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Jim Downs Do…, Real Estate Pro in Newtown, PA

Do you have a standard (Letter – Form – Addendum) to “Lower Asking/Sale Price” at time of signing of original listing agreement, with success?

Asked by Jim Downs Downs, CRS, GRI, SFR, Newtown, PA Sun Jun 27, 2010

Do you have a standard (Letter – Form – Addendum) to “Lower Asking/Sale Price” at time of signing of original listing agreement, with success that you would consider sharing?

A systematically descending price and/or percentage reduction, triggered by time or number of showing or lack thereof that is clear and easily explained.

Thank you for your quick response and cooperation.

Jim Downs, CRS, e-Pro
Keller Williams Real Estate – Bucks South
(215) 869-6194 Cell
(215) 757-6100 Office
DownsBroker@gmail.com
http://www.JimDownsHomes.com

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Answers

3
Hi Jim,

Your question was duplicated on our site. You can thus find an additional answer to your question at the link below.

Best Wishes,

Emily Gibson
Community Moderator
0 votes Thank Flag Link Mon Jun 28, 2010
I agree with Scott that, in most cases, you'd want some flexibility. For instance, a home with no showings in 30 days likely would merit more of a price reduction than one with, say, 10 showings and 1 offer 15% below the listing price.

Most often, I've heard of such a document being presented and signed from agents who offer: "We guarantee to sell your home or we'll buy it." In this case, there is a very structured price reduction process to bring the price to, let's say, 70% of the listing price within 120 days. But obviously that takes a motivated seller with a good amount of equity in the property.

Hope that helps.
0 votes Thank Flag Link Sun Jun 27, 2010
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
I wouldnt recomend a set price reduction, you need to base your price reduction on actual value instead of a standard drop in price over time. Sellers will feel more comfortable by you showing them this is the value now and after say 30 days this is where the value is heading based on these new sales which were __ percentage lower.

When listing i always tell them what it is worth in todays market, whet they should ask and what i think they will get, most sellers want to increase the asking price, my respoinse is we can try, but in 2 weeks if we have a bad response or no showings, you are going to want to reduce to where my bpo is telling us we should be. putting that in writing is better than a set 1% lowering each month per say.

good luck and please let me know how you make out.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Jun 27, 2010
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