Earlier this year, I met with a homeowner  who had an incredible mid-century, view home in the Burbank hills.  I felt she and I had a great rapport and I loved her home.  I spent hours developing a market assessment. 

During our second meeting, she told me that she had to list the home with her brother who lived over 90 miles from her home. So, here’s what her brother did to market her home:

He took dismal photos of this incredible mid-century, no professional photography for sissy.









He listed her home just prior to Memorial Day Weekend as everyone was packing up to enjoy their extended weekend.  By the time everyone got back in town and returned to work, the listing was no longer fresh and exciting.

He then overpriced her home, listed it for $824,900; never reduced the price and entered escrow 47 days later for $650,000.  He didn’t bother reducing the price in the MLS when he received the low offer; that effort would have taken him all of five minutes.  

Interestingly,  I had shown the home and had buyers who would have paid more than the $650,000 selling price. I told the brother that I thought the listing price was “ambitious” and my clients would pay in the high sixes, maybe even close to or at $700,000.  Did he ever call me back to see if my buyers were still interested? (my buyers had already bought another home, but you think he would have called to try to get his sister the most money possible). No, he apparently took the first and only offer his sister received. 

47 days on the market, and three months in escrow, all to sell his sister’s house for less than market value. Got to love family, don’t you?

Related Post: Los Angeles Real Estate goes ugly