Do Not Cut off your Nose to Spite Your Face!

I had a client some time back who, like all Sellers, saw his home as the best in the neighborhood, and wanted TOP dollar for it. Since I was the Agent of note in the development he wanted me to handle it and get him his price. They were building a new home in the mountains with a completion date of about 60 days out. I took the listing with the qualification of a price reduction built in if we had no offers in 30 days.

Three weeks into the contract we had an offer that was very near what I had expected. These were 1031 exchange Buyers and they had to make a decision in the next two days to qualify.

I knew the agent representing the Buyers and she told me up front that my listing was their first choice and that they had another $10,000 and that was it. If not they would move on to choice #2. My Sellers felt they would be “giving the house away” and when I told them the market was turning and they should take it “I just wanted a fast sale.” Keep in mind they approached me to list there property based on my reputation.

They turned down the offer. In another week we lowered the price. No more offers. They started to find fault with me then they wanted to drop the listing. They hired the agent that brought the original offer – fired her. They hired another well-known agent in the community and priced it even higher! It did not sell. They hired yet another agent and ended up firing him because they came home to find him charging his cell phone with their electricity after an open house. (Yes, you read it right.)

Today they are in bankruptcy and very bitter. The beautiful home is a scar on the face of the neighborhood not to mention on the owners credit report and future buying power.

Point: Listen to your agent, you hired them for a reason, and they know the market far better than you do. The biggest reason a house does not sell is because it is over-priced. Do not let your pride and or stubbornness become a scar on the face of your reputation, finances or for your neighborhood. No one wins with this approach!


For more information 1031 exchange or any question you may have contact me by clicking on the information on the right. I WILL NOT harass you for business. I hate that and so does everyone else.