Déjà Vu Properties! Ever have that feeling that the property you are viewing online, or in person you've seen before? Or maybe you've seen it again, and again, and again and again? Perhaps you have. It is not unusual these days to identify those properties that are repeat offenders. It seems as if they never sell! They go on the market; perhaps they get a contract, and guess what happens? The property comes on the market again and again. Just like a bad penny, it always shows up!
The problems with many listings are that the good inventory has sold, and many of the properties that are sill coming on the market are in fact problem properties. Maybe it is a structural issue, there may be a major objection to the sale, perhaps the home did not appraise, and maybe the home is not passing inspection. In the Atlanta market our new contract is a due diligence contract. That means it is an "Options contract!" The seller never has the right to see the buyer's inspection. So there is nothing the seller has to disclose. The buyer either buys, or moves on to the next home. The problem that arises for a seller that an experienced agent knows where the products that are sitting. There are many homes in the Atlanta market I can personally identify for being on the market for over 5 years.
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Jim, yes, I've seen them again & again! It's very interesting. I just showed a home the other day to some clients that I realized I had sold 12 years earlier! Kind of interesting!
Jim: Five years is a long time to be on the market. That must be really frustrating for those sellers.
Jim,
In this market, I would think this is happening more and more. "Real sellers" are sitting and sitting and hoping a new agent will bring new life. Thanks for the post.
Don Wixom (RE/MAX Advantage Nampa, ID) I've had many of those experiences over the years, but the ones I am referring to are ones that have never sold nad they keep trying to re-pitch them as a new listing.
Matt Grohe Remax Des Moines CRS, GRI, ABR (Remax Real Estate Concepts) Many of those homes are new builds. The builder has gone bankrupt, and the banks now own many of them.
Ann Sabbagh, Sr. Loan Officer (Seacoast Mortgage Corporation, RI, MA, CT & FL) That is why it is smart to work expired listings. One expired listing is another agents moment of opportunity.
Some of these homes sitting on the market are strictly sellers who "NEED" to get a certain amount out of their house (because it's upside down) or because they feel it's worth more...so lets "wait and see" if it sells. Well, we all know what happens in that situation. ;-)
A good observation Jim, there does seem to be some truth to that. I've noticed that with some foreclosed homes as well, they come on the market a couple years after someone bought it as a foreclosure.
Jim- I see the same here. There are also the ones that initially started out as an overpriced listing that end up being relisted by an REO agent. Seems the overpriced listing was an upside down seller that may have benefited from an experienced short sale agent. I don't know if I have seen one that's been on for 5 years, though!
I agree with you Jim...some properties have that stigma, preventing them from selling! Cherise
Wendi Milinkov (Ticor Title) Yes, reality has its own rules.
Jared Hokanson - Realtor® Southern Oregon (RE/MAX Platinum) That is a very interesting scenario you brought up...I've seen many a wannabee investor rush in (without representation) and buy a foreclosure only to be foreclosed upon themselves later.
Jen Olson (First Weber Group Realtors) In my market there are a few.
Cherise Selley - Colorado Springs Realtor (Selley Group Real Estate, LLC) There are many reasons a home does not sell, and it is not always the listing price.
Hi Jim! Five years? WOW! I have seen some that are over 2 here and I have to do very little digging to find out what the problem is! It's more exciting now to see a brand new listing than ever before, I think!
Enjoy your Thursday...
Debe Maxwell, Realtor® - Charlotte NC MLS - Charlotte NC Neighborhoods (Helen Adams Realty) Yep! No kidding there!
Hey Jim, I know of some homes in Cherokee County that have been re-listed by different REO companies for about 2 years now. One has foundation problems and the other needs to be bulldozed becuase of mass amounts of toxic mold. The only people making money off them are the home inspectors. Each home has had atleast 6 home inspections. The brokers are just playing "musical listings" with them.
What is really bad cool is when it was one that you told the seller it they were pricing it 20 to 30% above market and two years later they are getting close to what you suggested. Now they don't want call you because they can't admit you were right.
Jennifer K Giraldi, Atlanta REALTOR® Atlanta Real Estate Expert (Solid Source Realty Atlanta) It is more common in the Atlanta area than most would like to believe.
Charles Stallions Real Estate 800-309-3414 Pensacola, Fl. Exactly!