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Home Selling in Pacific Heights : Real Estate Advice

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  • Local Info15
  • Home Buying4
  • Home Selling2
  • Market Conditions1

Activity 2
Fri Nov 23, 2007
Lorie Gould answered:
Foo... I agree that you have reason to be upset. Communication is the key to all good relationships. It appears that there was a failure in communication on the part of your agent. This does not mean that he is a bad agent. It simply means he made a mistake. We all make mistakes. In my opinion it is how one handles their mistakes that separates them from the competition. Did he apologize for not communicating upfront that your open houses could be hosted by another agent in his office? You as the seller need to communicate your likes and dislikes with the agent. If you want him and only him to hold your condo open then you need to communicate that to him.

To me it sounds like the "team" he is referring to are other agents in his office and that he personally does not have a team. Either way this is not bad for you. The more agents that see your condo the more opportunity you have to find the right buyer. Many agents carry more than one listing so we enlist the help of other agents within our office. It sounds like your agent was in communication with the agent that held your home open which is great. As long as he knows what is going on and can follow up with the potential buyers that came through the door you have nothing to worry about. I usually provide a cheat sheet for agents holding my listings open which outlines all the details I want them to point out to prospective buyers. I am just a phone call away if the buyer shows interest to answer questions that the host agent may not be able too.

This is a very common business practice that does not mean he handed you off to a less experienced agent. It simply means he needed help with an open house. Just communicate with him and ask him to keep you in the know on who will be showing your home.
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Wed Nov 7, 2007
Mary Fenton answered:
While I agree with some of what has been said, there are a few unaswered questions. Will you be buying as well? Do you need to sell in order to buy? Have you already located or bought the replacement property?

There are different ways to structure when buying and selling. Ideally, if it is possible, you would find your replacement property first. That way you are not under a time crunch to find a home, and you can take advantage of the current market as a buyer. You may have to take an equity line out on your condo in order to make a down payment.

Once you have an offer accepted on a replacement, you can prepare your condo for the market. Most likely, unless you already have the replacement, that will bring you to the beginning of next year as we are already in mid November, which will be a good time to sell. You will also be selling a vacant and hopefully staged condo which very often sells faster and for a higher price than those that are not presented that way. Doing things this way will mean that you will have two mortgage payments for the time it takes to sell your condo which could easily be two months (including escrow period).

If you are not able to do that, and you need to sell first, putting the condo on the market now would not hurt your chances of selling next year if it did not sell. It is clear to people that the market is in a transitional stage; buyers will understand that the timing was not right. Having said that, it sounds like your unit has all the components of a desirable property. Good condition, parking, and an outdoor space are all key features; I'm sure that is what attracted you in the first place. The style of the building and the exact location (block) are also key factors.

If you want my thoughts on your specific property without giving away that information publicly, please give me a call. My partner and I can come by, have a look, and talk strategy with you.
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