Ask Phyllis!

Selling Without The MLS

Dear Phyllis,

In 2013, I had my Montrose home on the market for $799,000. It has four bedrooms and two baths. After six months it did not sell. I only received one offer of $705,000.  Although I still want to sell, I have been reluctant to get it back on the market. I am tired of the open houses, the lockbox and last minute showings. Every so often, I receive letters from other real estate agents who are looking for a home like mine for a buyer they have. But yesterday, I received an actual offer for $750,000. It would close in two months and it sounds like a dream come true for me.  

What do you think?

~Moving in Montrose

Dear Moving,

I understand your frustration with having your home on the market and not selling. I want to remind you that when your home was listed, you did not have to agree to last minute showings. Many homeowners do
require two to six hour showing notice (some even insist on 24 hours).  Many sellers find open houses to be convenient as they know when to have their home in show condition.  You do not have to agree to endless open houses.

If the buyer who wrote the offer has not seen the interior of your home, it is not a “real” offer until they do. Let’s assume the buyer has viewed your home, has been pre-qualified, and is ready to open escrow with a good faith deposit (typically 3% of the purchase price). The question becomes whether an offer of $750,000 is a fair offer from your perspective. Prices have gone up since last year and you need to establish today’s fair market value.

Generally homes that sell for the highest price are homes that are fully exposed through the MLS,

internet and a customized marketing plan which includes a brokers open house and at least one open house to the public. If you trusted the Realtor® you previously used, contact them and tell them you received an offer of $750,000 and ask what they think your home will sell for today. If your home isn’t worth much more than the $750,000 perhaps it is in your best interest to sell for less and avoid the listing, showings and open houses.