How This Seller Chose The Wrong Realtor And It Cost Him Over $400,000
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How This Seller Chose The Wrong Realtor And It Cost Him Over $400,000


Hey guys, today I’m going to talk to you about
how he used the wrong realtor and lost over $400,000. So hey guys, it’s Gary Wong from garywongrealty.com
again. People know me as a Christian realtor. I’m also the author of the book on Vancouver
real estate and a director for the Real Estate Board of Greater Vancouver, Vancouver Westside
Division. I just finished dropping off my son from school
and I’m just shooting a small video for you guys to tell you about a story I heard yesterday. We’re going to revise the details a little
bit to keep the people anonymous. So yesterday, in our company sales meeting,
we were talking about a sale that took place in the Vancouver neighborhood, where the sale
price was significantly low. Okay, so the property was priced at about
$2.85 million. The tax assessed was around $2.95 million. The property was probably worth around 2.8
plus, $2.8 to $3 million, based on its condition. So I sold in the area maybe last year, late
last year, and I sold a house that was unlivable; same lot size and everything, very close by
and I got it for a really good price. I got it for $2.5 million. It was at that time worth about 2.7-ish but
I got it for 2.5. And then from last year till now, the market
has kind of gone up slightly. This home was in much better livable condition
and it was … Yes, like I said, worth to $2.8 to $3 million. So I was curious. What happened? There’s got to be a reason why it sold for
so low. So I called the listing agent and I was just
asking questions; “What’s wrong with the property? Were there any issues?” This listing agent was like, “There’s a tree
on the property.” I was like, “Okay. A tree on the property.” This listing agent said, “You know, the city
is very strict and changing the rules regarding cutting down trees.” Being in the industry myself I know the city
changes their bylaws regularly, and they change their rules about tree cutting. They talk about sometimes, like if you want
to buy a house, tear it down, sometimes you can’t tear down certain trees and that hinders
a property from being sold. I was like, “I’m not aware of any particular
changes recently.” She was like, “Yes, they changed the laws.” I’m like, “Okay.” In my mind I was like, “I’ll verify that.” I said, “Okay. What else is wrong with the place? Is there anything?” She’s like, “No. No, it’s fine.” I’m like, “Okay. Is there an oil tank on the property?” “No, no, no. It was removed.” “Okay. And like the seller very motivated?” She’s like, “No, no. It’s fine.” I’m like, “Okay. So why did it sell so low?” She’s like, “The market’s not as hot as last
year and it’s slower.” In my mind I was like, “Oh no, no it’s not
slower. It’s picked up a little bit.” Anyways, I was just questioning in my mind. She seemed to be very stuck in what she believes
so I wasn’t about to pop her balloon and say, “You just got it handed to you.” Anyway, so I looked up more details about
the listing and it’s like, “Oh, so like … ” I was like, “Maybe, surely, the seller has listed
this property for months and months and he probably just got tired of it and wanted to
get rid of it.” Listed for 18 days. I was like, “Ugh. Listed for 18 days.” So not motivated. It doesn’t seem like it was on the market
for a long time. It was on for 18 days. And like … “Ugh.” I called my builder friend and I was like,
“Hey, I haven’t heard any tree cutting bylaw changes recently, like in the last two months
or whatever. Have you heard anything?” He’s like, “No. No, no changes.” And I shared the story and he was like, “Oh,
it looks like that guy got it handed to him.” And I was telling my managing broker and he
felt the same way. This realtor, she seems like a new realtor. She was in her 40s or 50s and I was like,
“Oh man, I think she just got schooled.” Then the owner, I feel bad for the owner. The owner lost out on at least $400,000. The listing agent sold the property for 2.4? It’s worth like 2.8. I looked up the buying agent. I was like, “Oh, the buying agent, they’re
not newbies. They’re a team and … oh man.” Yeah. Anyways, I hope that story goes to show that
if you choose the wrong realtor and they don’t know what they’re doing, they don’t know market
values, yeah, you could be out more than $400,000, which in this case … I would understand
if there was a foreclosure, the seller needed money, it’s been listed for a long time, whatever
the reason, or the house is in really crappy condition. The house is in livable condition, quite livable. The pictures looked pretty decent. Not super luxurious or anything but decent. It was listed for 18 days. For a house, usually sells in this current
market, not super hot but not super quiet, probably like two or three months. It was listed for 18 days. I don’t see the reason and … Anyways, this
realtor got owned in my opinion, got schooled by the other realtor. Yeah. So if you choose the wrong realtor, you could
be out over $400,000. That’s the story of the day. It’s Gary Wong from garywongrealty.com and
until next time, God bless you. Thanks guys for watching my video. Please subscribe and share with your friends. Email me if you have any more questions. Thank you.

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