CE testified that he and AE reduced the listing price on [Address 1] three times between
November 2014 and February 2015 because their listings weren’t generating any interest.
They listed the property for more than the appraisal and comparative market analysis
amounts because of the seller financing option. The MLS Feature Sheet for [Address 1]
shows that the E.’s decreased the listing price at least three times (Binder 3, Tab 7, page
882). A comparative market analysis dated February 24, 2016 and prepared by Trina
Reinhart concludes that “in the current market, your property is most likely to sell for
$419,900.” (Binder 3, Tab 26, pages 1130 - 1138)
You told the buyers that they had to pay an inflated purchase price for the property
because they were entering into a “seller financing” arrangement.
In relation to the above allegation, HR testified that he trusted and had faith in Ms.
Bonwick as his realtor to get him the property for a reasonable price. He was not shown an
MLS Feature Sheet for [Address 1], comparable market listings or a comparative market
analysis (Binder 3, Tab 7, page 881). Ms. Bonwick, AE and CE had already decided the
purchase price. Ms. Bonwick also told HR that he could not negotiate the purchase price
because of the seller financing terms.
Evidence entered by the ED shows an MLS Feature Sheet (Binder 3, Tab 7, page 881) and
a comparative market analysis for [Address 1] (Binder 3, Tab 26, pages 1130 - 1138).
CE also testified that Ms. Bonwick told him the purchase price could not be negotiated,
because seller financing is a unique type of financing that adds value to the purchase price
and people who can’t qualify for a mortgage could purchase the property. CE and AE
relisted [Address 1] in February 2016, because HR and RB had not complied with the
terms of their Agreement for Sale. Realtor Trina Reinhart did a comparative market
analysis and arrived at a list price of $419,900. HR had lived in [Address 1] for nine
months and had made two balloon payments. However, he did not have any equity in the
property when he wanted to sell it. When HR wanted to sell [Address 1], he would have
needed to sell it for $20,000 - $30,000 more than market price to make a profit. CE and AE
decided that they were offering value to the marketplace and their property was worth
slightly more money than comparable properties, because they were offering seller
financing to potential buyers.
AE testified that they lowered their list price three times between November 2014 and
February 2015 due to market conditions at that time. She chose a list price of $456,789
because it sounded good. Ms. Bonwick provided verbal information of properties that had
sold in their area, however AE does not recall receiving any market analysis in writing.
[Address 1] received some but not a lot of interest when they listed the property before
November 2014. They listed the property in November 2014 with Ms. Bonwick at $30,000
higher than before, because Ms. Bonwick thought [Address 1] had a lot of good value in
the marketplace. They quickly reduced the list price when they realized that the higher
price wasn’t going to work. They believed that seller financing might give them an
advantage in the market, and their higher list price was due to them offering the seller
financing option. Ms. Bonwick had said she found seller financing gave homeowners more
options to sell their property because owners would be listing their property to the regular