Paul S.  Henderson, REALTOR®, CRS, South Puget Sound Washington Agent/Broker! (Fathom Realty Washington LLC)

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Rainmaker
828,990
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Why did your buyers want nothing to do with the property? What's the deal on this property? Compared to similar properties on the market, how does it measure up. There's a missing bit of information here.

Aug 02, 2019 03:29 AM
Rainmaker
1,646,543
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty - Kalispell, MT
The House Kat

Maybe there is something about the house that makes the low price valid? Maybe they should have accepted the original list price + $1?

Not knowing the area, house, condition, it's hard to answer this question.

Aug 02, 2019 02:40 AM
Rainmaker
3,749,355
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

I call the situation wierd. The first listing agent had his listing cancelled? The second agent could not get market value offers? What else don't we know?

Aug 02, 2019 04:14 AM
Rainmaker
1,602,494
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Ironically, we have a few of those so-called master listing agents in San Diego who list properties far below market value and we avoid their listings instead of playing games with them. Yes, the same guys who claim if they don't sell you property within 60 days, they'll buy it from you. What a load of crap!  So much for upholding the integrity of our profession!!!

Aug 02, 2019 06:28 AM
Rainmaker
769,767
Peter Mohylsky. Beach Expert
PrimeSouth Properties - Santa Rosa Beach, FL
THE BEACH IS OPEN

I think something is up.  Have you talked with either agent?

Aug 02, 2019 04:14 AM
Rainmaker
1,090,088
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Bidding wars come from value.

They shot their value (and credibility) in the foot.

Aug 01, 2019 09:59 PM
Rainmaker
3,767,449
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Doesn't seem to be a successful strategy.

Aug 01, 2019 09:00 PM
Ambassador
4,893,196
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Nothing wrong with bidding wars, sometimes there is a reason for that low price though, and this could be one of those times.

Aug 01, 2019 08:45 PM
Rainmaker
3,611,544
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

That's a strategy that often works. Clearly, this time it didn't. Then again, too low a price might be generating the "wrong" buyer for the property. I'm not surprised that after relisting the property didn't get attention. It was stigmatized to some degree. I would have stayed off the market longer than two weeks so that the original listing was more of a distant memory. But that being said, I don't know enough about the property and what happened to opine if the house wasn't underpriced and why buyers think it's worth less than market value. (Of course, market value is what buyers think it's worth.)

Aug 02, 2019 05:11 AM
Rainmaker
1,776,238
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

Who knows what the original strategy was and who owned that strategy Paul S. Henderson, REALTOR®, CRS ? What ever, who ever it obviously didn't work to the home owners satisfaction but said home owner had to have been on board at some time. Sometimes, even in RE, it's try, try, try again.

Aug 02, 2019 05:10 AM
Rainmaker
1,638,427
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

I think that it's the seller. Sometimes advice is given & it is not listened to. 

I bet it's not in great condition because it's priced low. Buyers said that also with a lower bid.

Aug 02, 2019 04:40 AM
Rainmaker
1,338,683
Raymond E. Camp
Howard Hanna Real Estate Services - Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

As it is up to the seller to put the price on the property and we give comps to help them, shame on the first agent for taking the listing and probably buyers had a perceived problem with the price it had no traffic.

Aug 02, 2019 04:24 AM
Rainmaker
139,159
Kris Collis, Associate Broker
Smart Way America Realty - East Stroudsburg, PA
Professional Results you Expect 570-801-5525

Paul, what were the issues with house or on disclosure that resulted in the low offers?

Aug 01, 2019 09:26 PM
Rainmaker
803,448
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Sounds like plan A didn't work. I would just make an offer of what my buyer and I thought property was really worth. At one time, list prices could be 10-20% below market and buyer demand would drive price back up to and over current market values.

Aug 02, 2019 06:26 AM
Ambassador
2,396,045
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

You seem to have quite a pulse on the listing details of this property. I'd call it unsuccessful marketing...

Aug 02, 2019 05:28 AM
Rainmaker
5,052,139
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Paul,

What is the missing factor here?  I am not certain I can answer this without knowing more. 

Aug 02, 2019 07:01 AM
Rainmaker
2,575,640
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Mismanaging is afoot. Getting a second chance to make a first impression is often at work by nonprofessionals or by those that act before they think

Aug 02, 2019 06:50 AM
Rainmaker
506,966
Greg Cremia
Shore Realty of the Outer Banks - Nags Head, NC

I hope the agent who wrote the full price + 1$ is suing the first listing agent for the commission due. Sellers can not be allowed to cancel and agents need to be discouraged from playing games.

Aug 02, 2019 05:14 AM
Rainmaker
2,917,842
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Misfire?

Backfire? 

I get the sense there is more to the story. There almost always is. 

Aug 02, 2019 09:25 AM
Rainmaker
1,544,757
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

No offers at a ridiculously low price?  Hmmmm.  I wonder what the rest of the story is. 

Aug 02, 2019 08:51 AM
Rainmaker
906,668
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Why didn't your buyers want anything to do with the property? Occasionally we see lowball listing prices but not often unless there are serious deficiencies. Karma? I don't know.

Aug 02, 2019 08:31 AM
Rainmaker
1,321,322
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Sounds like there may be an issue with the house or it's hood that prevented any offers at the low price.

Aug 02, 2019 07:45 AM
Rainmaker
428,753
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

Not sure what's going on there.  Maybe the house was in bad shape or completely outdated and therefore, listed at a low price.  No offer came and they decided to fix the home and now selling it at market.  They probably didn't fix the home properly or did very minimal since they only took two weeks to repair.  The house still doesn't appeal and has been on the market for awhile. Now it attracts low offer(s).

Aug 02, 2019 09:49 PM
Rainmaker
6,031,083
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks for sharing this story.

Aug 02, 2019 12:12 PM
Ambassador
3,088,617
Anna Banana Kruchten CRS CRB, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Hmm someones idea of a smart move which could have been hatched by either the agent or the seller. Who knows.  Why mess with it as far as your buyer goes.  We've got on close to us that was listed ridiculously high and is now down about 75K with another 75 to 100 to go. Now why would anybody do that......stupid.

Aug 02, 2019 10:27 AM
Rainmaker
462,046
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

Buyers always determine market value. They will pay what it's worth given the condition and location of the home. If they got two offers about the same price - that's about as good as an indication of value that one can get. Of course more offers about the same would give one even more certainty.

Aug 02, 2019 09:52 AM
Rainmaker
517,141
Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

In this case the sellers trust was shattered.   It came back to bite the agent and I am sure the sellers not being happy had nothing good to say about this agent.   It was a gamble they took and lost.

Aug 02, 2019 07:01 PM
Rainmaker
5,470,007
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

your buyers did you a great favor by eliminating that property.....  

Aug 02, 2019 11:41 AM
Rainmaker
813,173
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Your assertion that the property was originally underpriced and then was re-listed two weeks later “at market value” seems to be in error. If the property was attractive enough and priced lower than warranted, it should have attracted buyers. It got one offer.

It came back at the market, priced higher, and is getting no offers.

The property is now overpriced, Paul S. Henderson, REALTOR®, CRS 

Otherwise, I agree fully with Candice A. Donofrio 

Aug 03, 2019 09:46 AM
Rainmaker
496,223
Greg Large
ERA Real Solutions - Grove City, OH
A Tradition of Trust

If you are that close to the situation and don't know the answer I cannot offer an opinion from 2,436 miles away.

Aug 03, 2019 08:51 AM
Rainmaker
1,464,109
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I agree with Candice A. Donofrio 

Aug 03, 2019 05:53 AM
Ambassador
3,814,125
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

One would think that a 'ridiculously low price' would prompt an immediate bidding war. It's crazy that they only received one Offer after a full week. Sounds like they should have taken that original list price + $1 Offer, Paul!

Aug 02, 2019 10:26 PM
Rainmaker
4,479,046
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I feel sad for that homeowner the first agent talked them into such a low price.

Aug 15, 2019 09:43 AM
Rainmaker
1,441,177
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Paul, 

There is definitely more to this story. 

Aug 04, 2019 05:14 PM
Rainmaker
3,569,637
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Wow that is a new one on me.

 

Aug 04, 2019 09:02 AM
Rainmaker
3,225,623
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

There are agents in my area who under price homes joping for a bidding war. Offers come in and teh seller gets upset and often vocal the offer is low , although at what the asking price was. These are homes i target for deals as eventually they have to sell, and a good deal may be had when no other buyer has snagged it. 

Aug 04, 2019 02:51 AM
Rainmaker
1,377,444
Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Odd. Something's off with this property.

Aug 03, 2019 07:04 AM