Sandra Jeter\’s Blog

Yesterday, I noticed a expired listing and remembered the  time I interviewed with that   particular seller.  My CMA (Comparative Market Analysis) suggested a list price of $79,900 and the seller wasn’t too happy about my analysis but  stated  another agent “quoted” him a higher price. I did not get the listing, I was not interested  to list the home at the price the other agent “quoted”. Well and here are my thoughts.  Just because somebody  ”quotes” a higher price  doesn’t mean they can sell it for that amount!There is a reason “some” professionals prepare a Comparative Market Analysis – the numbers will show  what is available in that market,  what has sold and what price.  The numbers tell us what a home should sell for!  What the other agent did is called “buying a listing”. He just told the seller something he thought the seller wanted to hear and therefore received the listing. Personally I think there should be a law that would require that agent to buy the property for that price….. but anyhow. Needless to say, the property had been on the market for over a year and  expired yesterday!  

I believe in telling a seller  the truth, I believe in educating the seller about the market and that  is my duty as a Professional! I know that sellers need guidance and often times that means telling them something they don’t really want to hear. I rather turn a seller  down at the beginning than let them  down a few months into our relationship.

Another aspect of this story is the carrying cost. How much did it cost the seller to keep the property for a year. Was there a mortgage, the seller had to pay? How much did it cost to keep the utilities on in the home? Here is an example:

Seller would like to get $89,900  property is worth $79,900.  Decided to list for $99,900?? Property never sold and  cost the seller a carrying cost of  $7,200.

Example: Mortgage $500 per month, Sewer $12.00 per month, Water $30.00 per month, Electric and Gas $50.00 per month Total cost $7,200.

Again, Seller would have taken $89,900 property would have been priced for a quick sale at $79,900. It just cost the seller $7,200 to keep the property for 1 year and that is not including some maintenance… etc.  Seller has not sold property. Do you see where I am going with this?!   $89,900 – $ 7,200 = $82,700

As for the other agent, I am sure it has been costly to advertise a property that never sold and my advise to him is,  it never pays to “buy a listing”. Especially in a buyers market.

Did you know that I have a system in place that can automatically send you a e-mail any time a new listing becomes available that matches your criteria. You will be up to date about the Fremont County Market! All you have to do is call me or e-mail me with the search criteria for your new home, as well as price information and my system will search the MLS daily  to find your match.  Contact me today!

I began my day by listening to a Infomercial on  Television.  Not watching  just listening.  I usually don’t have my Television on in the morning and certainly not on a Infomercial but let’s face it, everybody was smiling, laughing and all in all very cheery. So I kept it on, for company so to speak.  

As I applied Makeup a  cheery gentleman assured the audience that  for only 3 easy payments of $39.99 he would send  them a list of all  Tax Foreclosure sales scheduled in the United States. Throughout the program he had happy enthusiastic people  say things like ” Bob’s easy to follow program  (let’s assume his name was Bob) helped us buy a $500,000.00 property for only $350.00.” Another said something like “Bob’s program helped me buy 7 rental properties for only hundreds of Dollars”. Wow,  Bob of course a selfmade  millionaire knows  his  program will show them  exactly how they  can purchase properties in an Tax Sale  and how they  too  can own expensive properties  for next to  nothing. Of course,  they  need Bob’s program, for only 3 easy payments of $39.99, because only Bob can tell them  how to do that.   Wow, let me start by saying ” I can’t believe I watched an Infomercial”….You have heard  it a million times and you will hear it again from me – If it sounds too  good to be true it probably is!

The Facts

1. Fremont County  advertised a complete list of all properties in the Newspaper including  owners names and amounts owed. Tax Sale is on November 15th. By the way, some properties  truly  owe a minimal amount of taxes and there are numerous properties listed  that owed  less than $100.
2. Let’s just assume you placed a winning bid and now you own the Property, so you think, BUT  you do not own the property,  you must wait a until  redemption period has passed (3 years)  during which time the property owner or Lender may repay the lien with interest  You are  not permitted during this period to contact the property owner.
3. Once the redemption period is over you may initiate foreclosure proceedings. During which time the  property owner or  Lender  still has the opportunity to repay the lien with interest plus the costs incurred.
4. Also remember Tax liens  cannot be “cashed in”  you must hold them until they are   repaid or foreclosed.    
5. Most likely you will not be a proud property owner but you have the potential of earning some interest on your money.

I saved you 3 easy payments of $39.99 and  below you will find a link to the Fremont County Treasures Site with more information on November 15th, 2007 Tax Sale!

http://www.fremontco.com/treasurer/

While in previous years it might have been true for some real estate agents to list a home and place a sign in the yard to sell a property, this might not be so true in today’s market. Choose a professional that will represent you and that  has a marketing plan in place. Research who you  work with and  how they will represent your best interest! After all, there is not reason for you not to  remember your real estate agents name.