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Sands Point : Real Estate Advice

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  • Local Info1
  • Home Buying0
  • Home Selling2
  • Market Conditions1

Activity 4
Bill Bodouva, Real Estate Pro in Port Washington, NY
Mon Jun 4, 2012
Bill Bodouva answered:
Hi Edi, as you might imagine I have a lot to say about 4 Hollow Court, but since I was not involved in the transaction, I'll limit it to this: The property was put on the market by a local broker, at $1,850,000 on 2/28/2007, a price $250,000 dollars too high for that market period. There were extenuating circumstances that behooved the seller, 'not' to sell the property, but to appear to be trying to sell it. Once these circumstances were resolved, the price was reduced, again wrongly for that time to $1,699,000; $1,495,000 would have been an accurate asking price during that month and year per a CMA at that time. Once the seller became motivated, the broker reduced the property again to $1,499,000 and represented the homeowner as “motivated.” One week later it entered into contract and closed shortly thereafter. This deal reads like a quiz, "how many unethical issues can you find above!"
I agree with your philosophy, if the property would have been listed properly, at $1,599,000 in 2/2007, I feel strongly that it would have sold for $1,550,000, per a CMA at that time. In today's market, knowing the improvements made to this property, an accurate comparable market value today should be $1,400,000; the buyer's did well.
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First Last, Other/Just Looking in 90002
Thu Feb 9, 2012
First Last answered:
Ask your agent to call the site and urge correction of any errors you discover.

The real estate websites are aggregators, they pull data from all over the place, lots of it wrong, and it would be a full-time job just to watch over them. However, I have phoned aggregator sites and successfully obtained edits that benefited my clients. Brokerages buy ads on these websites, and therefore they tend to listen to agents.

Karla Harby
Lic. Real Estate Salesperson
Charles Rutenberg LLC
212-688-1000 x146
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Anna M Brocco, Real Estate Pro in Williston Park, NY
Wed Aug 25, 2010
Anna M Brocco answered:
Why alert anyone about the bathroom beforehand and possibly give a potential buyer(s) a second thought--if the property shows well, just let the potential buyer(s) and draw their own conclusions/determination as to the bathroom--allow them to tour the property at their own pace without alerting to the building plans for the potential second bath--only show the plans when and if asked. ... more
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Kathleen Puc…,  in Grants Pass, OR
Wed Aug 25, 2010
Kathleen Puchta answered:
To perform due diligence, the buyer agent should have asked for a copy of the pre-qual letter prior to showing property to them. If they had not been pre-qual'd they should have sent them to or at least had them discuss with a lender over the phone prior to shoing property. They can get at least a general idea of what that person's reality is.
At this point you can decline the extension and put back on the market as available rather than the pending status it has now. In my opinion poor credit is poor credit and lenders dont very alot in the numbers they require.
I personally would decline the extension and move on so you dont lose any other potential buyers. I would also suggest your agent put in the agent remarks on the mls listing that buyers need to submit a pre-qual letter or verification of funds with offer to keep this from happening to you again. That way if they dont have it they can get it before taking you out of the game while things get addressed with lenders. You may lose a couple of people who would have looked at your home, but if that is the reason why it is not such a bad thing really, is it?
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