Trifecta of Turn-off’s
We may be small, but we’re slow.
–Cal Tech football slogan
Want to assure that (practically) no Realtors show your property?
Start out with a short sale, requiring the bank(s) holding the mortgage to voluntarily take a haircut — which they’re loathe to do.
That means the already long odds of closing any deal these days suddenly got much steeper — and the workload and timeline just trebled.
Next, cut the commission offered to the Buyer’s agent (called the pay-out) from the standard 2.7% to 2% — on a property listed for $200,000.
Finally, to dial up the risk/complexity factor, make sure the property is both very old and very big — and has had multiple deals already scuttled, the most recently this week.
A certain Bryn Mawr (Minneapolis) Victorian meeting all of the foregoing criteria just came back on the market yesterday.
Thanks — but no thanks!
P.S.: That’s not a Chinese red flag (above) — that’s a real estate red flag.