This unit seems too good to be true. What are the pitfalls? Why has it been on the market for so long?

Asked by Bamahawk1, 60614 Thu Jan 16, 2014

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Jack Schlenk, Agent, Chicago, IL
Fri Mar 27, 2015
Cleaning my desk I found Pitfalls & Possibilities by Lynn Madison 9 pages "NEGOTIATION"
Negotiating Starts before an Offer is Made
What Makes a Good Negotiator?
Setting Expectations
Prepare Your Clients
Counter in writing
Know the Rules
Standard of Practice 1-6, 1-7, 3-6, 1-13,1-15, 3-4,
Listing Not in MLS
Multiple Offers, What can buyers do? What can you do?
Using an Escalation Clause
Tips on using an escalation clause in you offer
A few final thoughts

Get a copy of Pitfalls & Possibilities the data will help you.
0 votes
Jack Schlenk, Agent, Chicago, IL
Sun Mar 22, 2015
In the Lincoln Park market area in the time line of 01/01/2014 - 01/01/2015 only 36% of the listings sold. This means 64% of the listings did not sell. Why? The 64% units were over priced.

As a Certified RE Appraiser (License 556.001434) since 1989 and a RE Broker (License 471.000537) since 1971, I learned that the sale price must be reasonable.

If you have a seller that wants to list a unreasonable number for the property then ask the seller to get an appraisal report and use that number for the listing dollars.

To sell a property the list price must right to attract the buyer(s).

Please review my articles on Tralia
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Homey, Home Buyer, Darien, IL
Tue Nov 11, 2014
155 W Armitage Ave #601 Is a great condo and IS as good as it seems! Was rented for a long time and then owners needed to sell. Was placed on the market first too high, due to bad advice, and didn't sell. They made some nice improvements, and have been lowering the price so it would sell. It's a lovely condo. Very nice, and great location. Has all that you would want! You must go see it for yourself! You'll be pleased. Don't let this get a way. It isn't too good to be true. It"s TRUE!
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JIM Michaels, Agent, Chicago, IL
Tue Jan 21, 2014
email me at and I will also send you what I have on that one
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Cindy Wilson, Agent, Chicago, IL
Sat Jan 18, 2014
This is a fake listing. The actual property backs up to the El tracks and is on an extremely busy street. Who knows where the property shown in the photos is actually listed. This is why you need an can't believe everything you see on the internet.
0 votes
Or you could just go to see the property yourself, right?
Flag Sat Jan 18, 2014
Aaron Buechl…, Agent, Orland Park, IL
Fri Jan 17, 2014
The picture shown and the MLS listing number do not match the address provided.
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Joe Schiller, Agent, Chicago, IL
Fri Jan 17, 2014
that is a magic house that the agent uses to get people to call them..
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Accurate Ins…, Other Pro, Chicago, IL
Fri Jan 17, 2014
The pictured building and surrounding buildings do not look like North / Clybourn. I could be wrong but I don't think so. I am pretty familiar with that intersection. Picture doesn't seem right.
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Manuel Brown, Agent, Chicago, IL
Fri Jan 17, 2014
Home Buyer,

That was a short sale and actually closed for 172K. These deals are hard to finds. Work with a buyer's broker and for short sales be prepared to have tow wait from 60 days to 9 months.

Best of luck
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Mike Kravitz, Agent, Chicago, IL
Thu Jan 16, 2014
Hire a Realtor to find the truth on this one.

0 votes
Santiago Ken…, Agent, Chicago, IL
Thu Jan 16, 2014
Sound like an scam from Nigeria but who knows...hire a realtor
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Stephanie Sc…, Agent, Chicago, IL
Thu Jan 16, 2014
If it seems too good to be true then it usually is! This property is not listed on the MLS and the MLS/Source ID number provided on Trulia actually belongs to a different listing.
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Jorge Vega, Agent, Chicago, IL
Thu Jan 16, 2014

Hire a Realtor that will determine if the property is a real listing or a scam. Good luck!
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Dirk Gould, Agent, Chicago, IL
Thu Jan 16, 2014
I think it is too good to be true. The photos don't match the property I see on MLS that is no longer for sale (a garden unit). Let me know if you need any further help.
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David Hanna, Agent, Chicago, IL
Thu Jan 16, 2014
Apparently, so far no one has wanted to buy it.
lets go take a look and see what you think!
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Philip Sencer, Agent, Chicago, IL
Thu Jan 16, 2014
It's a basement unit! Way too expensive
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Bill J Delig…, Agent, Naperville, IL
Thu Jan 16, 2014
Greetings Bamahawk1,

Work with a Realtor to assist you in your search process and ensure that the listings you are looking at are accurate.

Feel free to contact me with any questions.
Web Reference:
0 votes
MNE Leasing &…, Both Buyer And Seller, Ravenswood, Chicago, IL
Thu Jan 16, 2014
This unit is marketed correctly given what the average price per sq-ft goes for in that area. Next step would be getting into the unit and gathering more details before making an informed decision.

In any way I can assist, please text/call @ (773)946-1705 or email and I'll be glad to help!
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Matt Laricy, Agent, Chicago, IL
Thu Jan 16, 2014
Best way to find out is to check it out.

Grab an agent and go see it!
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Spencer Gray, Agent, Bonney Lake, WA
Thu Jan 16, 2014
I would suggest clicking contact a local agent on the top right of that page for more information about the property. They can better help you.

Sometime we all have listings that are priced right that don't move as quick as we thought they would. Sometimes the properties don't fit everyone's needs, its just a matter of finding the right buyer.
0 votes
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