Sadly, Taj Mahal Syndrome On the Rise
Taj Mahal Syndrome [tahzh muh-hahl sin-drohm] – noun – An illness experienced by owners or those who hold an interest in real property that is chiefly characterized by the acute misimpression that the home or real estate at issue is sufficiently unique as to inspire a pilgrimage of buyers, an inexplicable and mystical feeling of love in those who view it, and/or landmark status. Typical causes include excessive loan balances, low ball offers, and granite counter tops.
- The housing bust;
- Days on market;
- The “sucky” house down the street (with the same floor plan) that sold;
- An appraisal;
- Actual motivation.
As real estate professionals, we all know that the only sure fire cure for Taj Mahal Syndrome is “Reality.” But, we also know that “Reality” is extremely expensive as it is typically accompanied by riding the market downward, additional mortgage payments, and Vacant House Syndrome. Obviously, Reality is much too costly for the majority of home sellers, unless the government is backing their losses.
During the housing boom, Taj Mahal Syndrome predominated among private sellers; however, recently there has been a vicious outbreak among bank owned sellers and short sale lenders as well. The new onslaught of cases is particularly surprising given that these sellers and lien holders have never actually viewed the subject property, so the precise method of transmission is yet still unidentified but presumed by many to be the all too common Greed Virus. However, more than likely the quick turn around BPO, an egregious failure to listen and/or the limitations of the Equator platform have played a significant role.
Given the time prohibitions of treatment and the cost of “the cure,” we as real estate professionals recognize the real solution lies in prevention. How do we work together to prevent Taj Mahal Syndrome?
- Telling it like it is;
- The HGTV Abstinence Pledge;
- An orderly presentation of facts;
- Secret (and probably illegal) video taped broker opens;
- Listing disinterest.
Together, I’m certain we can make the real estate market a better place for everyone.
Copyright © Tni LeBlanc 2010 *Sadly, Taj Mahal Syndrome On the Rise*