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Taking Advantage of a Seller

by The Colorado Springs Group™

This is real, and imagine yourself as the seller as you read on. This technique is tried because it works, and works well. We know which buyers attempt this, and which Realtors they use. I've brought the issue up to other Brokers, but it's a tough one to prove anything wrong or unethical was done.

You've listed your home for sale, quite possibly after a divorce or family member passing away. An offer comes in, very low. This buyer has some sort of financing lined up, and their realtor is sending in several comps to try to justify the offer. Their Realtor is just pushing very hard at first, and then lets up to suggest a counter offer. You counter their offer and then they just walk away.

Less than a few hours later, another Realtor calls to let us know that they are sending in an offer. The offer comes in and it's a few thousand less than what your last counter was to the previous buyer. This one is cash and offering to close in just 10 days.

You're probably figuring out what's going on reading this. What's happened is an offer is made to you while you're hopefully in still in a time of stress. The first offer is meant to stress you out and make you believe the home really might be worth a lot less than your realtor listed it for. Once you tried to meet in the middle with the buyer you divulged how low you are willing to go while at the same time the hope of selling the property walked away from you.

Who wants that to happen once, let alone go through it twice? When the next offer comes in you're thrilled that it's verified cash and all can be done in 10 days. It's just somewhat lower than what you were willing to go before but this being done and quickly is very appealing. It can also make you think about that first offer not being so bad, maybe call buyer #1 back to see if their original offer still stands?

Buyer #1 and buyer #2 are sometimes the same buyer, but they always know each other if they are not the same buyer. Sometimes the Realtors are in on it, sometimes they have no idea and are just being used. Buyer #1 is often using a hard money lender as their source of funding to appear as a legitimate buyer. Low-ball offers with hard money lenders are a red flag. The idea is buyer #1 has poor terms and is mean/pushy so that buyer #2 can swoop in and save the day. These buyers will never use the same Realtor for both offers because it becomes obvious what they are doing.

This can be avoided by simply not responding to the first offer. If an offer is poor for any reason (price, terms), your realtor should let you know. Not all offers should be considered, especially when emotions are in play.

2011 Entire Year's Sales Activity

by The Colorado Springs Group™

Broken down by area to give a better prospective on the results from all of 2011. Single Family & Patio Homes

Black Forest: 166 Sales for a total dollar volume of $61,874,971

Briargate: 531 Sales for a total dollar volume of $153,239,290

Central: 535 Sales for a total dollar volume of $80,401,642

East: 549 Sales for a total dollar volume of $87,690,257

Fountain Valley: 1100 Sales for a total dollar volume of $177,977,776

Falcon - Peyton: 531 Sales for a total dollar volume of $119,425,368

Marksheffel: 128 Sales for a total dollar volume of $26,515,597

Northeast: 663 Sales for a total dollar volume of $139,227,602

Northwest: 287 Sales for a total dollar volume of $92,688,880

Northgate: 275 Sales for a total dollar volume of $93,876,981

Old Colorado City: 199 Sales for a total dollar volume of $31,282,623

Powers: 822 Sales for a total dollar volume of $157,318,452

Southeast: 556 Sales for a total dollar volume of $67,343,576

Southwest: 487 Sales for a total dollar volume of $159,842,548

Tri-Lakes: 410 Sales for a total dollar volume of $153,263,251

West: 169 Sales for a total dollar volume of $44,676,417

"Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period 1/1/2011 through 12/31/2011.  RSC does not guarantee or is in any way responsible for its accuracy.  Data maintained by RSC may not reflect all real estate activity in the market."

2011 Fourth Quarter Sales Activity

by The Colorado Springs Group™

Broken down by area to give a better prospective on the results from the fourth quarter. Single Family & Patio Homes

Black Forest: 34 Sales for a total dollar volume of $12,676,935

Briargate: 114 Sales for a total dollar volume of $32,729,964

Central: 141 Sales for a total dollar volume of $21,469,636

East: 145 Sales for a total dollar volume of $22,783,731

Fountain Valley: 261 Sales for a total dollar volume of $44,630,548

Falcon - Peyton: 125 Sales for a total dollar volume of $27,296,366

Marksheffel: 35 Sales for a total dollar volume of $7,365,552

Northeast: 141 Sales for a total dollar volume of $29,572,394

Northwest: 55 Sales for a total dollar volume of $19,166,357

Northgate: 66 Sales for a total dollar volume of $23,066,660

Old Colorado City: 53 Sales for a total dollar volume of $8,743,410

Powers: 200 Sales for a total dollar volume of $37,055,537

Southeast: 135 Sales for a total dollar volume of $16,911,767

Southwest: 127 Sales for a total dollar volume of $44,365,894

Tri-Lakes: 102 Sales for a total dollar volume of $36,328,264

West: 36 Sales for a total dollar volume of $8,791,235

"Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period 10/1/2011 through 12/31/2011.  RSC does not guarantee or is in any way responsible for its accuracy.  Data maintained by RSC may not reflect all real estate activity in the market."

 

2011 December Sales Activity

by The Colorado Springs Group™

Broken down by area to give a better prospective on the results from December 2011. Single Family & Patio Homes

Black Forest: 7 Sales for a total dollar volume of $2,695,271

Briargate: 32 Sales for a total dollar volume of $9,423,052

Central: 53 Sales for a total dollar volume of $7,223,185

East: 49 Sales for a total dollar volume of $7,405,197

Fountain Valley: 92 Sales for a total dollar volume of $16,058,495

Falcon - Peyton: 42 Sales for a total dollar volume of $9,076,614

Marksheffel: 7 Sales for a total dollar volume of $1,556,388

Northeast: 55 Sales for a total dollar volume of $11,357,589

Northwest: 13 Sales for a total dollar volume of $4,263,400

Northgate: 24 Sales for a total dollar volume of $8,454,732

Old Colorado City: 18 Sales for a total dollar volume of $3,776,500

Powers: 62 Sales for a total dollar volume of $11,690,400

Southeast: 47 Sales for a total dollar volume of $6,123,450

Southwest: 32 Sales for a total dollar volume of $9,228,542

Tri-Lakes: 30 Sales for a total dollar volume of $11,611,438

West: 10 Sales for a total dollar volume of $2,741,400

"Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period 12/1/2011 through 12/31/2011.  RSC does not guarantee or is in any way responsible for its accuracy.  Data maintained by RSC may not reflect all real estate activity in the market."

 

Inputting a Listing

by The Colorado Springs Group™

Do you believe that another Realtor and I can add your listing to the MLS and the 2 listings could show up very differently? I'm not just talking about photos, but the information that is entered... information buyers search by.

It's an assumed thing that when your home is listed in the MLS, it's listed just like all of the other homes. People don't just search by beds, baths, and/or school districts (even though these are entered incorrectly far more than you would expect), but by model of the home, the builder of the home, style of home (ranch, 2 story), garage, sqft, views, etc. You can even search by keywords in the property descriptions, yet sometimes those are only 1 or 2 sentences, other times there is no description at all.

It can take as little as 10 minutes to make a listing active, but if you fill everything out and add even the information that isn't required it can take a few hours. Did you know that some Realtors hire people to enter listing information? There's nothing wrong with that and it's perfectly legal, but I'm sure this comes as a surprise to most people. Why are you paying a licensed professional thousands of dollars to sell your home when this person is too busy to handle all aspects of my transaction personally?

If you're interested, please read about Hired Help in Real Estate. 

Displaying blog entries 1-5 of 5

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The Colorado Springs Group™
6665 Wild Indigo Drive
Colorado Springs CO 80923
(719) 799-3686

Kevin & Jessica
The Colorado Springs Group
6665 Wild Indigo Drive
Colorado Springs, CO 80923
(719) 799-3686