Seller's Dilemma: OTM, FSBO or List Again?

 

When a ‘listing for sale agreement’ on a house is about to expire, home sellers must decide to either take their house off the market (OTM), For Sale by Owner (FSBO), list it again with the same agent, or list it again with a different agent.

Let’s assume you or someone you know is in this situation and take a closer look at each possibility:

 

Taking Your Home off the Market

In all probability, after putting your house on the market and seeing it not sell, you’re going to be upset. You may be thinking that no one in the marketplace thought the house was worthy of the sales price.

Because you are upset, you may start to rationalize that selling wasn’t that important after all and say,

“Well, we didn’t really want to sell the house anyway. This idea of making a move right now probably doesn’t make sense.”

Don’t rationalize your dreams away. Instead, consider the reasons you decided to sell in the first place. Ask your family this simple question:

“What made us originally put our home up for sale?”

If that reason made sense a few months ago when you originally listed the house, chances are it still makes sense now. Don’t give up on what your family hoped to accomplish or on goals your family hoped to attain.

Just because the house didn’t sell during the last listing contract doesn’t mean the house will never sell or that it shouldn’t be sold.

 

Re-Listing with your Existing Agent

For whatever reason, your house did not sell. Perhaps you now realize how difficult selling a house may be or that the listing price was too high, or perhaps you’re now acknowledging that you didn’t exactly listen to your agent’s advice.

If your listing agent's marketing and advice was exemplary, you may want to give your existing agent a second chance. That’s a perfectly okay thing to do.

However, if your agent didn’t perform to the standard they promised when they listed your home or you believe a different marketing style or additional services can lead to a sale, you may want to FSBO or try a different agent.

 

For Sale by Owner

You may now believe that listing your house with an agent is useless because your original agent didn’t accomplish the goal of selling the house. Trying to sell the house on your own this time may be alluring. You may think you will be in control and save on the commission.

But, is that true? Will you be able to negotiate each of the elements that make up a real estate transaction? Are you capable of putting together a comprehensive marketing plan? Do people who FSBO actually ‘net’ more money? 

If you are thinking about FSBOing, take the time to learn about testing and inspection contingencies, what financing products are suitable for purchasing your home and what are not, the average timeline in your current marketplace from application to financial commitment, the difference between a standard appraisal and an appraisal for U.S.D.A, VA, FHA, or WHEDA financing, state mandated disclosures, municipal regulations, current market value, the minimum acceptable down payment for various financing products, compliance with Fair Housing Laws as reflected in both your marketing and with whom you agree to schedule showing appointments and negotiate a sale, and where to find credible contractors for speedy evaluations and cures (asbestos, electric, fireplace, foundation, HVAC, LBP abatement, mason, pest control, radon, roofer, septic, surveyor, water, well, etc).

 

List with a New Agent

After failing to sell your home, you may no longer trust your agent or what they say. However, don’t paint all real estate professionals with that same brush. Have you ever gotten a bad haircut before? Of course! Did you stop getting your hair cut or did you simply change hair stylists?

There is good and bad in every profession—good and bad hair stylists, agents, teachers, lawyers, doctors, police officers, etc. And just because there are good and bad in every line of work doesn’t mean you don’t call on others for the products and services you need. You still get your hair cut, see a doctor, talk to a lawyer, send your kids to school, etc.

 

Bottom Line

You initially believed that using an agent made sense. It probably still does. Let's get together and discuss the possibilities.  It's a pleasure to help!

Go Home . . . and Bring Home that Dog!

#HomeRocks.  Home Rocks with even more gusto when you adopt a pet and bring home a dog.  My dog is part of the family and my greatest fan -- his big face is in the window watching me pull away from the garage when I leave home and it's there again to cheer on my homecoming at the end of the day.

"Belly-Boy" (short for Bellamie, which I'm told is French for "beautiful friend") is my buddy, gives great hugs, and is the cover-dog for this video pictured above .  The breed comes from the Pyrenees Mountain range along the border of France and Spain. Belly-Boy pops up again at the tail end of the 30 second video with my son.  The photos were taken just moments after we adopted this Great Pyrenees puppy. 

You'll see our first Great Pyrenees love, "Champ" (short for "Sir Woolly Britches" -- my husband refused to call out "Sir Woolly Britches!" in public) at the end too.  He keeps watch over the new pup with his boy, "Luke."

Finding and procuring a home of your own, just like finding the perfect pet, is a process that requires a bit of waiting.  Often it involves plans to fulfill dreams of bringing home a 4-legged furry pet.  When you find a house that's "home" for you and you get the keys in your hand . . . finally, you can bring home the dog or cat you've always wanted.  They're waiting to go home too! 

Aa a friend of Adopt-a-Pet and home buyers, I'd like to help you find a home to call your own and a forever home for a dog or cat waiting to be adopted.  Coldwell Banker Real Estate is on a mission to help find forever homes for 20,000 dogs! 

Direct questions to Realtor, Lori Koschnick, independent agent for Coldwell Banker The Real Estate Group Inc.  Coldwell Banker offices are independently owned and operated.

Infor@LoriKoschnick.REALTOR  or  Lori@HomewardBoundPro

75 Dead (Occupation: Real Estate)

A Vacant house, a Stranger, an Urgent request to Meet there Immediately . . . Absurd? It happens all the time to Realtors. In the hyper-competitive real estate profession you know if you don't jump, the buyer will find another Realtor who will. You know this kind of call is unlikely to be fruitful . . . but the eternally hopeful optimistic adrenaline junkie inside you starts cheering from the back of your mind, "What if this is the exception? Go! Go help Buyer...Go get it sold..." As Realtors, closings feed our families.

63 Dead in 2013:  38 Accidental . . . 25 Homicides.  The Bureau of Labor and Statistics reports an occupational average since 2003 of 75 fatalities per year industry-wide (real estate for sale, rent, lease).

As an industry, perhaps it's time Realtors re-educate the the buying public on the home buying process and implement professional courtesy standards requiring buyers to meet Realtors at their real estate offices for a Buyer Consultation prior to showing appointments and obtain from buyers a written pre-qualification/pre-approval for financing or proof of available funds for purchase prior to scheduling property showings. Perhaps the National Association of REALTORS® can amend the Realtor Code of Ethics to include a professional courtesy Article like this to promote Realtor safety, professionalism and productivity, buyer education and preparedness, and increased seller satisfaction by limiting showings to only buyers who have provided Realtor with a written verification of their ability to buy.  

Is expecting buyers to verify their ability to purchase what a seller has prepared for them, Realtor has researched and will devote their workday to showing them . . . too inconvenient for real estate buyers . . . or too radical to implement?  Or would serious buyers, sellers, local real estate boards/associations, state organizations like the Wisconsin REALTORS Association and Realtors across America benefit if such an Article is added to the National Association of Realtors' Code of Ethics? 

Until we take a stand together as Realtors and make such a pledge to each other, there will always sellers preparing their properties for "buyers" who cannot buy and Realtors who will feel the need to sacrifice professionalism, jumping to the urgent call and placing their personal safety at risk so they don't lose the potential sale to another Realtor.  

Certainly there are occupations far more dangerous than "Realtor."  Aside from cases where clumsiness and slippery walkways are involved, we shouldn't see any fatalities in this industry.  Homicides resulting from stranger-danger in our workplace can be avoided. 

This is an industry of professionals dedicated to helping people find and acquire "Home" -- a place of safety and security, where treasured memories are made, dreams come true and love abounds.  Can't we keep fear of occupational fatalities out of real estate by implementing a simple safety rule into the Realtor Code of Ethics?  

Maybe if the job description demanded we climb columns and peek in windows to avoid soiling sellers' carpets and save fuel by leaving the car at the office and hopping rooftop to rooftop to rooftop to show properties . . . then it might be difficult to avoid occupational fatalities.  Opening a door . . .  Homicide?

Let's stand beside each other and our seller-clients and take an oath to protect our professionalism, our safety, and our selling clients from the horrors and heart-ache that we create when bringing buyer prospects with unknown purchasing capabilities, unknown motives, and unknown histories into neighborhood properties.

http://www.bls.gov/news.release/cfoi.t02.htm

to Dream Fearlessly . . . The American Dream Lives

To dream fearlessly . . . to pursue our dreams with determination and courage . . . to believe we will successfully transform our dreams into our reality . . . to pick ourselves up when we fall, continuing the pursuit of our dreams . . . to overcome obstacles with creativity, sweat, faith . . . and persevere until we are living the dream (which inspires us to new dreams/goals) . . . is the heartbeat of America.


Home - Family - Career - Health - Joy - Love - Friendship - Education . . . The American Dream lives.  Pursuing my dreams while helping others pursue and achieve their dreams is my career as an independent real estate agent for Coldwell Banker The Real Estate Group Inc., an affiliate of Coldwell Banker Real Estate LLC.  More than profession, being a Realtor is an amazing experience.

To those who have given me the honor of helping them pursue their dreams during these seven years, Thank You!  You who are ready to pursue your dream of home -- be it the dream of your first home or vacation home or larger home or smaller home; be it a dream of extravagant luxury, the extravagance of "downsizing" and simplicity, and anywhere in between -- you can call on me to be your advocate and help you achieve your dream.

American Family Insurance, like Coldwell Banker, inspires us to Dream Fearlessly.   Enjoy the music video.  Be inspired.  Dream.