Sellers from Hell – Don’t Be One

If you have ever dealt with a truly obnoxious homeowner who is getting ready to sell; you know this can be a dreadful experience. While typical home sellers are gleeful about the opportunity to sell and make a killing on their great investment, some home sellers can be bad. Very bad. Other times, this kind of seller can not only kill the deal; they can end up losing money on their sell, because of their bad attitude. Sadly, the realtor in this situation ends up paying the higher price for having to cope with not only a spoiled sell, but also a spoiled seller.

For homeowners getting ready to sell, there are a few things that you should not do. Take a look through the following five facts, and don’t get caught being a Seller from Hell.

  1. Don’t be Stingy with the Buyer’s Earnest Money

When a buyer is really serious about buying a home; earnest money is provided to hold the house. Just like putting an item on lay away; earnest money is used to secure the sale and allows the buyer to get everything together in terms of financing or even selling their home. In a recent story related to earnest money, a seller decided to hang on to the Buyer’s earnest money. Apparently, there was a dispute over weather damage, and the Buyer expressed concerns over how storm-related issues were handled. In response, the Seller decided not only not to sell the Buyer the home, but also decided to not return the earnest money.

Eventually, the Seller decided to return the monies, rather than go to Court. This resulted in a lot of time and money costs, and the home sale was lost.

Simply, if you want to sell; keep your promise, and don’t keep someone else’s money. Bottom line.

  1. Don’t be Delusional – Not Everyone is a Sinatra Fan

Some sellers love their memorabilia. According to a recent case study, a seller decided to paint a life sized painting of Sinatra, and other members of the Rat Pack on their living room wall. In fact, the seller refused to remove the startling monstrosity and even insisted that the “art” should increase the selling price by $100,000. Not so. Even after not being able to sell the home; the seller did end up renting the home, but would not even allow the tenants to cover the mural. Delusional, yes? Not everyone is a fan of Sinatra. Some murals should be covered.

  1. Don’t Interfere in the Home-Selling Process

Some sellers become overly involved in the home-selling process to their own detriment. A real estate agent is a trained professional. They have attended courses, gone through certification, and understand the qualification process of buyers. So, if a seller hires a realtor to sell the home; let the agent do their job. In one example, the seller decided to interfere so much that the sale fell through. This caused a lot of frustration, hardship, hurt feelings, and wasted time. Follow the processes in place. Interfering never helps.

  1. Don’t Be Uncompromising

Buying or selling a home is a huge financial transaction. Compromise is a substantial part of the bargain. During one recent story, a seller was financially strapped and needed to sell the house short. She was able to make a deal and go through a home sale. However, during the closing an additional $67.00 was needed. The home seller in her unwillingness to compromise came under fire, because she insisted that the buyer pay this dollar amount. According to the title company, the buyer should have paid the amount, but refused. The seller actually did want the sale to go through and after cajoling from the agent, agreed to the terms. Everyone on both sides of the deal needs to understand the negotiation and compromise process.

  1. Don’t Be a Cat-Man

Yes, everyone loves a cat. However, when a seller’s pride of cats begins to take over the home, especially during showings when buyers might be allergic to the feline friends, it might be time to crate them. During one instance, even after an agent warned the seller that he should herd his cats, because buyers may be cat-adverse; the seller refused. Cats were everywhere. The seller’s sale was sabotaged. While this is a very strange scenario, and extreme in nature; when you want to sell your home; crate your cats.

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2015, A Big Year In Commercial Real Estate

Roy Dekel Commercial Real Estate

This month we saw a variety of reports being released, analyzing 2015’s real estate market. While a lot can be said about both commercial and residential in the past year, a major focus of these reports was the growth of commercial real estate in the U.S. Real Capital Analytics released a compilation of data earlier this month, reflecting on transactions involving income-producing properties in the past year. While we didn’t see growth across each sector, the percent increase in other areas compensated for the slack.

Yahoo Finance recently published an article reflecting on this data from Real Capital Analytics. The data, which is comprised of commercial real estate transactions greater than $2.5M, is broken down into six different sectors. The sector which saw the biggest growth in transaction dollar volumes came from the industrial market. According to CBRE, the industrial availability rate has been falling for 23 consecutive quarters now.

Not surprisingly, retail real estate saw a decrease in closed volume coming out of 2015. The market is seeing a steady growth in online shopping which could attest to the decrease in growth we saw in the past year. However, studies suggest that with lower gas prices and an improving labor market consumer spending should grow; thus, retail real estate is expected to see some growth in the coming quarters. In Yahoo’s article, the vice president of Real Capital Analytics, Jim Costello states, “Retail is still having some trouble. We have a lot of retail that just doesn’t make sense anymore given the location in terms of the big-box activity and all the competition form the Internet as well.”

Overall the commercial real estate market saw an accumulative growth of 16% in 2015, amounting to a total of $503.7 billion in transactions. These figures are causing quite the celebration as it has been the most we’ve seen since before the financial crisis. Most experts believe that with the change in the Foreign Investment in Real Property Tax Act this past year,  we’re sure to see continued growth in quarters to come. I believe that although there are competing factors, such as availability rates in certain markets, we are continuously seeing real estate developments in up-and-coming markets nationwide. Ultimately, 2015 was a major indicator of the rapid growth in commercial real estate and 2016 will likely follow suit.