Real Estate Investing

Archive for the ‘Real Estate Tips’ Category

Ghosts Don’t Sell Houses

haunted-house.jpgSeveral years ago, a colleague who is now retired co-listed a home in Nashville that was haunted.  It was not “supposedly” haunted … it had ghosts, plain and simple.  The home seller was a Civil War buff who had gone to a reenactment with a group of friends.  The reenactment was near an old plantation house and cemetery that were haunted.  There were tales both of laughter from children and images of adults that would appear in windows.  The cemetery was full of ghosts wearing mostly confederate uniforms.

After the reenactment, the group of friends sat on the back of a pick up truck drinking… watching for the ghosts to come out as the skies grew dark.  They waited a couple of hours and decided to call it a night before their wives came looking for them.  But as the brave seller was about to get in his cab, he shouted a challenge to the spirits, “If anyone wants to come home with me, hop in the back of the truck!”   The friends just cackled with laughter and punched him in the arm jovially.  It was a fun night and the memory of it wouldn’t fade quickly.

As it turns out, it didn’t fade at all because within two nights of his return home, mysterious things began happening at his house.  Toys that belonged to his grandchildren would be found on the floor of the playroom in the morning - toys that had been on a shelf the night before.  The seller ran a business out of his house and often times when he was on the phone with a client, he’d hear a child giggling.   Once he heard a toddler crying and he ended his call to see what was going on.  He never did find anyone.

The young spirits weren’t too bad, but an older soul would sit in the rocking chair for two hours every night.  At precisely 8:20 p.m., the rocking motion would begin. At 10:20 p.m. - after the local weather went off - the seller would say, “It’s time to go to bed.” and the chair would stop.

The house went on the market for six months and it was advertised as being haunted.  But no one was interested in buying a house with ghosts.  Why?  According to Curbed Hamptons,

It seems the paranormal don’t sell houses all that well, particularly in a luxury market, so on the surface, the Hamptons is utterly devoid of spirits. A 1991 court ruling in Upstate New York scared many storytellers, when a $650,000 house sale fell through after the seller didn’t reveal the hauntedness of her house. A $32,500 deposit had to be returned after it was proven that the seller had relayed ghost stories to the local newspaper and Reader’s Digest, but not to the freaked out buyer. 

So next time you think about inviting a ghost home with you, be careful.  You might not be able to find a buyer until after the ghostbusters come in to rid your house of unwanted, invisible, cold guests.

Photo by my former colleague of the house that really WAS haunted.

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From the Trenches: REAL Real Estate Stories

100_2490.jpgInstead of talking about loan modifications for homes, staging, short sales, or other serious business, I thought it would be fun to share some real life stories agents have told from the trenches.  Enjoy!

Crap, I Think We Just Offended by Neighbors, by Todd Clark

Now, we had an angry neighbor who wanted to do what ever they could to make the yard as ugly as possible. Kids toys everywhere, lawn equipment left out, yard debris piled next to the fence, but the one that really said it all was while trying to show the home having their kid come out and pee on the fence.

Mystery at the Quit Claim, by ME (sorry for the self shilling but I liked this!)

In an old mining town lost in the hills of the Badlands, a gruff loner took a wife.  This mail order bride cooked and cleaned for the old cuss, she did the laundry on a washboard, and she served the vittles piping hot - right off the fire.

Funny Typos in Listings, by Leanne Paynter

  • a sinking living room (vs. sunken)
  • walking closet (where is it walking to?)
  • wreck room (rec. room)
  • stainless steal appliances

The Nightmare First Time Home Buyer, by Mark Daniel Adamczyk (this one kind of made me stress and blood pressure go up just reading it!)

In the 3-4 days we where awaiting on the appraisal the buyer began to freak out. He was calling me 8-10 times a day and asking me questions that only God knew the answers to. I kept trying to tell him to relax and if the appraisal does not come through no big deal, it’s back to the drawing board.

Dear Mr. Seller, I Tried to Help You But…, by Maureen Bray

When I arrived to view your home, it was surprising to see a huge pool table in your dining room! We laughed together about that and also the long heavy dark velvet drapes! Your home needed major cleaning and packing up of many small items. I knew we could help you!

I’m on the “Bad Realtor” Side Now, by Ines of Miami Beach

It wasn’t just low, but really offensively low.  As much as we pulled comps and explained the price and did all we could do, it was our job to write up and present the ridiculous offer.  You can imagine that the seller did not even bother countering, but the seller’s agent did not even bother to call us. 

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Playing the System

dscn0133.JPGThere’s an agent in my area who shall remain nameless.  He’s a big, popular agent.  He guarantees his listings will sell in 60 days or else.  The else is the charming part… or else what?

Or else he’ll buy them personally?  No.

Or else he’ll sell them without charging a commission?  No.

Or else he’ll just re-list them again and again so it will appear it’s only been listed for 60 days?  Bingo!

A friend of mine - before I became an agent myself - once said that she called him and learned that to list with him you were required to sign at least six listing forms.  Each form was good for 30 to 60 days.  When one listing date expired, his staff would re-input everything into the MLS thus creating a new MLS number.  We’re not supposed to do this - it’s against the MLS rules… more specifically there’s supposed to be a 10-day rest period before a home listing shows back up as a new, active listing.  Here’s what I found the other day on one home:

August 6, 2007 - 49 days
September 24, 2007 - 49 days
November 12, 2007 - 46 days
December 28, 2007 - 61 days
February 28, 2008 - 46 days
April 14, 2008 - 46 days
May 30, 2008 - 63 days
August 1, 2008 - 45 days
September 15, 2008 - 45 days
October 30, 2008 - 48 days
December 17, 2008 - 170 days (wrong picture)
June 5, 2009 - 119 days

I definitely sense a pattern that the agent is tired of the 45 days listings and is expanding them to three and four months! So this may be a boost for sellers - to give them optimal exposure because we agents do keep an eye on the hot sheets - to see what’s new on the market, what prices have come down, who’s withdrawn and expired.  Yet it’s misleading to buyers UNLESS their agent performs due diligence and looks at the full history of the house.  If I was the buyer’s agent, my thoughts would be that since it’s been on the market for 787 DAYS, they may be willing to negotiate.  OR they probably are NOT willing to negotiate!

Maybe we should just call this Reason #29 to Interview and Hire a Professional Realtor to Represent Your Best Interests.

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