“Unrealistic Expectations”

Two very powerful words.  These words were expressed to me by a present homeowner in a development that had a couple of listings that were “On the Market along Time”.   I thought about these words while continuing my morning walk and  thought these are two words that could be used in a number of ways in our Real Estate industry.  Possibly a seller that thought their home was worth $50,000 more than comparables, buyers feeling that their offer should be considered evern though the offer is $70,000 below current solds.  How about expecting an interest rate that is unrealistic and not moving forward because you know that interest rates will come down.   Are we being employed by buyers, sellers, landlords that might have “Unrealistic Expectations”.  We need to discuss these two words with all of our clients/customers.  You could even include repair lists presented to sellers.  Are the buyers asking for more than should be expected.  Two words that deserve alot of thought in our everyday lifes.

Rental Property Purchase

My partner and I purchased a brand new rental property in 2003. It was purchased through a 1031 Exchange from a property that we owned for a number of years in San Jose. We did our walk-through on our new property, but couldn’t turn the air-conditioner on because it was to cold outside. Our tenant moved in and didn’t move out until August of this year (2009). When our new tenant moved in during a very hot weekend, she tried the air-conditioner and guess what it didn’t work. After having a repair person out it was determined that the air-conditioning was never connected from day one. Can’t imagine the prevous tenant went through a number of “Hot” spells with no AC. Goes to show that Property Inspections are critical to have even on new homes.