condo selling vent.

SB1512

So, FI and I are trying to sell our condo.  Our complex has condos of 2 different sizes, and we live in the bigger size, about 1500 square feet.  The smaller units are 1100 square feet.

Our agent (FI's uncle, which FTR I was completely against using family, but it's technically FI's condo, so whatever, his choice) called yesterday and asked if we could accommodate a showing for 10am this morning.  We spent 4 hours between last night and this morning doing a super thorough cleaning and staging the place. 

Now, we had planned to leave at 9:45, just to give the buyer 15 minutes leeway.  Well at 9:20, 40 minutes before our scheduled showing, we see two cars pull up and try to enter.  Luckily, we have 2 entrances and they went to the one that didn't have the lockbox so we were able to grab the last of our things and make a getaway while they moved their cars to the correct entrance.

We parked 2 rows behind our unit where we had a clear view, but the buyer would have no way of knowing it was us.  They were in our condo less than 5 minutes.  Then, we see them drive off and pull up to a smaller unit that is for sale, and asking about $30,000 less than us.  They spent 25 minutes in this unit.

FI and I are livid.   Not only did we spend our friday night and saturday morning cleaning, but they showed up 40 minutes early and wasted our time.  Clearly, our unit was out of this person's price range, but they figured they would look anyways since it was in the same complex of the real unit they were interested in.  FI called his uncle (mostly to complain that they showed up 40 minutes early and we had no warning) and ya know what he said........"don't clean so much next time."  Seriously???  We have a dog, we have to clean before a showing!  We both agree that we really shouldn't be turning away buyers, but at the same, we think our agent should perhaps try to do a little more screening to see if a buyer is truly interested before setting up a showing. 

Ugh.  As FI and I become future buyers if the condo ever sells, we both agree we wil always show up on time to appointments and never ever make an appointment to look at a home that is blatenly out of price range.  Window shopping is what open houses are for, not scheduling real appointments and wasting a seller's time.

lyndausvi

It sucks they came early, but how do you know it's out of their price range?  You don't.    

When I was looking for a condo I was looking at places within a $50k  range.  I ended up with a place on the lower end of the scale because I thought it was the better deal.  I was right.   My place increased in value when the places did not.

My parents have moved a ton of times.  They use to fly into a city and 4 days later leave with a house under contract.  Their realtor would make appointments for showings.  My parents would reject the house just by the look of the street.  They would refuse to waste their time even looking inside.    Other times a house they didn't think they would like on paper they ended up buying.  Sometimes the realtor has to take a chance.

I've been trying to sell my condo for almost 2 years.  I total get it.   Unfortunately tt's just the nature of the beast.

On another note, I didn't know a house could be too clean when selling.  What a strange comment?

SB1512

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_condo-selling-vent?plckFindPostKey=Cat:Wedding%20BoardsForum:14Discussion:d09917df-40c6-4268-b3f7-a32aaca1854bPost:6c63982d-4110-46cd-a456-107300e6feab">Re: condo selling vent.</a>:
[QUOTE]It sucks they came early, but how do you know it's out of their price range?  You don't.     When I was looking for a condo I was looking at places within a $50k  range.  I ended up with a place on the lower end of the scale because I thought it was the better deal.  I was right.   My place increased in value when the places did not. My parents have moved a ton of times.  They use to fly into a city and 4 days later leave with a house under contract.  Their realtor would make appointments for showings.  My parents would reject the house just by the look of the street.  They would refuse to waste their time even looking inside.    Other times a house they didn't think they would like on paper they ended up buying.  Sometimes the realtor has to take a chance. I've been trying to sell my condo for almost 2 years.  I total get it.   Unfortunately tt's just the nature of the beast. On another note, I didn't know a house could be too clean when selling.  What a strange comment?
Posted by lyndausvi[/QUOTE]

We assumed it's out of the buyers price range because there is another unit for sale that is the exact same size as ours and they are asking $5k more than us.   The unit that is asking more than us is within sight and we always keep an eye on if they have showings.  The person that looked at ours did not visit the more expensive unit, leading us to believe that we are listed at the extreme top or, or beyond the buyers comfortable range.

I agree with houses rejecting based on location or street is definitely possible.  But, we live on a condo complex and there is no real difference in the driveways leading up to each unit. 

and now our suspicions are confirmed.  just got a call with feedback.  buyer said: clean, large living space.  more than looking to spend, just wanted to have a comparison to the smaller unit for sale.  Balls!

Edit: and yes, i thought the don't spend a lot of time cleaning comment was super weird as well!!!

MrsGandthebeag

That sucks but really it's the nature of the beast.  They could have also been first time buyers.  When we bought our house we didn't really have a clue.  We saw at least 100 houses/condos.  So, sometimes people really don't know.  I wish you all the best though that it sells quickly and you get what you're looking for.

lyndausvi

I rejected the condo 2 doors down from mine simply because it was too close to the stairs.  It was $5k less than the one I bought and same size.

Point being buying a home is very personal.   People reject places for some crazy reasons.  People often need to look a different size and priced places to get perspective.    This time it didn't work for you, but it might have for your neighbor.  Next time it will.  And I guarantee your buyer will waste someone else's time before buying your place.  And you will more than likely do the same.

Also "does not want to spend that much" =/= "can't afford".    I would have paid more than I did at another complex had they had any for sale.  But for the condo complex I finally bought  I'm not sure I would have gone much higher than I did.  I don't think I would have gotten a good return.


Look on the bright side,  you have a super clean house.  I can't say the same (although if I would stop knotting I would)

AdeleDazeem

You're going to need to calm down.  This is what house hunting entails for a lot of people.  My husband and I spent 5 minutes in places that we could afford or 45 minutes in places we had no intention of buying.  You're going to have to be less uptight about the process.  I'm assuming you've been through this since you already own? 

Also, what you happen to love is not what everyone loves.  It is entirely possible that they walked in with honest intentions but saw an immediate dealbreaker.  Just because you can't fathom what it might have been doesn't mean that it doesn't exist.  Everyone's got different priorities.

Knottie_22382102

That's just how selling a house works. It is NORMAL for people to go into different houses for price comparison purpose. You'll be doing it when you get to looking to buy. You keep your house clean, you consider yourself lucky when people come to look at it and realize that only one person is going to buy it and that will take a lot of people looking at it.  Let the rest roll of your shoulders.

From the buyer perspective, we looked at about 30-35 houses over 8 months (as we were selling our other one) before we picked one. We spent more than 5-10 minutes in maybe 5 or 6 of those houses....you know off the bat if you can see yourself living there. If another realtor is present, we were told not to look excited and not to linger too long...we'd get another chance to come back if we really were interested.

We looked at a very wide range and looked up to $50k over our budget, ESPECIALLY if there were similar properties in the same area for sale since we were already there. There's always opportunities to negotiate down, or for us to make sacrifices to afford the house we wanted. We ended up buying one of those properties. We were planning to buy one that we'd seen before and were going for a second look, but while we were there, looked at the 5 new properties on the market within a 10 minute radius and ended up buying one that was $20k more than the one we set out to buy that morning.

If I were you, I'd ask your realtor to get you into that  condo that's $30k less to look at. You will find out if it is comparable to yours (and find if you're over priced) or if there's reasons to justify the $30k additional for your place. 400 SF isn't an instant reason.

Some tips that made me sell my house faster than the house across the street from ours: we painted all the walls and the deck ($150)  replaced the cabinet doors ($300), put new vinyl floor in the bathroom ($150) and put a tile backsplash in the bathroom ($50).

We have 2 dogs and I feel pets are a drawback to selling a property. People get turned off when they know about them. I had my carpets professionally cleaned and cleaned them myself every few weeks lightly and vacuumed constantly. When someone was coming, I put all dog accessories in my car with the dogs. My realtor (and others) said it smelled completely neutral. The only time someone complained was when they came way too early and saw me remove the dogs from the house. They walked in and said "All I smell is dog"....but said that in the entry room where there was no carpet or fabrics so she was full of baloney....but it shows you how the pet can influence someones thought process.

Also, I kept cookie batter in the freezer and baked a few fresh cookies right before people arrived and set them on the table. 1) it smells like fresh cookies 2) it makes people linger longer and 3) it makes people feel like the sellers care and the house is homey. We got tons of compliments about it and the buyers agreed.

SB1512

Thanks for the responses.  Our frustration has definitely subsided, I think in the heat of the momen we were just pretty steamed over all the hard work we put in. 

Lynda: you're right, we have a clean home now, which is nice.........I mean, it will be dirty again in a few hours after the dog has gone from room to room spreading his fur and scent but oh well, we can enjoy it for now!

This is actually our second go-round on the market.  The last time we listed we had a lot of interest, great buyer feedback and even 3 offers.  However, the ony units that had sold in our complex at that time were foreclosures and the buyers knew it wouldn't appraise well so we got lowball offers.  We decided to wait until things turned around to relist.  This time, there have been 4-5 units that have sold in the past 6 months, and we shelled out money for an appraisal before listing.  Our asking price is about $3500 under market value according to the appraisal we received, so hopefully if and when get an offer we aren't dealing with the same difficulties as last time.

Muppet: we have fresh paint on the walls and ceiling that is a neutral color, nothing wild.  We painted both our balcony deck and our large deck.  We had these terrible looking 80's cabinets in the kitcen which we painted instead of replacing.  I wanted to bake, but our agent discouraged it because he said some people might think you are trying to mask a bad smell, but who really knows maybe I'll try it next time.

Reasons why we feel our price is justifiable: 1. An appraisal we had done before listing valued us at $3500 higher than what we choose as our list price.  2.  400 SF bigger (but I know this is not an instant reason).  3.  We have 2 private entries to our unit (1 from garage and 1 from deck side of unit), the lower priced unit does not have a private entry.  We can park in our garage and go right to the house.  The lower priced unit has to go back outside after parking, enter a shared door, and go up stairs to a shared hallway (so sort of like an apartment complex)where other units doors are.  4.  Our unit is in a row that has lawn off of our deck.  The other unit does not have any visible or accessible green space outside their door.  The lawn we have is maintained by the association, so there is no worry of upkeep by the owner.  5.  We have neighbors on 2 sides, so we share 2 walls.  The lower priced unit has neighbors on each side, and behind.  Not only do they share 3 walls, but only 1 side of the unit has windows.  Since our unit has no neighbors behind or in front of us, both bedrooms have large windows, and our kitchen and living/dining area have windows.  In the smaller unit, only 1 bedroom has windows and the living/dining area, no window in the kitchen or second bedroom.  6.  We have 2 and 1/2 bathrooms.  Each bedroom has a full bath and we a half bath on first floor.  Small unit has 1 shared full bath and 1 half bath.  7.  We have hardwood and tile on first floor, carpet upstairs (but tile bathrooms).  Per the MLS listing, the smaller unit has linoleum and pergo on first floor and carpet upstairs (with linoleum in bathroom upstairs).

I realize these may or may not be justifiable in every buyers eyes.  But, we have an appraisal to back up our price (and our appraiser did an appraisal by only comparing to recent sales of units in our complex), and our agent listed all of the above reasons as possible factors that made our unit more appealing.  At this point it's just a waiting game.  Maybe the buyer today will actually do us a favor and purchase the smaller unit which would take away the competition!

melissanjoe21

Get over it seriously. 

FI and I are house hunting.  Our price range is 350,000-450,000.  We looked at two homes that are at the top of our price range now.  450 being pretty much move in ready  minimal renovations.

Due to location on of one and the renovations required at the other.  Doesn't changed that we loved the homes.  On the map one didn't seem that far away but when driving.  We spent like 10 minutes in a 3000 sq foot home because with the closeness to the neighbors and the drive we just new we wouldn't be happy there.

One home has been on the market for 603 days.  Just guessing they have had a few of us come through and felt like their time was wasted.

Meghannsix

Seriously, settle down.  This is what happens when you're selling a house/condo/whatever.  Lots of potential buyers will look, but in the end, hopefully, one will actually buy.  I've spent less time in houses I've looked at because I saw a deal breaker right away, no need to continue looking at that house.  Yes, it's frustrating that they showed up early, but your house is clean, and now you have the rest of your day.  They did not waste your time.

misshart00

I have no problem with appraisals in general, but I don't think they should be used to expect to get a certain amount on a house. As with everything, something is only worth what someone will pay for it. I agree that this is part of selling a house. It does suck, but its the nature of selling.

SB1512

As I said in a pp our frustration has dissipated, and I get that we need to not get worked up, and make the best of the situation......a spotless home and perhaps the smaller unit getting bought will be good because it eliminates competition. I only listed those features our unit has because muppet said we should schedule an appointment to see the other unit and compare differences on price. We didnt get an appraisal to say absolutely this is what someone should pay, we merely did it because there were some foreclosures in the past and it caused buyer insecurity. We figured by having it, if anyone who was making an offer brought up the foreclosures we have documentation to pull out saying that based on other, more recent sales in the complex our unit shouldn't have an issue appraising for within 10K of our asking price.

Knottie_22382102

Foreclosures aren't taken into consideration for appraisals. Realtors will tell their clients to disregard those often too.

You have a lot of plusses, but I'd still try to go see your competition if you can. It can be very helpful.

SB1512

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_condo-selling-vent?plckFindPostKey=Cat:Wedding%20BoardsForum:14Discussion:d09917df-40c6-4268-b3f7-a32aaca1854bPost:d8149f4b-cc78-409d-9b1b-811b95e3cc43">Re: condo selling vent.</a>:
[QUOTE]<strong>Foreclosures aren't taken into consideration for appraisals. Realtors will tell their clients to disregard those often too. </strong>You have a lot of plusses, but I'd still try to go see your competition if you can. It can be very helpful.
Posted by MuppetFan[/QUOTE]

Yeah  I did come across as judgemental.  Whoops. 

That didn't seem to be the case of us, and maybe because we live in a condo.  I know with actual homes, if the neighborhood has a lot of foreclosures the appraiser will look in surrounding neighborhoods.   But, with condos, it might be hard to find comparables between different complexes.  At least, this is what every realtor who sent in an offer gave as their reason for making an offer 30-50K below our asking price......."This is offer is low, but your complex has had 2 foreclosures and it won't appraise well based on the comparables in your complex" 

We do plan go look in the unit if they hold an open house. For us, it wouldn't feel right to make a private appointment just to go check them out, just because this has sort of happened to us before, but not from a competitor.  In our case a neighbor that we didn't get along with, who was was living in a unit his girlfriend owned, made an appointment........it was actually creepy because a few months later when him and FI had some words this guy brought up stuff we had in our home that he could "report FI for to the association" that a person would have no way of knowing we had unless they had been inside. 

And no, FI doesn't have any illegal or odd items.  He does have a lot of tools because he has a hobby of working on cars.  Technically, you aren't supposed to work on cars in your garage here, can't even change the oil.  So this guy was all, I'm going to report you for having tools specific to working on cars even though I have no proof you actually do work on cars.  Thankfully, they broke up and he moved out so we no longer have to deal with him.