Quote:
Originally Posted by GrandRapidsNative
I assume that your figures of "under comp market value" was from the appraisal? It is amazing how often I find a FSBO sold home appraise for more than the contract price. I am probably seeing it at 98% of the time. So much so that I am going to write an article/ blog about it on my website now! Thanks!!!!
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We knew the comps from searching I and watching the neighborhood - about two square miles - for months. The original list price of the fsbo was actually accurate, had it been with an agent and had MLS exposure, along with better pictures and marketing. Turns out the owner’s daughter was an agent in Florida and helped him a bit. But even she begged him to list with an agent and he was convinced he could sell it himself. The pricing was all her, though. I assume she pulled comps.
However it had several price reductions and very little open house interest - I only found it in trawling Zillow after several offers were rejected or lost out in bidding wars with our agent. And the actual house showed SO WELL, too. But nobody knew to look at it with the blah pictures and zero exposure. With an agent it would have gone at list price or higher, I guarantee it. All the comps did, but they were on the MLS and many were photographed better or cleaned/staged.
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