Frank Biganski

Hi Shraddha,

When looking at listings on the MLS, I always click the "tax" link and double check to see if the listing agent has the correct tax information entered. Many times, list agents will enter old information and this is probably what happened. However, this doesn’t limit your fault as a licensed real estate agent.

Your client replies on you to provide them with accurate information, and the tax information is information you *should* have known about. Talk to you broker and explain to them the situation, and see what they suggest.

If I were in your shoes, I would buy a very nice (and fairly expensive) closing gift for your buyer to express your apologies and appreciation.

Frank Biganski, Realtor ABR - Fri May 9 2008, 09:18

It might be impossible to sell for a higher price in today's market, but I can provide you with full service MLS marketing for a fee lower than most companies. If you'd like to contact me for a consultation, I’ll be happy to discuss my marketing strategies with you.

Frank Biganski, Realtor ABR - Fri May 2 2008, 18:14

Wilson, to some degree, yes, that is normal.

Over the past 3 years, I've only had the opportunity to show and sell one in-house listing. As a buyer's agent, it simply depends on whether I happen to have a buyer for YOUR particular property, and those odds are high. But only 6 showings over the past 3 months tells me a lot as it's either overpriced, a 1-bedroom condo, or a property in a stigmatized location.

I have a challenging listing myself right now. It’s a gorgeous Art Deco condo built in the 30's that's been completely remodeled; original hardwood floors, top-of-the-line stainless steel appliance package, 9 foot ceilings, and only $154,900. It’s simply beautiful. But whenever I receive a call from a prospective buyer, they ask its location and that kills the deal as the property is located in an area that is stigmatized by the locals because it’s in an old part of down town. However, the area is “changing” for the better, many of the blighted properties have been torn down, but the locals can’t get past the history of the area -- nice property, bad location. Consequently, I’ve had no showings at all since I listed it April 1, much less from in-house agents.

I would look at the bigger picture to see why such few showings. But my bet would be on price and location. A report from the mortgage association late last year showed that buyers and their agents are simply overlooking homes that are priced too high and/or are in blighted areas. If you want some activity, my guess is to lower the price.

Frank Biganski, Realtor ABR - Wed Apr 30 2008, 04:31

If you sell your house at the assessed value, you could be short changing yourself by tens of thousands of dollars. With prices varying between $300,000 to over $800,000 in Willoughby Spit, it’s hard to precisely answer your question without knowing the location and value of your home.

Looking on the MLS, I see some older properties built in the 80’s selling for about $20,000 to $40,000 over assessed value, with only one recently selling at about assessed value. But I see others selling for $90,000 over assessed value too, so it really depends on your property, year built, location, etc.

A CMA however simply uses recently sold "comparable" properties, typically taken from the MLS. I've sometimes had to use comps from the tax records directly if properties were was sold by owner. But if I performed three CMA's for you over the past three years, my numbers would vary just as much as the certified appraisal. The market has been all over the map over the past three years, so that wouldn’t be a "roll of the dice," that’s the market over the past three years.

If you want to contact me, I would be more than happy to provide you with my "opinion of value" (aka: CMA) at no charge or pressure. It'll take me about 2-3 days for me to perform a ‘detailed” and “comprehensive” CMA for you, using both information from tax records and the MLS.

Hope to

Frank Biganski, Realtor ABR
(757) 303-0517
http://www.mrtownhome.net
http://www.chesapeakehousehunt.com - Wed Apr 30 2008, 02:28

Hi Michael,

I realize you have a valid point of view in your reply, but it's rarely that simple.

When I first got into this business, I remember my educator telling me the two words I would hear and say the most: “It Depends.” He was so right, and I always have a little private chuckle whenever a buyer or seller asks a blanket question like yours.

Although a buyer can pretty much go it alone when buying a property, so can anyone else in any other circumstance. A person on trial in a court of law can go it alone, and choose not to hire an attorney. A person earning a 6 figure income can choose to do their own taxes and not use a Certified Professional Accountant. The outcome of each of those scenarios can vary greatly, just as the buying and selling of a property can vary.

Just because the property is new construction doesn’t mean it’s infallible to defects, encumbrances, or latent issues. The house could have been built on land where a previous unknown partial owner will appear out of the woodwork and lay claim to the property. Perhaps this owner lived in England for the past 18 years and was never notified about the sale. Or perhaps the title agency might uncover a mechanics lien on the property from a contractor who graded the land but was never paid. Now we have to negotiate through that aspect – time consuming, and perhaps an attorney may need to become involved.

Yes, we agents occasionally become involved in a purchase or sale that goes so smoothly, we start to get nervous because we’re waiting for the other shoe to drop. But when 99% of our deals are very time consuming and incredibly challenging, when a clean deal comes along, that is our little bonus.

If I did take on your offer, I would just take the 1% and forgo refunding 1% to you because I would have to pay taxes on the full 2%. And I might not get to deduct that 1% refund on my taxes because basically, IT DEPENDS.

Contact a buyer’s agent near you by visitinghttp:// www.rebac.net. There’s typically no charge to speak to an agent in your area, and perhaps they can provide you with some professional insight as to why the delay. Who knows, you may also find the agent you’re looking for too!

Take care.

Frank - Tue Apr 29 2008, 06:51

Michael,

The lack of responses to your question should tell you a great deal, but I’ll try to bring it down to laymen’s terms.

Imagine your boss coming to you and asking you to work a full 40 hour week, plus another 10 hour’s overtime. But after he pays you and you receive your check, he wants you to give the overtime payment back to him.

If you did agree to that, might you be inclined not to work as hard or diligent?

If you do find such a hungry and desperate agent, look at the bigger picture - not just the monetary aspect.

Frank Biganski, Realtor ABR - Tue Apr 29 2008, 04:12