Why some Orlando property is overpriced…
There is only one good reason why Orlando Property is overpriced…because too much money is owed and the seller cannot sell for less. So in order to sell the home and get out from under the debt, the Orlando Property is overpriced. The other reasons are frivolous and irrelevant at best.
- Seller originally overpaid so they want to make it up on the sale of their home.
- Seller over-improved the property and now wants to recoup every penny spent.
- Seller wants to upgrade homes and needs that cash to buy bigger.
But there is a more common reason when Orlando property is overpriced: the listing agent wants to get the listing so they tell the seller just what the seller wants to hear. Sellers like to commit to a listing agent that loves their property especially if agent thinks their property may be worth more than the other homes in the neighborhood.
Lets face it, there is competition for real estate seller listings.
Most sellers interview at least two agents and some sellers may interview as many as 6 agents. So as sellers listen to what each agent has to say, they nix the agents that may be too honest and evaluate the property for less. All the agents that promise to sell the Orlando Property for more money get to make the short list and the one with the highest price will probably get the listing . Then the Orlando property is overpriced.
So whats the problem if an Orlando property is overpriced?
Big problems. Appraisal for one. If the property does not appraise, the lender will not lend all the funds needed. The buyer will not get financing. Secondly, when the offers are lower, will the listing agent come clean and admit to the seller that this offer is all the home is worth? or will they just act like the lower offer is insulting?
Experience tells me that the listing agent will try to save face and dis the offer. Maybe they will get lucky and find a gullible buyer who does not have a buyers agent. A buyer without buyer representation is a buyer foolish enough to believe the sellers agent and pay the price…cash of course. Yes, that does happen…
For a Buyers Agent that will not let you overpay for a property, call the Exclusive Buyers Agents at Buyers Broker of Florida. 407-539-1053