Market Wise Q&A: Hot Market to Cooler Market ~ (What Happened to Protecting a Seller's Interest?)
Pat Kapowich for the San Jose Mercury News Q ~ When the real estate market was hot, properties had disclosure packages and pictures online. Now that the market has cooled, many listings have few or no pictures and inspections. What happened??
A ~ Counter-intuitive, isn’t it? One would think that if sellers and/or their licensee engaged in the process of selling a home, they would bring everything to bear in order to make that sale happen. Not so in this cooler market. Many sellers and their reps seem to start with the attitude that the home might not sell at all. Unfortunately, the sellers who could “save” hundreds of dollars in inspections often wind up repeatedly reducing their list price by the thousands. These sellers actually help the competing fully-inspected homes sell first, for top dollar.
Seller inspections promote a sale, limit surprises and expensive renegotiations, thus keeping the transaction together while avoiding the likelihood of subsequent litigation.
Also, such short-sighted sellers usually hire licensees who won’t be posting pictures, virtual tours or disclosure packages on the internet. It’s not unusual for these licensees to then “work” open houses repeatedly until their listing agreement period expires, only to claim later, “I knew that property wouldn’t sell.”
Market Wise column Saturday, February 9, 2008
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