Real estate will make you into permanent owners
- What the typical seller will tell you…
- The reality is there’s more empty homes than homeless people
- What I need is a buyer who can get financed
- If they actually sell their house the seller’s agent warns them…
Real estate will make you into permanent owners. Have you spoken with people recently who are trying to sell their real estate? Unless you live in an area where real estate turns over all year long because of a localized economy then you are probably surprised by what sellers will tell you.
What the typical seller will tell you defies any glowing reports you hear that, in certain parts of the country, housing prices are stable or even going up. In addition to that they entice you by saying interest rates have never been lower, you must get into the market now, you must refinance now. We will waive every fee you can think of just to get you locked into a mortgage.
The reality is there’s more empty homes than homeless people. That’s the real take on the market. Talking to sellers, they will tell you, “I’ve had my house on the market for over a year without even a nibble. I’ve dropped my asking price four times and still my agent is getting no calls.”
Then sellers say, “I’ve decided to try and rent my place, but I would need so much rent just to cover half my mortgage payment. Most of all I don’t want to be a landlord with people in my property breaking things and calling me for every little thing. I don’t need the liability or the headaches. What I need is a buyer who can get financed.”
If they actually sell their house the sellers agent warns them, “That for every 10 deals she or he gets, only one or two actually end up closing. Even then, she says, that she’s drawn back into lawsuits for lack of disclosure over the smallest things.” Soon there will be a new name for sellers – it’s called permanent owners.
QUESTION: What should readers take away from this message today?
ANSWER: That the real estate market is in for a lot more trouble and stagnation.
QUESTION: Why is this information timely?
ANSWER: This information is timely because soon you will be coming up on the big sales season of the year and everyone’s hopes will go back up again.
QUESTION: How can readers best apply this information to their lives right now?
ANSWER: Have the nicest property, in the best condition, in a nicest neighborhood, and be the lowest price by at least 10 percent or more.
COMMENTARY: Real estate agents would be better off becoming attorneys. That’s because it’s so easy to sue an agent and their sellers because of lack of disclosure. The Seller’s Property Disclosure Statement (SPDS) is a huge liability for the selling side of any real estate transaction. It’s so easy to prevail in a lawsuit when a buyer decides they have been taken advantage of. This single disclosure statement is the reason savvy sellers will many times choose to walk away from their real estate rather than have this exposure follow them for years to come.