HAVEN Realtors

Metro Detroit now leads the nation in the number of foreclosures, according to some estimates. If you are a homeseller this should be alarming for you because it means that soon hundreds and hundreds of new properties - owned by banks - will be put on the market. Many of them at unbelievably low prices because banks’ main concern is to get back the amount of money they’re owed, not necessarily to sell those properties at the market value.

I remember my trip up North last August. Usual itinerary: Petoskey, Bay Harbor, Harbor Springs. There, it looked like the entire streets were up for sale. I only wonder what it looks like further North, in the Upper Peninsula.

Again, this stuff must be alarming to you if you have your home listed with a broker. It must be 10 times more alarming to you if you’re still trying to sell “by owner” thinking you’ll save money. Think again. Because most likely you’ll lose. “I am in no hurry to sell” - I hear from the homeowners who think they know it all. Well, if you are in no hurry then why have your sing up? Take your property off the market and wait it out untill the market gets back on track.

The truth, dear homeowner, is that you DO WANT to sell or, worse, you HAVE to sell. And when you say you’re in no hurry, whom exactly you are trying to convince: me or yourself?

Only handful of homesellers can really afford to “wait and see” - their homes are clear, they have no debt, only property taxes. Are you one of them? If you are, then good luck. If not, you and I need to talk. Really. As soon as possible. Because both you and I want to make at least some money in this market. Because I’ve seen people like you telling me their tales, arguing with me, telling me they’re all set because their neighbor Jim just sold his house FSBO in a week… Then later realizing things aren’t what they seemed to be, looking at my card but being simply too embarassed to call for help. Many of them ended up either bringing check to a closing (best case scenario) or slipping into foreclosure because it turned out they’d borrowed more than their house is now worth or they’d bought more house than they can afford.

If you, dear homeseller, had only listened, I would have given you many useful advices - the ones that usually save you money. But, unfortunately, many homesellers want (and sometimes think they’re entitled) to pick our brains for free. You know that old saying about free cheese, right?

And, by the way, have I ever said the word ”commission”?

More wisdom to follow…