What should my dad do ? he hired a real esate agent ( he should be call a incompetent person who unfrountnatly tries to sell other people homes) to sell his house he has had alot of problems with the guy from not effectivly marketing to overpricing thats where the problem is right now. The agent has a history of over pricing the last house he sold was for 25,00 under the listing price. He has listed my dads house for 229,00 at first 3 months ago and tried to sell it for month at that price to test out the market ( it was at reallly hot market) then we (I) told my dad to put it down to 219,000 its was up for another month with no real intrest. He took it off the market for a month so that he could rent it out instead off selling, now he needs to sell fast (in a week) Thier are ALOT of repairs in our house and other things that buyers wont like (not a finished basement. the main bathroom, Kitchen NEEDS to be redone, driveway, frontlawn, garage door sucks, bedroom floors stained )
2006-10-06 15:58:03 · 9 answers · asked by Glen 3 in Business & Finance ➔ Renting & Real Estate
Your father should know that it is the property owner, NOT the real estate agent, who determines the list price. The real estate agent may offer advice, and may offer evidence in support of that advice (in the form of listings of comparable houses IN THE SAME NEIGHBORHOOD), but the property owner is free to increase or decrease the selling price whenever s/he wants to do so.
If your father needs to sell his house in a week, especially in this market (which, in most parts of the country, these days, is a BUYER'S market), then the only option is to sell the property for a fair amount BELOW what other, comparable, properties are selling for.
If I were going to sell my house, and needed to sell it quickly, I would look at the MOST RECENT sale for a property IN MY NEIGHBORHOOD for a house with the same number of bedrooms, bathrooms, etc. Then, I would talk to the real estate agent who sold that house, so that I could find out what kind of condition that house was in. Heck, maybe I would just go over to the house, knock on the door with some cookies in my hand, and see if I could get the new owners to give me a tour. After figuring out the condition of that house, I'd figure out how much money I would have to spend, in order to get MY house up to the same condition as the house that sold.
Then, I would price my house as follows:
Start with the selling price of the other house.
Subtract out 120% of the amount that it would take, to fix my house up.
That would be the price I'd list my house at.
Of course, your real estate agent should, then, IMMEDIATELY hold a "brokers' open house" in order to get other real estate agents to see your dad's house, and start marketing it to THEIR customers. Brokers' open houses are usually held during the week. Maybe on a Tuesday.
The weekend after the brokers' open house, your real estate agent should hold a regular open house.
By the way, I'd suggest that your dad sell his house "as is".
Good luck.
2006-10-06 16:20:28 · answer #1 · answered by Larry Powers 3 · 0⤊ 1⤋
Whoa!
He needs to find an experienced agent. First of all the market is barely making a turn around so this is the time to sell!
Overpricing is more than likely your father's fault. If not, then the agent is trying to swindle you. Otherwise, have your father price it right. Especially if it has repairs that are needed. Have your father relist with another agent, one who represents mostly buyers. This is what you need: BUYERS!
First of all, play up the unfinished basement! This is potential, and you can make a media room, or family room, teenagers apartment, SO MUCH POTENTIAL!
The work to be done is normal. Give a couple grand in repairs, fix the garage door, and give a credit for restaining the floor, or new carpet.
SO MUCH POTENTIAL! SELL, SELL, SELL! Make sure to price it right and find an agent that works with a lot of first time buyers, maybe a Latino agent (latinos are the fastest growing homeowners in history!).
Good luck.
2006-10-06 16:05:34 · answer #2 · answered by Anonymous · 1⤊ 0⤋
There are many factors as to why a home may not sell although it sounds like this house is a fixer and needs to be priced as one. Not only will buyers shy away, lenders may not make a loan with the conditions you have described. It may be best to call "We Buy Ugly Houses" for a quick sale.
2006-10-06 16:08:49 · answer #3 · answered by Pay No Taxes For Life 2 · 0⤊ 1⤋
Of course you don't listen to a real estate person!!! Unless it's your mother. Even then..... ! Sounds like you have no choice but to sell the house "as is". A fixer-upper. You still may make a profit, if you don't give it away to a real estate agent.
2006-10-06 16:09:21 · answer #4 · answered by Anonymous · 1⤊ 1⤋
Why doesn't he get a different Agent then. There are a million out there.
2006-10-06 16:00:53 · answer #5 · answered by Jen G 6 · 0⤊ 1⤋
my experience is never EVER listen to a real estate agent & you can tell dad I said so....
2006-10-06 16:01:55 · answer #6 · answered by Anonymous · 0⤊ 1⤋
it is his personal liberty to listen or not how can other force them to listen or to do anything as per others convenience
2006-10-06 16:02:01 · answer #7 · answered by Anonymous · 0⤊ 1⤋
i am just getting points.
2006-10-06 15:59:22 · answer #8 · answered by i_am_the_master_snpkid 2 · 0⤊ 1⤋
Fire it up!!!!
2006-10-06 16:00:37 · answer #9 · answered by Cool Breeze 3 · 0⤊ 1⤋