Sometimes I think we might
look like this to the rest of the world
A while back, a fellow called and asked me if I could figure out why his home hadn't sold.
Fortunately, it wasn't my listing. It was the listing of an agent with one of the prominent brokers here in Dallas who specialize in the million buck, plus price range.
The listing was a nice size lot on a lake with a house on it. So far so good.
But there was a caveat: The agent and the homeowner had decided that 100% of the value was in the land, so they unilaterally decided that the buyer would have to tear the house down and build a new home.
Therefore, a prospective buyer would not have the option of seeing inside the house, much less deciding if he'd rather remodel the existing house....the house where the owner was comfortably living.
The prospective buyer could only see the entirety of the property after he had executed a successful Earnest Money Contract, and proved that he had the wherewithal to buy it.
But there's an entirely different problem. Say the new buyer uses a mortgage loan. How is he going to get permission from the lender to tear the house down and diminish the value of the loan's collateral?
In the one year's time the property had been listed, only four prospects had visited. None had made an offer.
Dallas is rich with these kind of poppycock listings, and many...maybe most seem to sit for next to ever before they are sold, if then.
Out job is to list a property as is, and to not determine its destiny for a buyer's use.
I just wonder who dreams up this kind of stuff?
And by the way, the last time I looked, the listing had been renewed under the same terms, and guess what? It still had not sold.
BILL CHERRY, REALTOR