Should a Buyer's Agent Contact a Seller Directly?

It's not that unusual for home buyers to think that the world of real estate would be much easier if the sellers and buyers could just sit down together and discuss an offer. But there are many reasons to utilize the services of real estate agents. It is also possible that you could alienate the seller if you try to bypass their listing agent. While many sellers feel comfortable showing you around their home most of them do not want to discuss terms of an offer directly with a potential buyer. If they wanted to sell for sale by owner they would not have hired an agent.

Not only do sellers tend to feel uncomfortable talking about the terms of an offer, they do not want to bypass Plano Realtors because they know that their agent knows more about real estate than they do. They trust their listing agent. A real estate agent offers a seller experience, knowledge and a fiduciary responsibility. The agent acts as a buffer between both parties because a buyer of DFW homes goal is probably to buy that home for the lowest price possible and, on the other side of that, the seller's goal is to sell their home for the highest price possible.

In your case, you hired a buyer's agent to represent your best interests. Even though, in most cases, the seller is paying your agent to represent you, your agent is responsible only to you and not to the seller. It is your agent's job to present your offer to the listing agent. If you'd like your agent to present your offer directly to the seller, your agent can ask the listing agent for permission to do so. In those situations the listing agent is still present with the seller. This is not possible for Plano foreclosures because the offer must be submitted to the listing agent who will forward it along to the bank.

The Dangers of Going Directly to the Seller

If you feel that your buyer's agent is incapable of representing you to the extent that you feel a need to bypass the agent, you may want to hire a different agent. I'll give you a couple of actual examples, and from them perhaps you can come to your own decision.

A couple of years ago, a buyer wanted to buy a home in Dallas. He thought that the listing agent did not want him to buy the home for some unknown reason. The buyer believed that the listing agent might have wrote a counter offer and asked the seller to sign the counter offer without explaining its terms and ramifications to the seller. The buyer decided to go to the seller's house, knocked on his door and expressed his concerns. The seller was very polite but disinterested. After the buyer left, the seller called his agent and complained. This upset the listing agent. The listing agent was uncooperative from that point forward, and the buyer did not buy that home.

Is It Breaking the Rules to Bypass the Listing Agent?

In a different transaction, a listing agent explained to a buyer's agent what the buyer needed to do to buy their short sale listing. Of course, the buyer did not believe his agent and fired him and then went directly to the seller.  The buyer was a young male and the seller was a mature, single woman. The seller interpreted the buyer's aggression, and she relayed her fears to her listing agent who then contacted the buyer's agent. The buyer asked if he could work directly with the listing agent but by this time his tactics had alienated everyone involved in the transaction, including the listing agent. The buyer ended up sabotaged his own transaction.

Plano Home Sellers Who Need to Sell Without Equity

Sometimes people who need to sell Plano homes may end bringing cash to closing to sell their house. You may be thinking, if I am selling my house, why would I need to bring in cash to closing to sell it? Isn't the buyer paying to buy my home? Unfortunately, this circumstance happens more often than you think.

Why Would a Seller Need to Pay to Sell?

· Unexpected Home Repairs

Few transaction close until the buyer has completed their home inspection. Home inspections and termite inspections can uncover undisclosed problems or deficiencies in a house that run into thousands of dollars to repair. What can begin as a simple repair job can expose other problems when walls are opened up or roof shingles are removed.

· Not Enough Equity.

If you have owned your home less than two years and you took out a mortgage that was greater than 90% of the purchase price, it is likely you don't have enough equity to pay closing and selling costs. These costs 8 to 10% of the sales price.

· Declining Real Estate Market

Maybe you have to sell in a declining market, which would mean your house might not be worth enough to generate money upon selling. Real estate market cycles can make markets move down as well as move up. Not every home will appreciate every year.

· Community Values Change

Sometimes external factors or nearby Plano Foreclosures can affect property values. When new subdivisions are built close by and the houses are offered for less, buyers will generally gravitate toward the new houses, avoiding slightly older homes. New commercial developments change the value of surrounding homes. Sometimes homes with views lose those views when high-rise buildings are constructed near existing housing.

How Do Sellers Pay to Sell DFW Homes?

· Some Sellers Access Their Retirement Accounts or Borrow From Family Members

Sellers who are on the short end of the stick must bring a check to closing. A man in Dallas used a home equity loan against his home to help make her mortgage payments. When he could no longer afford to make the mortgage payments, he bought another home with 100% financing. He then rented his condo and put it on the market. His tenant was uncooperative and made it difficult for the man's agent to show the house. The tenant had to be put out of the house. Faced with falling prices, this seller was going further into debt every month. He finally had to face the fact that if he wanted to sell his house and not lose it through a foreclosure sale, he would have to bring money to the table to close the sale.

· Some Sellers Choose to Bite the Bullet

A seller in Fort Worth contacted me recently to ask if her Realtor was telling her the truth when she suggested she bring in money to close his sale. This seller's best financial move may have been to stay put and not sell. She already owned a home; she wasn't a renter trying to become a first time home buyer. The seller insisted on selling because she no longer liked her neighborhood or any of her neighbors. Out of all the houses in his neighborhood, she was the only owner occupant left. The rest of the houses were rentals, which lowered values. She decided that it was worth it to spend $25,000 to get out of that neighborhood and into a more desirable area.

· For Some Sellers a Short Sale May be the Answer

Most lenders will agree to a short sale. Lenders have specific requirements that will persuade a lender to forgive mortgage debt. A seller in Frisco Texas had no liquid assets, no income and had refinanced his house for more than its market value. He found out that negotiating a short sale with his lender meant he could walk away from the house without getting a foreclosure on his record.

Every home selling situation is different. Sellers who find themselves in financial difficulty should first talk to a legal, financial adviser or a CPA to help them weigh the pros and cons of bringing cash to close the sale of their home.

Why Isn't My Plano Home Selling?

Many Sellers with Plano homes for sale have had their property
on the market for months with very few or no showings. Some of these sellers have had dozens of showings but not one offer to purchase. In a buyer’s market, it is especially important to pull out all the stops and make sure your home stands out among the other entire competing inventory on the market. Ask yourself why a buyer would choose your home over all the other homes for sale find the things that don’t
stand out and get to work on them.

Condition of Your Home: Be sure to study your competition. If 85% of the homes in your market are not selling, then yours needs to shine above the top 15%. Also, study the homes that are pending sales because that's your current indicator of market activity. You want to know what is happening right now, and pending sale data will tell you which homes are selling. Unfortunately, in the DFW Real Estate area MLS the Pending sales do not show how much the house is under contract for. Separate from preparing your house for sale, consider its condition. Maybe you should consider adding upgrades and doing updates and repairs before putting your house on the market. If the top 5% on houses on the market have new flooring and your flooring is worn and dated, your house is not going to sell and could become one of the many Plano foreclosures. Replace the flooring. Paint the walls a neutral color and spruce up the curb appeal.

Not Enough Photographs / Poor Photographs

Houses in the DFW MLS that have only one photo are quickly passed by. Houses with dozens of photographs get noticed. Take quality photos or hire a professional photographer. Shoot wide angles with plenty of light showcasing your home's best features. If the photos are blurry or otherwise look bad don’t use them!
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Take many photos of the kitchen area. The kitchen is one of the most important areas to photograph.
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Unless your bedrooms differ from one another greatly, just take photos of the master bedroom or largest bedroom.
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Don't get yourself in the photo of the bathroom by shooting the mirror's reflection.
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If the hallway is narrow, don't take a picture of it. Take photos of the fireplace or other nice
feature instead.
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Living room photos should show space so take photos of it from many different angles.
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Don’t forget to include the back yard and gardens.
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Add descriptive text to each photo.

You Didn’t Pay For Extensive Marketing and Advertising

No single aspect of a marketing plan will sell your sell your home. It takes a comprehensive combination of marketing efforts. Print color postcards and mail them to surrounding homes in the neighborhood and to out of area buyers.
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Get a virtual tour of your house to use in your marketing.
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Keep marketing aggressively until your house sells.
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Create color fliers containing several photos to distribute to potential buyers and those who view your home.
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Hold Open Houses on the weekends that coincide with other neighborhood open houses.
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Very important; Get feedback from buyers that have viewed your home. See what they liked and disliked about your home, and make adjustments to overcome this issues.

You May Have Hired the Wrong Listing Agent

You want to work with a professional DFW Realtor who is competent, experienced and rustworthy. There are a many ways to find Realtors but the easiest way is through referrals from friends and family. If you desire full service and want an agent to spend money marketing your house hire a full service brokerage company and interview at least three agents. To find the best listing agent don't base your decision solely on the suggested listing price or how much the agent charges for commission because there are other considerations. Discuss the listing price and commission amount last. First, find out the agent's marketing plan and experience.

You Haven't Priced Your Home Properly to Sell

Many sellers say that they don’t want to “give their house away”. To sell your house, the listing price must be right. Don't test the market at a high value because if you do, your house will probably just sit on the market and the days on market (DOM) will continue to increase. Dated listings don't usually sell for list price. To avoid overpricing your house, study the sold comparable sales. Adjust for square footage, upgrades and condition, if necessary. If your home has a bad floor plan or is located in bad location such as next to power lines, on or near a busy street, you're not going to get the same price as homes with a good layout and in a good location.
Example: if the last three homes sold at $300,000 but you feel they are not comparable to yours because they aren’t updates, but they were located on a quiet street and your street is busy your house is probably worth about the same. A plus of$25,000 adjustment for the updates could wash
out the minus $25,000 for the noisy street.

In a buyer's market, price your home a minimum of 3% less than the comparable sales. If you can't live with this amount then don't put your house on the market and set yourself up for
disappointment. Overpricing your house is the worst selling mistake a home seller can make.

Earnest Money Deposits and Your Plano Home Purchase

Home Buyers always ask how much earnest money deposit they should offer. Generally, there is no set amount. In most States, contracts must contain a consideration to be valid, but that amount can be as little as one dollar. Laws in your state may be different. Keep in mind that the amount of your earnest money deposit depends primarily on your local marketplace and customs.

What is an Earnest Money Deposit?

An earnest money deposit is a good faith deposit. When buyers execute a purchase contract the contract specifies how much money the buyer is initially putting up as earnest money to secure the contract. It will also show how much down payment the buyers are agreeing to make. The balance is usually financed as a mortgage. An earnest money deposit says to the seller that you are serious about buying their house. An earnest money deposit for Plano foreclosures also shows the bank that you are a serious purchaser.

How Much Earnest Money is Enough?

Because there is no set amount, it varies from market to market and across the country. Where I work, selling Plano homes and DFW Homes in Texas, generally this amount is between 1% and 5% of the purchase price. Buyers here do not often put down more than 5% since the sales contract contains a liquidated damages clause that awards that earnest money to the sellers should they default and not close on transition. If we were in a seller's market, with many buyers fighting over limited amount of home, it makes sense for the buyer to put down a much larger earnest money deposit to entice the seller to accept their offer. In a buyer’s market, a larger earnest money deposit might entice a seller to accept a much lower purchase price.

Who Do You Give Your Earnest Money Deposit To?

In every jurisdiction that I am aware of, the earnest money deposit should either go to the Title Company or legal firm handling the closing or to the listing brokers escrow account. Review the advice below:

· Never give an earnest money deposit to the seller.

· Verify that the third party will deposit the funds into a separately maintained trust account.

· Obtain a receipt.

· It is not advisable to authorize a release of your earnest money until your transaction closes.

Is Your Earnest Money Deposit Refundable It You Do Not Close?

Study your sales contract and addenda to see what it says about what happens to your earnest money deposit if the transaction doesn’t close. The answer will depend on why the transaction didn’t close. Were you not able to get your financing approved or maybe you couldn’t get clear title to the property. Did you or the seller simply change their mind about closing? Upon cancellation, the sellers and buyers are asked to sign mutual release agreement. If an agreement cannot be reached, the party holding the earnest money deposit will continue to hold it until an agreement is reached. If no agreement has been reached after certain period of time, title companies will send the parties a certified letter asking for mutual instructions. The letter will state that if no one responds within a certain time period, then title agent will return the money to the buyer. If the seller contests the action then the parties will have to go to arbitration or court to get the issue resolved.

Plano Realtors - Talk to Your Sellers About Absorption Rates

What are “absorption rates” as they pertain to real estate sales?   The absorption rate takes into account how many homes are on the market and how long, on average, it will take that home to sell on the open market.  Professional Plano Realtors and DFW Realtors have a duty to their Seller clients to explain this calculation so they will have an idea about how long it may take them to sell their home.  Whether you are at the listing presentation, or you're following up with a seller who's been listed a while, providing the added service of helping the sellers to understand absorption rates and how their price falls into the current pool of available homes for sale in their area. Absorption rates are now required from appraisers for all government related loans; which is just about every loan out there today.

Fannie Mae's Form 1004MC, and Freddie Mac's Form 71 both require that appraisers calculate days on market, inventory levels, and absorption rates for the comparables and immediate area around the subject home. The assumption is that tracking the variability of these three measures across time periods can provide trend information to determine home value direction. The appraisers must also take into consideration the Plano foreclosures on the market which could impact the absorption rate.

Absorption Rate Calculation Example- Say we take the number of closed sales for the last six months in a certain area, and it is 110. We then check the current number of active listings, and it is 420 in that area. First, divide the 100 sales by 6 months, to get a rate of 17 closings per month. Then, divide the 420 active listings by 20 to arrive at 21 months to move that inventory; that's the absorption rate.

Under the Freddie Mac's Form, we see that they require this number for three time periods; the immediately preceding three months, four to six months back, and seven to twelve months in the past. Then, the appraiser must indicate whether the absorption rate is decreasing, stable, or increasing. If it's decreasing, then the market appears to be slowing, and this could cause the value of the home to be adjusted downward. Also considered are corresponding periods for days on market, inventory, and the sale-to-list price ratio. If sale prices are getting lower in relation to list prices, this will be evident on these addendum forms, and the appraiser should be adjusting the home value downward. So, it's clear that a good market is showing higher absorption rates, lower inventories and shorter times on market on average. They prefer to use "median" numbers.

On the bad side, if median absorption rate is declining, and days on market and inventory are rising, this doesn't look good for the market in the near term. Couple that with wider spreads between list and sale prices, and the picture darkens as well. But, good or bad news, you should be on top of this information and sharing it with sellers and prospects to help them in their decision processes.

Tips for Buying Your First Plano Home

There are only 5 basic steps to buying your first Plano home.

Hire a Buyer's Agent

It is best to hire a buyer's agent first but if you prefer start looking for Plano homes online or visit open houses first. If you retain a Plano Realtor first it will save you a lot of time and frustration. Your buyer's agent will know and do the following:

•• Agents many times know of new listings coming up that are not yet in the MLS.

•• An agent can send you listings directly from the Realtors MLS that meet all of your search criteria, and you won't waste time looking at listings that are already under contract.

•• You can save your gas and go to view home in your Realtors car and not your own.

•• Some agents will preview homes for you to ensure the homes that they show you meet all of your needs.

•• An agent can usually spot over priced listings and advise you accordingly.

Find the Right Home to Buy

Buying a home can be an overwhelming process and emotionally draining. Finding the right home is not an easy or fast task. Buyers are advised to look at a maximum of 7 homes at a time because any more than that will make your head spin and all of the homes will start blending together. Most buyers do a lot of online research before ever stepping foot in a home. According to the National Association of REALTORS, buyers spend an average of 6 to 8 weeks, trying to figure out where they want to live. But once the community is chosen, most buyers end up buying a home after 2 or 3 home tours.

Get a Mortgage

It's not always necessary to have a approved loan in your back pocket before looking at homes, but it is paramount to get a mortgage pre-approval letter in advance. This way you know for certain how much home to you can afford and it shows the seller that you are a serious, qualified buyer. Many sellers won't look at an offer if the seller doesn't have assurance that the buyer can get a mortgage to buy their home.

FHA financing is becoming more and more prevalent because the minimum down payment requirement is much less than a conventional loan. However, if you are thinking about buying a Plano foreclosures home, for example, buyers with cash or conventional mortgage tend to get priority with REO banks. You can ask your agent for a referral to a mortgage broker or check with your own bank/credit union.

Negotiate Your Home Offer

Plano real estate buyers sometimes make the mistake of comparing the sales price of a home they are interested in to other homes they have seen, active listings. It's a mistake to compare sales prices among homes for sale that have not sold yet. That's because sellers can ask any price they want but it doesn't mean the home will ever sell at that price. An agent can provide comparable sale information and look at pending sales. Comparable sales are similar type homes in the same condition and location that have sold within the past 3 months. Pending sales will become the comparable sales by the time your home closes. In some markets you may have to pay over list price especially if many buyers are going after the same homes. Your agent can give you a price range and help to manage your expectations. A good buyer's agent knows there is always more to an offer than its price, but price is the main factor.

Do a Home Inspection

A home inspection is a contingency in the sales contract. A contingency means that a buyer has the right to cancel the contract for different reason like a low appraisal, financing falling through, etc. You might not want to be locked in to buying a home that has a faulty foundation or other structural problems, for example. When repair items turn up it opens up the door for more negotiations. Maybe you can get the seller to pay for, or give you a credit for, certain repairs. If a home inspection uncovers a major defect you will have the right to back out of the sales contract.

How To Hire A Plano TX Buyers Agent

If you are considering investing in your own Plano home it is imperative that you hire a Buyer’s Agent to represent your interest. Most prospective buyers don’t realize that the listing agent, the mane on the sign, represents the seller’s interest not theirs. In most markets around the country the Buyers Agent, although representing the buyer, is actually paid by the seller. Now, there are no excuses to not hiring a buyer’s agent.

You will be required to sign a Buyer Broker Agreement with your agent. This agreement is usually provided by the State Real Estate Commission or the Local Board of Realtors and spells out the terms and conditions between you and your agent. If your agent does not perform his duties as describe in the agreement then you may have the right to fire that agent.

Finding a Buyer's Agent
• Internet Searches
By finding listings online of homes for sale, you can quickly figure out which agents in certain areas are listing most of the homes. Be careful, that would mean those agents are likely to specialize in seller representation and not buyer representation. Try running keyword searches such as "Dallas Buyer's Agent" in a search engine. You can also search Web sites where agents maintain public profiles such as ActiveRain, Realtor.com or VIPRealtyPlatinum.com to find Plano agents that specialize solely in buyer representation and do not take any listings.
• Referrals
Many Buyers Agents are referred by family, friends or co-workers. A referral is usually the best way to find a buyer’s agent that has a good reputation and strong work ethics. Alternatives buyers can use to find an agent are:
Signing an Exclusive Buyers Agreement:
Nothing, turns off a buyer faster than an agent from the Internet who e-mails a buyer's broker agreement before meeting in person. It's common for agents to expect a buyer to sign a buyer's broker, but most buyers should be comfortable with an agent before signing.
Take the time to interview three Plano Realtors to help to ease your uncertainty and find the agent that will serve your needs. Many buyers are leery of signing agreements because they are concerned that the relationship might not work out. They don't want to be stuck with a crummy agent, and that's understandable. Here are a few things you can do to relieve those concerns:
• Ask For a Short-Term Agreement
The term of a buyer’s broker agreement is negotiable. Although many agents might request a 90-day commitment, or longer, you can request a shorter term, it's whatever you can negotiate with the agent.
• Compromise
You can tell the agent that you want to spend a little time getting to know them before signing an exclusive buyer's broker agreement. It's reasonable to say, "Let's spend an afternoon looking at homes, and if I think we can work together, I will sign an agreement with you before we go out again." Cautions should be used with an agent who is too eager to work with you before she has interviewed you, as well. In many areas agents are required to have you sign a form that explains agency, who that represent. This is not a contract, only a disclosure and the agent is required by law to have you sign this disclosure.
• Specify Areas and Terms
Most buyer broker contracts contain a description of the areas you are looking in. For example, you can specify that you only want to look at Plano Foreclosures. If you are undecided about areas, you might want to specify the terms and area in the contract, which will allow you to work with other agents in other areas or at different terms. For example, you might specify a price range or a specific area. If you later decide you do not want to buy a home in that price range or in that area, you can choose a different agent to show you homes in another price range or new area.
• Ask For a Guarantee

Many agents will give you a written guarantee if you request it. A guarantee may state that if either the agent or the buyers decide that the relationship is not working out or our personalities clash, the agreement will be released. That way you're not joined at the hip with a business arrangement. Navigating the Plano TX Real Estate market will not be so intimidating when you have a buyers agent on your side.

Selling a Plano Home With Pets

Everybody loves pets, right? Well, most people do except a homebuyer who is looking to buy your Plano house for sale. Home sellers who adore their pets have a hard time seeing the negativity others may harbor against pets. You may not be happy with this but if you want to get the most money for your house, you should pay attention to how much money you may lose with a dog, cat or other pet in your home while you are trying to sell it.

Why Some Home Buyers May Not Like Your Pet?
• Pets make some people uncomfortable and nervous.
• Fear. Both real and imagined.
• Inexperience. Pets are unpredictable.
• Your pets aren't their pets. They imagine that yours may bite or jump on them.
Pet Solutions
The best thing to do to ensure that you get top dollar for your home is to relocate all of your pets while your home is on the market. Putting them in the back yard, in the garage or in another room that you keep locked is not enough. Remove them from the house.
• Let a friend or relative care for them.
• Board them at a kennel.
Overcoming Negatives Associated with Your Pets
If you, for whatever reason, can’t remove your pets from the house, then you can at least minimize their negative impact on the marketing of your home:
• Litter Boxes: Keep them out of sight and keep them clean and fresh. Nothing turns off buyers faster than the smell of cat waste.
• Carpet & Floor Pet Stains: Hire a professional to remove any stains in the flooring. Buyers will spot them immediately. If the stains can't be removed, then replace it.
• Pet Odors and Smells:
1. Cat urine is the worst.
2. Do not use air fresheners. All that does is add another smell to your home.
Remove All Signs of a Pet
In some areas, you may be required to disclose that pets have lived in your home, but you don't need to advertise that pets live at your house. Removing all signs that you have a pet is the best practice. As you know, it's those first impressions that are the most important.
• Remove photos of pets from refrigerator, walls and table tops
• Seal up doggy doors
• Put away food and water bowls when not in use
• Vacuum every day
• Pick up your pets toys
• Put away all cages, carriers, etc.
Showing Your Plano Home
Put your pets into a carrier and attach a warning note informing buyers not to bother them. The last thing you want is somebody sticking their hand inside the carrier and getting bit or scratched. You can't predict how your pet will react when locked up and provoked by a stranger. Even though the Plano real estate market remains strong, you need every marking advantage available to you. Many potential buyers will look at a few Plano foreclosures prior to viewing your home and a clean smelling home will catch their attention as soon as they walk through your doorway. It is always best to retain the services of a professional Plano Realtor to show you the best way to market your home to get the highest possible price in the shortest amount of time.

Why Would A Plano Realtor Take an Over Priced Listing?

Lots of Plano Realtors will take overpriced listings, but why? Every day these Realtors take on these overpriced listings making their business ethics questionable among their peers. Who cares?" A Realtors reputation is paramount within the communities they work in. When buyers and sellers sign a contract for sale, their Realtors enter into a 30 to 60 day relationship and respect and cooperation with each other is crucial. So why do these Realtors sabotage themselves? Or do they?

To Secure the Listing

•• Sometimes It's a Lie.
When a seller interviews each Plano Realtor, often their estimate of value creeps higher. It could be that the first agent knows there will be two other Realtors competing for that listing, so the first Realtor names an very high figure. The second Realtor, upon hearing the first Realtors price, beats it. The third Realtor comes in even higher yet. A seller who choose a Realtor based on which estimate is highest will be the ultimate loser. Yet almost every seller operates in this manner. It's a shame because so few Realtors take the time to educate their sellers that other factors such as marketing and the agent's negotiation skills are much more important than the estimate of value. The comps will give you the best ball park value of the home but ultimately, the market itself will determine the actual value.

•• Sometimes the Seller has Unreasonable Expectations.
This doesn't excuse the Realtor from explaining how appraisers determine a homes value. A home came on the market on a Lovers Lane in a desirable area of Dallas, but it was priced $80,000 too high. When asked why, the Realtor replied, "I know it's overpriced, but I would have lost the listing to somebody else if I didn't agree to that listing price." As it turns out a home three doors down sold for a high amount, but that home had been meticulously maintained, and it boasted many, many upgrades. By comparison, this home was a fixer upper, but the seller insisted he could get the same high price as his neighbor.

Free Advertising for the Realtor

Every "For Sale" sign advertises the Realtors company name and the Realtors. Many of these signs contain the agent's Web site and phone number. Some of these signs even sport a color photo of the Realtor. Just think of it like a giant billboard for the Realtor. If the home is located on a major road then all the better. Hundreds of drivers may pass the sign each day and will see that Realtors name.

Realtors Find Buyers Through Listings

•• Calls from the Sign.
If a buyer wants to find out the price of a home, generally they will call the Realtors phone number on the sign and ask them directly. Realtors who are on the ball will try to retain that buyer to work with them, assuming the buyer is not already working with another agent.

•• Open Houses
Realtors can hold an open house and find prospective buyers that way as well. If the buyer is not interested in the "open" home, and once they find out the price they won't be, the Realtor will then buyer other homes.

•• Newspaper Print Ads
A Realtor with an overpriced listing often won't put the address in the paper but will list the details along with the price. This way the buyers who can afford to pay that amount will call to inquire about the home. All a Realtor has to do is suggest other homes in that particular price range that are worth what the seller is asking and she's off and running into escrow on another transaction. Not yours.

Realtors Will Hope for a Quick Price Reduction

Even if a Realtor knows they are taking an overpriced listing, they may be telling themselves that when the home doesn't sell in a few weeks, they can persuade the seller to lower the price and then earn their commission when it sells. They justify their actions and take the listing. Unfortunately, studies show that interest in a home typically wanes after just a few weeks on the market, so here will be fewer buyers for that home when the price is lowered. Buyers also often think there is something wrong with a home if it doesn't sell right away or they worry the seller dropped the price because a major defect was discovered in the home. These price reductions hurt the seller and they often make buyers wonder how much lower the price may drop. So, many times a buyer will often offer even less after the price reduction. Choose your Plano Realtors based on ethics, honesty experience, competence and marketing. Don't chase after those high numbers because in the long run you will end up with less. Generally, these same rules apply to Dallas foreclosure listings as well because a bank is susceptible to the tactics of these same Realtors. If your home is in major disrepair or you have to sell very quickly for any reason you may want to contact a We Buy Houses Dallas companies and see what your options are.