Wednesday, October 12, 2011

Real estate broker Eric Rojas quoted on Blagojevich house sale

Long time real estate columnist Mary Umberger interviewed me last week for Inman News regarding the former Governor Blagojevich Ravenswood Manor house sale.  I thought all the brokers interviewed were spot on with sensible advice. 
Read the story HERE
North Branch of Chicago River borders Ravenswood Manor

A few of my points were missed or need clarification:
1. Mrs Blagojevich did something smart.  She states in the agent remarks on the MLS, "pre-approved buyers only".  This is something ALL sellers should require.Only the agents can see this request on the listing, so unrepresented buyers may be calling all day for showings.  This is a risk and liability for an agent.

2.  In their high profile and emotional situation (on so many levels), there should be someone else co-listed or hired, marketing, and handling all negotiations. I'm sure someone they have a relationship with would do it for free or at a deep discount.

There should be a buffer. Yes, I have bought and sold my own homes too, but on the sale side I've had partners handle showings and negotiation. There even legitimate legal reasons to do this.  She could also have the agent screen pre-approved buyers more appropriately than risking that liability herself.

3. The price is not that bad.  Although it's listed about 10% too high and should be under $1 million in my opinion, the price may keep some yahoos away.  If a buyer is serious and wants to live there, they should come and make a market offer.  Pricing more aggressively, however, would yield a higher market price for the home ultimately and secure a solid deal faster to avoid the trials of showing the home often.

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