Gary Kent: Lowballers cause prices to go down

[lniles]

He suggests putting “fresh paint” and forming neighborhood protection groups (lynch mobs?) to keep prices up. Damn evil lowballers!

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http://www.marketwatch.com/news/story/how-protect-your-homes-value/story.aspx?guid=%7B5DEB76D2%2D98D1%2D4643%2DBDB7%2D2F64C09145EF%7D

[Alex_angel]

The nerve of someone for not paying a jacked up overinflated price for a home. Darn it!

[Anonymous]

As he salivates over his “best year” ever as the shark selling people into homes they can’t afford, then selling them after the schmucks or crooks lose them, he wants the neighbors to become a free security service, to help him make his commission.

But, he is only doing that in the best interest of the homeowners, of course. RE agents are so benevolent. I used to hesitate to use the word wh__e for a RE agent, but no more!

[no_such_reality]

I don’t think the article was that bad. However, am I the only one doing the math on his representing 100 houses currently. With a 50 hour work week, he is still only averaging 30 minutes a house. If the house lingers for a year and then sell, he’ll probably put all of 30 hours in on it. For this, he expects 3%, 6% if he can double end it.

[Bugs]

There’s nothing any group of people can do to prevent foreclosures or short sales or divorces or relocations or probate sales from occuring in their neighborhood. Must-sell is must-sell, regardless of the reason; and those must-sells drive the pricing in a down market just as surely as the must-buys drive pricing in an increasing market.

I don’t think it’s such a bad thing to advise people to take enough pride in their neighborhoods to prevent vandalism and looting among these foreclosed homes.

I will say that appraiser’s aren’t so stupid as to not account for the effects of condition or the terms of sale if they have to use a foreclosure sale in an appraisal. There are a lot of appraisers right now who haven’t been around long enough to know how to deal with this, but they’ll learn real quick – appraising in a down market is a great learning experience.

[lniles]

Comparing low-ballers to bottom-feeders in one line is kind of shady when he doesn't define low-ballers. Is a low-baller someone who offers a fair price on an overpriced home? Do low-ball offers really drag down the price of real estate? So a year from now if housing has declined further is he going to say it was because of all the low-ballers? From the article:

 Kent thinks it could take up to four months to sell the foreclosed properties in his listing book, particularly those that appeal to "low-ballers" and "bottom-feeders" willing to wait in order to pressure lenders into taking just 50 cents to 75 cents on the dollar for the homes.

For those homeowners fearing that the "low-ballers" and banks trying to unload foreclosed homes will sap the value of their own properties, Kent suggested that residents could band together to watch out for a property.

[SD Realtor]

All I can do is shake my head… The guy does make a TON of money though as he has a ton of volume. Also don’t calculate his hourly rate as he does not personally do most of the work for the listings, his agents do that. I am not justifying the commission as I have already said my piece on high commissions over and over.

SD Realtor

[eccen in esc]

eccen in esc
This (lowballer)article seems to try to gloss over a pathetic situation. Oh well, they try.

Here is another article on foreclosures:
http://realestate.aol.com/article/investing/_a/foreclosures-surge-on-mortgage-woes/20070427174009990001

[kicksavedave]

I don’t see anything wrong with a neighborhood watch to prevent vandalism to a vacant house on their street. Although the attempt to keep the property values up may be a desperate one, the benefit of not living right next door to a damaged $hithole is obvious. Of course, the ultimate responsibility for keeping a property secure from vandals and decay, lies with the owner… in this case, the bank.

[Author]

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