Nuttiness in the Philadelphia Real Estate Market
Below are some of the interesting things that have happened in the last week:
1. Listing Agent Must Accompany for the showing:
For a lot of our center city showings recently, the listing agent has had to accompany. This is understandable time to time for a large building, but for 1 unit ? One real estate office showing policy is to only accept faxes for showing request. If you are lucky, you will get a call back, either pick up a key at their office or LA must accompany. My wife Stephanie showed a 600 sq ft condo recently where our buyers were a young couple and one of their parents. So it was 3 buyers, Stephanie and the listing agent and her realtor friend all in a 600 sq ft condo that did not show well. Not a pleasant showing to say the least. On a side note, there was only one photo for that listing. I would suggest maybe to get more photos and less LA must accompany !
Later in the week another condo, same office, the LA had to accompany. This time we politely explained that the last showing was not comfortable for the buyer, but if had to be that way, could the LA wait outside ? Our showing request was about to be cancelled as the LA was furious with that request, but cooled off. When the showing happened, the LA said, “You know what, I will wait outside”. : )
2. Mysterious Buyers
Ever have a buyer go under contract, get the home inspection done only to never hear from them outside an occassional email or a cancellation of a meeting to go over their options as a result of the inspection ? And after basically stalking them to the point to let them know their home inspection timeline is gone, they then point the finger at you ? Is like the relationship where after the date you wonder “what went wrong ? ” . Maybe we were too good !
3. $45K light for settlement
A member from my team had a settlement today where the seller needed to bring $40,000 to the table to get the property sold. He did that. But unfortunately, there was another $5K judgement that came up after the bringdown ! Well… if you had $40K, I guess what is another $5K to get it done. My team member had the buyer : )
4. Arbitration for $1K ? Are you kidding ?
Another team member offered 3 percent for a listing where in the description it said $1,000 bonus with acceptable offer. A deal came in below the listing price. Seller agreed to take it but not pay the $1,000 bonus. Agent tells the buyer agent there will be no bonus paid on the deal. At settlement buyers agent demands the bonus. My team person still said no. Keep in mind there is no broker co-op letter. This went to arbitration today. Who knows what happens after these hearings ? Is like a game-show “Anything Goes” ? Who has time to sue another real estate office for a measly $1,000 where they received 3 percent on a $200,000 property ? Are starving artists turning into starving realtors ?
5. Two weeks ago, one of our buyers submittted a cash offer, no inspections, $5K over the listing price on a property. There are supposedly 2 other offers over the listing price too. Listing agent finally gets back today saying seller wants more money (this is one week after highest and best)… All I can think about is who priced the property to begin with ? Why is there not a deal closed on this yet ? Mr Listing agent - wrap up a deal !!!
6. Short sale rant - today bank asked for a fax of the agreement-of-sale for the 4th time.
Not too bad for the last couple of days !! The beauty about our profession is that each day brings about new nuttiness ! We love it ! If interested in buying or selling real estate in the Philadelphia market, email us at thesomersteam@yahoo.com
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