My wife and I are looking to sell our current home and purchase a new home as our family has outgrown our current one and we need to upgrade. Initially my wife was doing a lot of the leg work and had found Justin on the internet. Before meeting with Justin my wife told me a little about him and I thought ok this should work. We signed an agreement to use Justin as our selling agent and set on a price Justin recommended based on comparable homes in the area that had recently sold. This figure was slightly above what we thought we could get out of the home but thought "hey, what the heck, we'll see if we can get more!". After about a 2 months with little interest it appeared we/Justin had overestimated the market. We lowered the price by $10,000 which was around more of what we were expecting. Interest increased and we got an offer! We settled on a price just below the new asking price which was right in line with what my wife and I were expecting however we did have to cover $5000 in buyer's closing costs. Now my understanding of the buyer's situation is not 100% but I do know that they were working with Justin directly as there was not a second agent involved. Justin assured us the sellers were in "good hands" as he had set them up with his preferred lender. We went through the process of allowing access for multiple inspections and were about 2 weeks from closing only to find out the lender was unable to finance the buyers. Now again I am not 100% on the buyers situation but it seemed like a lender should know from the start whether they can finance a person (or persons in this case). In the meantime of this catastrophe we had secured a contract to purchase another home. We were in full on scramble mode at this point as we did not want to lose the contract on the home we were going to purchase. Justin recommended we lower the asking price by another $10,000 in order to try and sell it quickly. This was below our ideal price by $5000 but we really wanted the house we had under contract to purchase. We soon got several lowball offers as it seems the buyers had knowledge of our desperation to sell. We were faced with the ultimatium of selling our home for almost $40,000 less than the initial asking price (and a full $26,500 less than the appraised value) or missing out on our dream home. After comptemplating leaving that much money on the table it was really a no brainer. We had to back out of the deal to purchase and have since recontemplated selling our home as this headache just doesn't seem worth it. This has been the most stressful nightmare of a transaction as it it possibly could have been. I feel that Justin overestimated the market initially and then when the initial buyer fell through he attempted to get us to sell for less just so he could close the deal. We have since broke ties with Justin and will look to list the home again next Spring.
Hi BHenderson, Sorry to hear you had such a bad experience with a real estate professional, however, I'm afraid you have the wrong person on your review. I don't even list homes in Midway, TX (I am a member of TBBOR and FHAAR.) If you would like help with resolving this issue with the proper person, or would like a powerful agent like myself to help you sell your home, please give my office or myself a call so I can help direct you to the proper individual/company and show you what my office has to offer with selling your home next spring. Look forward to talking soon!