Living in a real estate fantasy land

Flickr image by jaci XIII.

I love Tim Burton films. That a single director's filmography includes "Beetlejuice," "Edward Scissorhands," "The Nightmare Before Christmas" and the disturbingly delightful-looking "Alice in Wonderland" is absolutely amazing.

I crave to know what it looks like on the inside of Tim Burton's head. If what comes out of there is any indication, I suspect he lives in a totally different reality than the rest of us -- one of swirly, brilliantly colored gorgeous/grotesque beings that are certainly not of this planet -- among plants, buildings and even machines and buildings, that bear only a whiff of a resemblance to the material of the world in which you and I live.

While Tim Burton's creative genius might be unparalleled in the world of film, in the business of real estate he certainly has challengers for Best Resident of a Fantasy World: sellers.

Yep, sellers are Tim Burton.

Lest you think I've gone madder than Johnny Depp's Mad Hatter, allow me to explain. Some sellers resemble Tim Burton in one key respect: fantasy. They live in a magical fantasy world where anything is possible (like, their home appraising at 40 percent more than the identical home next door that sold 10 minutes ago).

It's a world populated by mythical creatures, like the well-qualified cash buyer who finds the cat pee stains on your hardwood floors to be a charming touch reflecting your love of animals, and is willing to pay you tens of thousands of dollars more than any comparable home in the area just to help fund the downpayment on the seller's next home.

I work with more buyers than sellers, so sellers' fantastical thinking is more apparent from the other side of the home-viewing-and-negotiating table where I sit. But buyers can be Burtonesque, too.

When they think, because they've heard it's a "buyer's market," that sellers will be greeting them at the doorway with offers of foot-washing and orchid leis, offering to sell them their homes for less than they (seller) paid and less than they (seller) owe, buyers are dwelling in Tim Burton-style fantasy.

When they totally ignore the recent comparables and sales data documenting what a home is worth, and make wildly lowball offers -- and expect a seller to take them? When they think that they have weeks to sit and get really comfortable with the idea of making an offer on the "perfect home at the perfect price," when comparables sell in a day or two? That is buyer Burton-ism at its best. I mean, worst.

Now, it's one thing to know what you can afford or want to pay and be firm, knowing that you may or may not get the property, and being totally comfortable taking that risk. But, to be righteously indignant that investor sellers should want to make a profit by selling a home at a well-supported fair market value, because you "don't like" the idea that they bought it so low (before investing thousands adding the touches you love, but could never afford to add)? ...CONTINUED

All rights reserved. This article may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this article without permission is a violation of federal copyright law.