising. If a place goes into contract for $150,000 but only appraises for $130,000, the buyer will have to come up with the other $20,000 for their lender to finance it. So, a property is worth what someone is willing to pay if they have cash, otherwise it's worth what their lender's appraisal says its worth.

its not worth arguing.

seems the consensus is that the broker is the least experianced out of all parties involved. next ranch I sell I'm gonna ask the seller or buyer what the next move is because I apparently have been wrong for the last 5 years

Lenders make money by writing loans. they want to write loans, not the opposite. they send an appraiser out to make sure they are not overpaying on a property. ie....giving more than the property is worth.

people get cars appraised,jewelry appraised,collectibles appraised, etc. for what you ask? to establish value. same job a real estate appraiser does, establish value on a property

[Russ]

lol. the bravado....

this isn't a bar fight, it's a business deal.

he's trying to back out because he is concerned that the agent didn't do his job pricing the property correctly. He relied on who he thought was the expert, and now he has some options.

If you hire a lawyer or a doctor to do a job for you and they screw it up, are you going to just sit there and take it?

You are comparing apples to oranges....

If you agree to a price on surgery with a dr. or a court case and the lawyer wins quickly or the surgery is a success with even quicker recovery time and less pain would you want your money back??? The OP is breaking contract for something that went smoother and faster than he thought. Just plain wrong in my opinion. But what do I know....I have only sold real estate for 6 years.

[CoolHandLuke]

its not worth arguing.

seems the consensus is that the broker is the least experianced out of all parties involved. next ranch I sell I'm gonna ask the seller or buyer what the next move is because I apparently have been wrong for the last 5 years

Lenders make money by writing loans. they want to write loans, not the opposite. they send an appraiser out to make sure they are not overpaying on a property. ie....giving more than the property is worth.

people get cars appraised,jewelry appraised,collectibles appraised, etc. for what you ask? to establish value. same job a real estate appraiser does, establish value on a property

Exactly, which is why we had the real estate debacle and people many people are upside down in their homes. Many times the buyers and the sellers are at fault. Lenders are making sure they will not take the hit anymore and if the both parties think the property is worth more than it is then well... They have to come up with the $$$.

[Atfulldraw]

You are comparing apples to oranges....

If you agree to a price on surgery with a dr. or a court case and the lawyer wins quickly or the surgery is a success with even quicker recovery time and less pain would you want your money back??? The OP is breaking contract for something that went smoother and faster than he thought. Just plain wrong in my opinion. But what do I know....I have only sold real estate for 6 years.

I said I was done .... but at what point does the realtor take responsibility for screwing up?

No analogy is going to be perfect.

I mean, we can agree that there are slackers and idiots out there selling real estate, right? When does that incompetence cross the line into something actionable?

Reasonable minds will disagree on where the line is, and since we have not enough facts on this one, I'm out.....again.

[d1rich1]

Wow didn't expect this kind of reaction

Sorry guys but you don't have even half of the story
I don't wish to elaborate but if I did you would all be on my side I promise you that...

I am good to go I have straightened out the situation and we will both walk away happy

Lesson learned i will NEVER go off what A realtor gives you alone. Do some research and find out what comps are going for, one of my failures as a seller
Glad I'm not in this business as its makin my blood boil!

WHat happened? A lot of time invested in this thread..

[txtrophy85]

I said I was done .... but at what point does the realtor take responsibility for screwing up?

No analogy is going to be perfect.

I mean, we can agree that there are slackers and idiots out there selling real estate, right? When does that incompetence cross the line into something actionable?

Reasonable minds will disagree on where the line is, and since we have not enough facts on this one, I'm out.....again.

The realtor is at fault when he knowingly makes misrepresentations.

But this has not been established In the OP's scenario

[Russ]

I said I was done .... but at what point does the realtor take responsibility for screwing up?

No analogy is going to be perfect.

I mean, we can agree that there are slackers and idiots out there selling real estate, right? When does that incompetence cross the line into something actionable?

Reasonable minds will disagree on where the line is, and since we have not enough facts on this one, I'm out.....again.

A realtor is a sales person just like a car salesman...many people don't like to think of them as this but if you think the the best realtors make the most money by being tour guides for people then you are wrong.

Just like a car saleman that sells you a car and you sign on that dotted line on the contract to find out that the same car is selling across the highway for $1,000 cheaper....do you think that it is the responsibilty of the car sales man to tell you that cars are cheaper across the street?

Seems like the OP agrees that he needs to do more research and not totally depend on some one else to determine the amount you want for your most valueable asset...your home.

Realtors are professionals...but still sales professionals and people need to realize that.

[Miller]

Realtors have a Code of Ethics. If they don't hold up to those Ethics then they won't be Realtors for very long.

In this case the Realtors job was to work in the best interest of the Seller, to their ability and knowledge. No way of knowing with a short one sided story if he/she did that. So the Realtors job was to get the highest possible price for the seller. If they did the old worn out saying "a Realtor will get you to list for a lower price so it well sell quickly..." then they won't be in business long. Word will get out just like it did in this case.

Real Estate is a profession like anything else. You treat people professionally, honestly and with integrity then you will probably be in business for a while. If you don't then you will be a bad apple just like every other profession has.