Home Selling in 11357>Question Details

zbcs2000, Other/Just Looking in Whitestone, NY

negotiating with a potential buyer for over 4 months while property has been delisted

Asked by zbcs2000, Whitestone, NY Mon Mar 11, 2013

here's the deal, my dad needs the money from the sale of his home to pay for his assisted living - -this was 8 months ago.

my sister is his power of attorney and is handling the sale.
she listed it w L& Foster at $850 k, then 750, then 600 (it was appraised in mid 500s) and when the state of MD made an offer they delisted it and began negotiations over 4 months ago.

I was shocked as the goal was to sell it fast but not give it away and having it of the market all this time eliminated any other competition as far as Maryland's offer which I am sure wont budge.

Was this a bad move or a high risk high reward attempt?

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Answers

5
It appears that several mistakes were made by your sister:
1. If your goal was as you state to sell the house fast but not give it away, it should not have been listed at approximately $300,000 over what it was worth. Any serious buyer would not even want to view the property if it's that overpriced. By pricing it closer to market value, you would have many more showings which would generate offers.
2. By taking it off the market your sister has eliminated all competition and MD therefore has no sense of urgency to purchase the house. Relist it as soon as possible and continue to show it to all intersted parties until contracts are signed and the buyers deposit is in escrow.

If you have any further questions, you can email me at bestsella@aol.com.
0 votes Thank Flag Link Mon Mar 11, 2013
HI Zbcs, is the property in Maryland or Queens? Maryland in not an attorney state, but that doesn't mean you can't use one. By all means get the property re-listed with a reputable real estate . a property should continue to be listed and shown until buyers have signed a contract and your attorney's holding money in an escrow account. Only then do you know they are serious buyers and not playing games. (do you mean delisted that it expired because it was not extended??) Terry K 718-614-3167 or TKorahais@elliman.com
0 votes Thank Flag Link Mon Mar 11, 2013
Sorry in MD (wrong forum?)

Trulia shows it OFF MARKET and the date of 11/11/12

thanks,
Flag Mon Mar 11, 2013
Have you considered consulting with your attorney, he/she can better advise...
0 votes Thank Flag Link Mon Mar 11, 2013
Hi,
I dont have one and dont want the drama unless this looks like a utter incompetance or negligence by her as the POA.

thats all legal stuff - i just wanted to know if my gut was right and i should not feel bad for laying into her handling of the sale.
Flag Mon Mar 11, 2013
It is very difficult to express an opinion without being sure of all of the facts.

I personally have never heard of "delisting" a property. If it is in contract, it would not show up as an available property. If it is in "negotiations," it should still be listed and showing until a contract is signed.

gail@GladstoneGroupRealty.com
0 votes Thank Flag Link Mon Mar 11, 2013
sorry, i dont know the jargon.

it was taken off the market on Nov.11, 2012 (trulia site) to avoid the agents commission as they were negotiating privately with the State's offer.
Flag Mon Mar 11, 2013
In my opinion this was a bad move. No property should be delisted without at a minimal, a contract in place, and/or additional firm commitments from the buyer. Since your sister is handling the sale I would suggest you have this conversation with her and find out the status of the offer. If the buyer is not moving forward you should put the property back on the market.

Also, your attorney should be playing a more active role in enforcing " a time is of the essence clause" in all negotiations. Good Luck.
0 votes Thank Flag Link Mon Mar 11, 2013
thank you.

I did ask why it was off the market for so long with just the low ball offer and she said she will put it back on the market (1 month ago - i dont see it yet).

i dont know the business as to time frames with listing etc..

unfortunately, she is the attorney as my dad's power of attorney/executor.

i dont want any drama like hiring an entity to examine her competence as POA, i just want my dad to be taken care of...
Flag Mon Mar 11, 2013
Always consult an attorney.
Flag Mon Mar 11, 2013
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