San Francisco from Alameda Point
I often wonder why some agents can’t just keep their mouths shut. This market is so hot, that some agents will often brag about the selling price, the moment a property is in escrow.
That’s a very bad habit to get into. The actual price is determined by a buyer. Even though, in this hot market, most, if not all offers have no contingencies (like financing, the appraisal, inspections, etc), what happens if the unexpected happens (like a buyer finds out s(he)’s being transferred by the company, or s(he) is laid off, or the loan isn’t approved, or one of the buyers dies?)
From the Sellers’ point of view…that Buyers’ disaster is also a disaster for the Seller, who has to put the property back on the market (BOM). And if the listing agent has gone around and told other agents what the property sold for ….you can bet that price on the accepted-offer-contract, most likely will be lower …how much? I’m not sure. I’m not the buyer!
Agents are so blatant these days, that in the last few weeks I’ve attended a broker’s open house, and the hosting agent wanted me to tell him what my listing sold for. I looked at him like he was crazy and said something like ‘you’ll find out when it closes.’ Then he proceeded to tell me that he heard it sold for ‘north of $740,000.’ I said ‘you’ll just need to wait until it closes.’
And if all goes well tomorrow, it should close. And then you can check back here, or see it all over the real estate portion of the internet.
Moral of the story? It pays to keep my mouth shut and my eyes wide open. And if you are thinking about hiring an agent…why not toss some of the disasters you can think of his/her way, when you are interviewing that potential agent, and see what his/her answers are. And I’m hoping I’ll be on that list of agents you’ll be interviewing.
Alameda Real Estate this Week
Have a wonderful weekend…and contact me if you have questions about the market.
Maybe you’d be entertained (or not) by my ‘for fun’ blog...Boomer-chick-musings.