I own a house which is costing me out of pocket and I’ve come to terms with the fact that it’s time to part ways.
The house has new carpet and interiors but there are a few little cosmetic things that need doing but I really don’t have time to do them.
I met a real estate agent whom I liked and asked her if she would like to sell the house only when she came to view the house she brought a partner, a real slick salesman kind of guy they then spent the next ten minutes playing good cop bad cop with me during which the guy asked me if I wouldn’t mind selling the house to an investor friend of his for no less that $20,000 less than the bank valuation of the house (and I know how conservative the bank is).
The house is costing me – I have to get rid of it but I feel oblidged to let the lady sell it – thing is her partner has really got my back up.
I know that I have final say over what I will and will not accept price wise but I can’t help think that the deal is already tainted before it’s done because of the slick dick this woman hangs around with.
He likes to tell people how he’s shifted a good ten million in property but at who’s expense I wonder?
Any thoughts?
P
Originally posted by waprincess:I met a real estate agent whom I liked and asked her if she would like to sell the house only when she came to view the house she brought a partner, a real slick salesman kind of guy they then spent the next ten minutes playing good cop bad cop with me during which the guy asked me if I wouldn’t mind selling the house to an investor friend of his for no less that $20,000 less than the bank valuation of the house (and I know how conservative the bank is).
The house is costing me – I have to get rid of it but I feel oblidged to let the lady sell it – thing is her partner has really got my back up.
Hi Princess,
I am curious as to why you feel obliged to use this ‘lady agent’ as you are not obliged to use this agent at all – if you find one of the ‘partners’ objectionable then move on a find someone who meets your needs.
Bear in mind the agent is employed by you and should be looking after your interests. From your comments I suspect ‘superman’ sees you as a desperate vendor and thus an easy sale in waiting.
There are other agents in the area and I am sure that with a little research you can find someone who suits you without the need for them to engage in a ‘good cop – bad cop’ routine.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Thanks for the moral support Derek. I think the reason I wanted to use the woman was that she had stayed in contact and seemed so nice – she even agreed to be negotiable on her percentage rates.
I think this house has some emotion attached to it as it was the first one I ever bought (and boy was I ever wide eyed about it!)By the time I’ve sold it – thanks to the boom I won’t have lost any money but more importantly I think I learned a whole lot with this one:)
Anyway – thanks again – I think I will be contacting more local agents today and having a few more walk throughs.
P
I’d question why you want someone who is negotiable on commission rates. How hard are they going to try for you. Is she negotiable because she thinks you might sell at the lower price.
Maybe you should spend a few hundred and get a valuation done so whatever agent you use you’ve got the facts.
I’d be getting a few more agents around, and probably steer clear of that firm.
Terryw
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I wouldn’t have anything to do with a company that would try to sell one of my properties for lower than Bank Val. The lady probably reduced her commission becuase she thought it was going to be an easy sale. Stay clear.
Rgds.
Lucifer_auGoing to charge a commission but the property may be sold to her partner/investor mate? Read a book by Neil Jenman called “Don’t sign anything”
Run for cover
By the time I’ve sold it – thanks to the boom I won’t have lost any money but more importantly I think I learned a whole lot with this one:)
Waprincess, i think u need to be ore positive in yoru property strategies, we are all in this to make a good return ffor our hard earned money invested not to avoid losing money, i agree with getting a valuer; then you will know exactly where u stand rather than basing your investment decision on what the agent tells, and it sound liek you could do with some independent advice to help you with your decision
when the going gets weird the weird turn pro
In a word? Beware.
The bank val should be a good indication of what the lower end value of your propoerty is. Auctioning (although the upfront cost may negate) is an option.
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CAUTION – This message may contain privileged and confidential information intended only for the use of the addressee named above. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of the Commercial Capital Group.waprincess
Just as the others have said, do not sign with this woman. You owe her nothing and she is not your friend.
Get a proper valuation. It will cost you a little but save you a lot.
Then find another agent. He or she should be able to substantiate their suggested listing price with comparable sales evidence.
Remember it is your money.Regards
SMTMOriginally posted by crj:Maybe you should spend a few hundred and get a valuation done so whatever agent you use you’ve got the facts.
You can also go to the WA Valuer General’s Office and for around $50 get details on recent past sales in the suburb.
Valuers largely use this information, a blindfold and dart board, some ‘educated’ research and discussions with local REA to arrive at their figure anyway.
In considering alternative REA you also need to be aware of their ‘marketing’ program and what they offer in this area. Just remember all REA fees in WA are negotiable – but balance this with their ability to market and move your property.
You may also want to ring the previous agent and let them know why you will not be using them – a bit of potential customer feedback doesn’t hurt anyone.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Hi waprincess
If the lady REA was genuinely looking after your best interests, she would have either not placed you in that position with slick, or she would have rescued you from him on the spot.
Assuming she did neither, then you are right about the good cop bad cop charade. They’re both slick. That being the case, you can’t trust either of them. Find another agent who’s not trying to buy your property from you on the cheap for themselves.
good luck [wink4]
cheers
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I’m not sure if the conflict of interest laws are the same in other states (dont know if its federal or state), but the agent would be dodging those laws since he won’t acquire a share in the property and the title isn’t in his name at any stage. I’m tipping the female agent was in on it too. Think about it, she offers you a $2000 discount in commission fees, you stay with her as your agent. She may or may not be submitting all offers to you as required by law, which makes it seem like there’s little interest in your property. This other ‘friend’ comes in, offering 20g below valuation, knowing that his shifty salesman skills will be able to turn your place around and profit by at least 20grand himself, perhaps with the female as a party to the crime too.
Bottom line, get a new agent – you’re employing them. If I was a manager/boss of an employee in charge of an asset worth a few hundred thousand and they acted like your agent has, they would be long gone by now, fired as soon as things got a bit sour.
As far as the lady acting nicely etc – i’d smile and call you every now and again for the money her and her partner will make if you sell to them!
(“,) $$$ HoLdEnCoMmOdOrE $$$ (“,)
He is probably flipping the property.
Making a quick buck on the resale.
I would get a new agent. Don’t feel obligated.
Who knows if it is urgent sale why not put the details up here, you may have some interest. Not sure if that is allowed in the T&C of using this site
Byronent
Adelaide SAHiya P
You say you want to sell because it is costing you money. Have you thought of using a different strategy to reduce the cost of owning it?
My mortgage is terrible at the moment, and I am paying really high interest. For a while I thought about selling, but now have decided to refinance. That will make a huge difference to my repayments, and free up funds for other things (like buying an IP or 2 or 30 or … you get the picture). Anyway, just wondering if you had considered other options, is all.
Cheers and good luck.[biggrin]
Kez
PS … ditch the dodgy agent[biggrin]
PPS … I am refinancing through Simon (MortgageHunter) with Derivex … NO INTEREST!!![biggrin][biggrin][biggrin]
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