Assignment #1 Elite Program: · Real Estate Institute-Belize

Assignment #1 Elite Program:

Write a brief explanation you would give a seller who insists on listing above market value.

Ans: First of all I would like to know how the seller came up with the price she or he listed. How did they used that price? Did they actually do an MLS or check one or a CMA. I would also like to know how the CMA was conducted, if any.

I would then assure the seller that not only is the property overpriced, but I would go on to explain the risks or consequences involved to the seller, when the property is overvalued or overpriced. First, the property will take much longer to be sold, if any at all, considering that buyers could get a similar property in the area for a much lower price. Also, it will be difficult for the seller to get a good deal on other sales of property considering the lack of trust, even the lack of moral scruples people will have in the seller to make a good deal, a deal based on proper due diligence.

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