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Meatloaf

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Reply with quote  #1 
I am doing a house that has been on the market for over a year.  House is beautiful, well staged and in a vibrant and moving market.

I asked the agent via text - "Is there any particular reason why it was on the market for so long?".

The agent's response was "Not really other than there are usually so many plans in that subdivision being built all at the same time and that one was just waiting for my buyers previous home to be sold so she could buy it."


Sometimes I wonder why I ever even try to verify anything.

so... it was on the market for an extended time because it was waiting on the future buyer to sell their house so she could buy it.... WTF.



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BillDing

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You're appraising that house?  If that was true, then they'd surely have a contract with them and the contract date would reflect a year out.  No one puts a house on hold, passing on real sales for a pipe dream of some buyer telling them they'll buy it when they sell their house. 

That would be something you might want to call other selling agents of other similar homes in that development that did sell quickly. I'm sure they must have checked it out...ask them why they think your subject had such a hard time selling.

Was the orig list price higher...maybe has several prior listings at a higher list price?


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Meatloaf

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Reply with quote  #3 
There wasn't a contract... The agent was just making up a reason....

Q.  Why has it been on the market so long?
A.  It was waiting on someone to buy it.

The agent was being a smartass.  I told her it was the best answer I ever got.

The house wasn't listed too high.  It sold about 15G under value.  There was absolutely NO reason, no issues, no problem with the marketing, no reason why it should have taken longer to sell.  The actual reason it took longer to sell is that it was simply an anomaly.  Not every house sells on schedule, not every piece fits squarely in the puzzle.  It happens....

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RubberStamp

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Reply with quote  #4 
Seasonality?
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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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Meatloaf

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Reply with quote  #5 
nope
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BillDing

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Reply with quote  #6 
But if there were a lot of other similar sales in that area that sold for more money, there's probably some reason. It flies in the face of the Principle of Substitution.  I'd be interested to know what the other real estate agents say about why their buyers didn't choose that house. You might find a skeleton in the closet. Better to find it now then later when they buyer sues you for not researching enough to find that issue that affected the value.
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Meatloaf

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Quote:
Originally Posted by BillDing
But if there were a lot of other similar sales in that area that sold for more money, there's probably some reason. It flies in the face of the Principle of Substitution.  I'd be interested to know what the other real estate agents say about why their buyers didn't choose that house. You might find a skeleton in the closet. Better to find it now then later when they buyer sues you for not researching enough to find that issue that affected the value.


Listing agent and her mother have all the listings and show a majority of the sales in the subdivision.  

I boil it down to the house has bad juju or either the chi doesn't flow correctly.

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BillDing

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There's your answer! Give it a $15k bad juju/poor chi flow adjustment!  Problem solve. It didn't sell below market value after all. 😃
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Meatloaf

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Quote:
Originally Posted by BillDing
There's your answer! Give it a $15k bad juju/poor chi flow adjustment!  Problem solve. It didn't sell below market value after all. 😃


I don't think thats the case with this particular home, but have you seen the article in the recent Working RE magizine referencing facing east.

This is becoming an issue in some of my subdivisions.

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BillDing

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I can see it now: Feng shui adjustment line
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Meatloaf

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Reply with quote  #11 
Quote:
Originally Posted by BillDing
I can see it now: Feng shui adjustment line


In some markets, this may be very appropriate.  Technically, it should be under the functional obs category.

Great thing is that an AVM will never be able to capture that kind of thing.  

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keith

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Reply with quote  #12 
I agree with Bill. Pick the last 2-3 most recent buyers agents and ask what is going on with this listing. If it is truly substitution, then why did there buyers pay more for another house. It's possible that the agent is an idiot and scaring off the buyers. Maybe there was a dead body. Bad drainage. With the shortage of listings now going on for several quarters, no house that is turn key and has a market driven asking price will get passed over and over and over.
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Anna

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Reply with quote  #13 
Maybe the agent wants it for herself or her mother?
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Meatloaf

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Reply with quote  #14 
No... That wasn't the case.

I think it must have had bad juju.

Or, maybe it was because the lockbox wasn't working....

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RubberStamp

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Reply with quote  #15 
Just curious on how you determine your dead body adjustment?
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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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Meatloaf

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Reply with quote  #16 
Adjusting a dead body is a crime in itself... Its best to leave them alone and contact authorities.



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BillDing

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Reply with quote  #17 
Quote:
Originally Posted by Meatloaf
Adjusting a dead body is a crime in itself... Its best to leave them alone and contact authorities.


That depends on who killed them.

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Meatloaf

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Reply with quote  #18 
Quote:
Originally Posted by BillDing


That depends on who killed them.


Explain.

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BillDing

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Reply with quote  #19 
If you murdered them, probably best just to leave without a trace. 
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Meatloaf

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Reply with quote  #20 
No crap... unless you are going to put them in a blender and feed them to dogs or something.



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RubberStamp

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Reply with quote  #21 
When getting around to completing the report can you deduct for the crime that the appraiser committed?  Will E&O cover it?

I'm asking for a friend....

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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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Meatloaf

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Reply with quote  #22 
No crap... Last year I had a dude actually die while I was at the inspection..

Luckily, I was nearly finished when he croaked so I was able to just slip out and remove myself from that drama.  I finished that report up real fast and submitted it the next morning before the lender realized the borrower died.

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RubberStamp

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Reply with quote  #23 
that is insane!   Can you imagine if you were the only one there?  And it was some strange situation like he was cleaning out his gun? 
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Meatloaf

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Reply with quote  #24 
Quote:
Originally Posted by RubberStamp
that is insane!   Can you imagine if you were the only one there?  And it was some strange situation like he was cleaning out his gun? 


Yeah, it was weird.  Dude was in a hospital bed and his caretaker was my contact.  When I showed up he had his caretaker and hospice was there and his granddaughter was on the way.  It was just a doublewide so it didn't take long to do the inspection and as I was finishing up he let out this weird moan and jerked a little.  The hospice nurse said "he passed" and then everyone went to praying and calling out to the lawd and I backed out the front door got in my car took my street scene and called Scott to tell him what just happened.

So, when I was putting the report together I had to 'blur' his face in the report.  I felt bad as that was likely dudes last photo... didn't know if his family would have wanted it or something.  Schitt happens... better him than me.

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BillDing

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Reply with quote  #25 
Now you can honestly say your appraisals are to die for [biggrin]
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