Home For Sale Prevention Program #3
One of the classiest homes for sale in Salt Lake City recently went off the market after about two years of being for sale. I first thought what a great home it would be for me to be the sellers agent, and have the opportunity to market. Then I discovered the seller’s conditions. She would turn down any offers that didn’t give her the right to make changes to the property after closing. The three car garage would be altered to provide the seller a residence taking up two of the parking stalls. She would remain on the property, later subdividing it into two lots.
Audacious yes, sales prevention program, yes, is something you would do? Probably not.
But sellers do audacious things that prevent their home from being sold. Here is a audacious condition on a condominium in zip code 84102. It is reasonably close to downtown Salt Lake City. It is an amazing corner unit with almost 700 square feet of deck. It has wonderful views. It is a rare find and perhaps that is why the seller thinks he can be audacious like this: Subject to the seller locating a suitable new residence, and therefore, the closing date must be flexible. One could conclude that the seller expects a couple of years to comply. What is suitable, a top floor condo in City Creek for $20,000? Who would submit to such audacious and uncertain conditions? For certain this one qualifies as a sales prevention program due to audacious conditions.
I wonder which of these two examples would win the noble prize for audaciousness.
Another condominium currently on the market has this condition: “Lease expires July 2015”. They are trying to market it as an investment property. The problem with this is that few condominiums are being purchased as rentals. The exception I see is in Canyon Road Towers and Zion Summit where people living there are buying a second unit. They love the building and use the rental to cover both home owners dues. As a practical matter when considering what rents you can obtain and the home owners dues, condominiums are not often good rental investments. Most people purchasing condominiums find it to be a bit audacious to expect a buyer to wait 9 months to occupy the home.
Short sales are often filled with audacious conditions. Of course home buyers like deals but the following conditions are reasons many agents shun showing short sales: “If Seller's lender, as a condition of approving the sale, requires a reduction in the total commission agreed to by Seller in the Listing Agreement, any such reduction shall be divided 50/50 between Seller's & Buyer's Broker.” And you thought agents sell homes as part of their charitable foundation. The facts are that the expenses just to be a licensed REALTOR® are surprisingly high and good agents work on properties where there is no uncertainty if or how much they will be paid. This statement in the MLS could lead an agent to believe the commissionectomy might be severe.
There are a lot of great opportunities to purchase homes and condominiums in Salt Lake City. In most segments of this market it is a buyers market. So please sellers, forget the audacious requests.
by Larry K Cragun, REALTOR®
MediaOne Real Estate, Utah
4770 S 5600 West Valley City, UT84118Phone: 801-204-6000 URL of Map
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