Irate seller called me

[SD Realtor]

This was classic!

I have a listing of a nice couple in San Diego. They have a great looking condo, it shows well, and they priced it competitively. Within 10 days we had two offers. Both came in under the selling price but by the time we accepted one of them was at full price. Even at full price it is a very good deal for both parties.

This morning I received a call from “a neighbor” who left a 45 second rant on my voicemail about how we caved and how this sort of pricing was crazy. He even left his name and number. Then he called again and apologized for his rant but nonetheless said he felt great about doing it and still couldn’t believe we caved. I called him back but of course got his voicemail.

My client and I “think” he is a FSBO who has been on the market for several months and is not priced well. All I can do is shake my head.

[davelj]

SD, I’m curious. How far below the peak selling price you COULD have gotten for this unit in late-2005 was the price you ultimately got for your clients? I realize this is just an estimate, but what’s your best guess? I’m just trying to get a pulse of the market from someone (else) on the ground, so to speak.

[Anonymous]

If the genius neighbor knew what the unit was listed for and knew it was “underpriced”, he should have gotten himself one of those zero down, interest only loans and bought the place himself! He could have flipped it and made a FORTUNE……..right?????

[SD Realtor]

Davelj –

I did a search for this exact floorplan in the subdivision for which the property is located. Interestingly enough the prce we are getting now is 4.2% off the highs received for the same floorplan. I went back as far as 2004. I also checked a smaller floorplan as the next smaller floorplan is not to many sq feet off of the floorplan we have and there was no variation.

Now I will say that other units in the same subdivision have sold for another 6% lower then our listing and they had the same floorplan. However, I do not believe they were as well maintained as this particular home. As I said, these sellers have done a great job remodelling and the home shows exceptionally well.

So in summary, pricing is 0ff 10% from the highs but we cannot quantify the condition of the those homes. Nor can we quantify the condition of the homes that sold at the peak.

SD Realtor

[sdrealtor]

SD R,
Your client stopped by this board while you were on vacation so I know the unit. It’s a nice one. I shared with him that out of 34 units sold in his area in 2006 at least 2/3rd were subprime financing with little or no down and that he should screw not around if he gets a decent offer from a solid buyer. I hope he got one.

I also know the FSBO neighbor who has a very shaky income situation. I meet him at an open house a couple years ago and about 18 months ago I tried to help him sell it. He would have had to pay me to represent him (2.5%) and the buyers agent (2.5%) but the price would have been about $515,000 before he invested any of the money he did for granite, travertine etc on remodelling. He was convinced he could do it himself and save 2% (about $10,000). He probably has one of if not the best location in the complex but a year later he is languishing on the market completely overpriced. If he had listened to me he would be well on his way with at least $20,000 more than he will end up with as well as getting out from heavy mortgage payments. Don’t sweat it! Some people create their own problems.

[SD Realtor]

sdr the guy was really irate on the phone. It was bizarre to say the least. This guy is definitely a case study on how not to sell a home. Doing a FSBO is fine but it just goes to show if you don’t price a home properly it will not sell. Like you said if he would have played his cards right and listed with you he would have walked away with more money, not to mention the many mortgage payments and HOA payments he has made since you spoke to him. Also I am sure it really peaved him that another town home there is in escrow and will be closing in another day or so. The sales price on that is a little higher but the credits they are giving back are at the limit based on my conversation with the listing agent.

SD Realtor

[sdrealtor]

The funny thing is he wouldn’t even have had to list it. It would have been a one party show to someone that just inherited a boatload from parents in RSF and was paying cash. He is too concerned with the price and saving money to see the reality of what is most important which as we know is his walkaway money.

[Rockemsock]

sdr, I’m still around…this site is somewhat of an addiction for me…and I’m sure i’ll be around long after my home is sold (29 days and counting).

Not sure why anyone would forego selling when they wouldn’t even have to list…and somebody had cash. Wow, that’s gotta’ really be eating at him. His home is nice, (I went by when he had an open house a few weeks back) it definitely looks like a home that’s been upgraded just to sell…but I’m sure as a buyer that would likely be a selling point. His location is excellent, although parking is an issue, he can’t park in his driveway and the cul-de-sac fills quickly. But I’m sure it’s really quiet once you’re inside.

I really have to give this site (and all you contributors) a ton of credit for educating me on the housing situation. I’m really happy with Adam, but I also feel like I came into the relationship with a lot more knowledge than I would have otherwise…because I’ve been following along for a few months.

I’m somewhat tempted to put a post-it note on my neighbors door with the following “www.piggington.com” and nothing else…I’m sure it would answer a lot of his questions. Actually, if what sdr says is true then I’m sure he wouldn’t listen to what’s being said on this site anyhow. Oh, well.

[sdrealtor]

Rock
He was so focused on what he thought was the right course of action I couldnt even get him to listen to what I could offer him. He was convinced his prime property in Encinitas would never go down in price and that it was worth at least $525,000.

sdr

[sdrealtor]

Well it looks like you cant fight City Hall. He’s back on the market at $499,000. Maybe I’ll hit with a $450K offer. That’ll cheer him up!

[SD Transplant]

You guys are having a lot of fun (and I don’t blame you). I bet if you low ball this guy, he might have a heart attack.

[barnaby33]

Would his estate sell more cheaply?

Josh

[Author]

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