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And that's why real estate prices will likely tank. As interest rates go up, real estate prices tend to come down.
We cant raise rates to fight inflation. It would expose the fact that we are bankrupt.

Furthermore, many are able to buy with cash, but choose a mortgage because of ridiculously low rates. If rates go up, the deflating cash would be used.
 

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Discussion Starter · #42 ·
We cant raise rates to fight inflation. It would expose the fact that we are bankrupt.

Furthermore, many are able to buy with cash, but choose a mortgage because of ridiculously low rates. If rates go up, the deflating cash would be used.
I was just quoting you.
 

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Discussion Starter · #43 ·
Well, I guess I suck at selecting a real estate agent. I interviewed 2 agents. We got along fine and either would have been acceptable. I asked them to give me 2 proposals: one for the entire property and one with the house and lot it sits on and then the 4 back lots. The plan was to be in MLS late tonight so it would be available for showing this weekend.

It's 3:15 pm here, and neither has got back in touch with me. I was expecting to hear from them no later than Thursday, so I think I'm going to list with a discount broker. I had already decided to put off listing until next weekend because I haven't been able to get everything done that needs to be done.
 

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Some agents are pathetic. Some are idiots. Some can’t communicate worth spit.
 

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Discussion Starter · #45 ·
This is getting stranger and stranger. The first 2 agents I interviewed never followed up with comps or contacted me as agreed to. The plan was to list the house by the end of that week.

I contacted another agent on Monday of this week who agreed to meet with me this morning at 10 am and bring comps with her. She is a no-show as well. Did I get on a list somewhere?

I own the house free and clear, there are no liens on the property, I have proper title to everything, this should be an easy job. What in the heck is going on? There are only 6 or 7 houses in the entire city listed between 135K and $170K, which is where mine should be. Most houses are selling within days of listing. What am I missing?
 

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This is getting stranger and stranger. The first 2 agents I interviewed never followed up with comps or contacted me as agreed to. The plan was to list the house by the end of that week.

I contacted another agent on Monday of this week who agreed to meet with me this morning at 10 am and bring comps with her. She is a no-show as well. Did I get on a list somewhere?

I own the house free and clear, there are no liens on the property, I have proper title to everything, this should be an easy job. What in the heck is going on? There are only 6 or 7 houses in the entire city listed between 135K and $170K, which is where mine should be. Most houses are selling within days of listing. What am I missing?
It is a regional phenomenon. I will look for the one realtor that I worked with 7 or 8 years ago. She wasn't great, but did at least show up and finally sold it after we were about to unlist it.

I need two new roofs here on the farm. I've contacted 6 different roofers. Two showed up and one gave me a price 50% higher than what I estimated (yes, I priced the shingles out beforehand) and the other never bothered to send an estimate/call back. This was before the pandemic contractor overworked syndrome.
 

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This is getting stranger and stranger. The first 2 agents I interviewed never followed up with comps or contacted me as agreed to. The plan was to list the house by the end of that week.

I contacted another agent on Monday of this week who agreed to meet with me this morning at 10 am and bring comps with her. She is a no-show as well. Did I get on a list somewhere?

I own the house free and clear, there are no liens on the property, I have proper title to everything, this should be an easy job. What in the heck is going on? There are only 6 or 7 houses in the entire city listed between 135K and $170K, which is where mine should be. Most houses are selling within days of listing. What am I missing?
I thought that your timeline for the first two agents (as described in your post) was a little unrealistic. I could see the agent leaving your place and thinking "I am going to have to drop everything to whip up a proposal for a listing I may not even get on a modestly priced property." The more recent agent, maybe they are just disorganized, or took a look on Google Earth and decided they had bigger fish to fry.

None of this excuses the lack of communication, you would think someone would shoot an email and say "sorry, I'm not going to be able to follow through" but common courtesy can be in short supply I guess.

Hope your luck changes.
 

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Discussion Starter · #48 ·
I thought that your timeline for the first two agents (as described in your post) was a little unrealistic. I could see the agent leaving your place and thinking "I am going to have to drop everything to whip up a proposal for a listing I may not even get on a modestly priced property." The more recent agent, maybe they are just disorganized, or took a look on Google Earth and decided they had bigger fish to fry.

None of this excuses the lack of communication, you would think someone would shoot an email and say "sorry, I'm not going to be able to follow through" but common courtesy can be in short supply I guess.

Hope your luck changes.
Both of the agents were fine with it. As I remember, they had about 5 days to do comps and give me a proposal. That should take what, about an hour? They have done this so many times, they already knew what the number was going to be.
 

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Discussion Starter · #49 ·
It is a regional phenomenon. I will look for the one realtor that I worked with 7 or 8 years ago. She wasn't great, but did at least show up and finally sold it after we were about to unlist it.

I need two new roofs here on the farm. I've contacted 6 different roofers. Two showed up and one gave me a price 50% higher than what I estimated (yes, I priced the shingles out beforehand) and the other never bothered to send an estimate/call back. This was before the pandemic contractor overworked syndrome.
Just got an email back from the agent. Even though every email said we would meet on Wednesday, she put it on her calendar for Thursday. I am getting awful close to just putting my for-sale sign up. I tried to sell it on my own a few years ago and still have the signs.
 

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Both of the agents were fine with it. As I remember, they had about 5 days to do comps and give me a proposal. That should take what, about an hour? They have done this so many times, they already knew what the number was going to be.
the time to actually do the proposal may not have been the disincentive. If I read your earlier post correctly, you were expecting to receive the proposals on Thursday, make a decision on who to list with, and get it on MLS by Friday to show on the weekend. That doesn't leave much time to get pictures taken and uploaded, and the property spruced up (which you stated you didn't actually get done by that weekend). All I am saying is that you may have looked like a scenario where your expectations were likely to mean more work or shorter turnaround, and they weren't even sure of getting the listing.

I dunno, I am just going off what you posted, and maybe its all bad luck. But sometimes it is helpful to examine our expectations from another perspective. What an agent considers reasonable and sufficient may not be the same as what you think they should see as reasonable and sufficient. Sometimes we have to choose between being right and getting a result.
 

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Discussion Starter · #51 ·
the time to actually do the proposal may not have been the disincentive. If I read your earlier post correctly, you were expecting to receive the proposals on Thursday, make a decision on who to list with, and get it on MLS by Friday to show on the weekend. That doesn't leave much time to get pictures taken and uploaded, and the property spruced up (which you stated you didn't actually get done by that weekend). All I am saying is that you may have looked like a scenario where your expectations were likely to mean more work or shorter turnaround, and they weren't even sure of getting the listing.

I dunno, I am just going off what you posted, and maybe its all bad luck. But sometimes it is helpful to examine our expectations from another perspective. What an agent considers reasonable and sufficient may not be the same as what you think they should see as reasonable and sufficient. Sometimes we have to choose between being right and getting a result.
You totally are misjudging what happened. Usually, they have someone who puts up the sign and takes the pictures. Neither of them showed any reluctance to provide the information in the time we discussed. I interviewed 2 agents and told them both that I would be picking one to list the property. A 50 50 chance isn't bad odds. One even said, "Even if I don't get the listing, I'm going to sell it". The other came up with a plan to turn the dining room into a 3rd bedroom.

All they had to do was ask for a few more days. That certainly would have reflected better on them than just dropping the ball completely. I can be charming and I can be tough. I was charming.
 

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Discussion Starter · #52 ·
I thought I had all my bases covered this time. I did a spreadsheet on the 5 parcels that make up the property, another that shows real estate taxes, and one that shows average monthly utility bills over the last 2 years. I took pictures and sized and formatted for MLS and emailed everything to the agent (plus handed her a hard copy as she hadn't looked at the emails). On Thursday we agreed on a listing price and she said no problem getting it in MLS for Saturday. She said she would be back today to put up the sign and have me sign the listing agreement.

No phone call, no text message, no email, no agent. Of course, it's only 7 pm, so technically it could still happen.

I think I know what the problem is. The house is only a 2 bedroom, 1 bath. A typical 2 br, 1 ba house would sell for about $135k. My house has a 2 car attached garage and a 1 car detached garage, while most others have either no garage or a carport. This should add at least $10K, but the agents don't want to increase the price. Also, I have an additional 2.2 acres in addition to the .7 acre lot the house sits on. The 2.2 acres is tax assessed at over $20k, but the agents don't want to add $20K or $30K for the land.

I said I would list for $159,900 which I think is low. I think a better asking price is $169K. I think all the agents are not willing to do the work it would take to find a buyer that wants the additional land and is willing to pay for it. They want to use FHA financing with a 1st-time buyer which probably won't go above $135K, so basically I would be giving the additional 2.2 acres away for free.

I knew this would be a problem which is why I asked the 1st 2 agents to give me a proposal for selling the 4 lots separately from the house. I have an idea, but I need to do some research. There is a septic tank on one of the lots and I can get county water ($1000) plus the cost to run to the house. There is already a power pole and meter on the property.

I am going to see how inexpensively I can get some type of habitable building on the property. If it can be done inexpensively, then I will do that and sell the house and lot, and keep the other 4 parcels. Doing it this way would also solve another problem. I just wish I was 20 years younger and could take on building the house myself.
 

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My realtor gets mad at me and thinks I am too picky. He is good though and very driven.
 

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Moon - May I ask what area you are in (quick 4am perusal didn't find it) and why you are selling?

I wouldnt sell anything today unless necessary with 10-12% annual inflation on the horizon.
 

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Discussion Starter · #55 ·
Moon - May I ask what area you are in (quick 4am perusal didn't find it) and why you are selling?

I wouldnt sell anything today unless necessary with 10-12% annual inflation on the horizon.
Because I'm old and need to live someplace warmer. If we have that type of inflation, there will be a lot of repossessions on the market.
 

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Because I'm old and need to live someplace warmer
Makes sense. Good luck, can't believe a realtor wouldn't want those commissions.

If we have that type of inflation, there will be a lot of repossessions on the market
Maybe, depends on what the government does. Inflation is going to drive home values up so people have more equity (in deflated dollars of course), and if the government keeps interest rates low then people could continually cash out, or just sell the house to avoid repos. And the gov can't raise interest rates much because then the world will realize that we are broke and can't pay our high-interest credit card debt.

The government has also shown willingness for massive overreach and prohibit foreclosures. Who knows what "emergency" they will use to justify further action like this.

Lastly, one thing that might drive repossessions is if we enter hyper-inflation and the government/bankers work together to reset loans at the inflated rate. This is where a $300K mortgage taken out today is suddenly reset to a $30 million mortgage because that is the inflated rate. This has happened in several other countries who experienced hyper-inflation.

Strange times ahead.
 

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Discussion Starter · #57 ·
I really didn't want to sell the house myself, but they left me no choice. I've sold houses on my own before, so that's not the problem. I just have too many things that all need to get done at the same time, and I was willing to pay an extra $3k for someone to handle this for me.

I have everything loaded in Zillow, but haven't submitted it yet. I need to make some handouts and my color cartridges for my printer won't be here until tomorrow. I'll try to see a real estate attorney ASAP and make sure everything I do is done correctly.

I guess I need to work up some comps to show the house is worth what I am asking Also going to see if I can find the forms I need online and get familiar with them. I still have my signs from 3 years ago and can reuse them.

I waited until about 11 am and then sent the latest realtor notice I take her failure to follow through as ending any agreement we may have had.
 

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We used a listing agent to get sell our properties. We asked friends and family if they had an recommendations and did some homework on them. I can say we were extremely happy with ours because he had a list of buyers and investors that bought our house with it being on the market less than a month.
 

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I just fired my agent on the Austin property. We hadn’t even gotten to listing it on the MLS. The renter was in the process of moving out.

The agent told me that his landscapers had started working in the yard, removing some ugly planting beds and replanting flowering stuff. He promised pictures on Monday. I went by on Tuesday after not receiving pictures. The old beds were still there.

When asked about the situation, the agent lied, made excuses, and then said that he didn’t tell me there were ongoing problems because he is a man.

That did it.
I would have fired him too. And I would have reported his conduct to the board of realtors.
 

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I think part of your trouble might be your fuzzy boundaries. If you have conflicts with county/city records and unknown lot lines it makes it difficult to sell. Buyers want to know where the fence lines should run.

If you want to list it yourself and you feel the price is too low, raise it. The worst that would happen is someone asks to negotiate.

Are you paying for a home inspection? I don't know if they are required around here but the house next door had an inspection done. The owners needed to put in about $1000 worth of easy work in order to pass the inspection. They refused and got stuck with the house for 3 more years (the market tanked).

In our home inspection we had a few issues that needed to be fixed before our bank would approve the loan, and 1 broken window that I insisted be replaced. It cost the owners a couple thousand but we closed a week later.

Surveyors measure distance in a line of sight. Since our property has a slope our ground height length is quite a bit longer than the surveyed length. On relatively flat land there is little difference.
 
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