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Old Today, 01:16 PM
 
47 posts, read 30,518 times
Reputation: 18

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I have never sold a property in the US before and I am returning to live in Europe to be near to elderly parent and family. Iím posting here for your thoughts/comments/opinions on what strategy to follow to get the Ďbest bang for the buckí. Sorry, this is a slightly long post but I donít want to drip-feed.

My house here in NJ has just been listed on the MLS. It is in a ĎBlue Ribboní school district (all township public schools (elementary, middle and high) are rated A+ and the schools are usually listed in the top listed public schools nationwide. Also we are on the train line for trains into New York City......which goes past my backyard - although my neighbors and I have never found it to be a problem as we can walk to the train station in 5 minutes.

The demographics of our neighborhood are changing - there are many Asian families moving in, attracted to the excellent schools and great commute (trains/interstate/airport). However, many Asian families like to have at least four bedrooms as the grandparents often live with them. My house is just an old small colonial (1945) with 3 bedrooms, 1 bathroom and 1 powder room and could do with a larger, newer kitchen. The roof is 20 years old but the furnace and central air-con are 5 years old. House has recently been painted inside and out.

OTOH we are on a large plot of land, one third of an acre and the land is worth more than the house. The latest assessment for 2019 states from our township assessor states:

Land: $735,700, Building $180,400 Total: $916,100 Property Taxes billed for 2018 were $17,400 (I have no idea what bearing this has on asking prices when a property goes on the market, my realtor dismissed it when I showed her the postcard).

It has been on the MLS for one week and is currently listed for sale for $800k. The realtor wanted to list it for 100k less and see if it got into a bidding war but we were too nervous to do so. I learned that her spouse is a builder, if itís relevant and that there are 40 properties for sale nearby (although I guess some of those are between $675k -$2m)

I was asked by the realtor to get a survey done (she said it was the first thing a prospective buyer would want to see as they would likely want to have an addition/tear down) and I did so which cost me $750 and I sent a copy of it to her yesterday as soon as I received it.

Today we got an e-mail from our realtor saying an offer has come in from a builder for $725k cash Ďas isí.

However, this same builder purchased a ranch house a few doors down two months ago for $719 for the same sized plot of land but that house has an Ďeasementí.

This is clearly too low but the other local comps are very different as almost all other properties in the street and neighbouring ones are larger and cost $1.1 million and up....our next door neighbor paid $1.33 million in 2016 as the house had been reconstructed and now much larger than ours (again, as most houses around here on approx 1/3 of an acre).

My question is: if I do go with a cash purchaser, should I get my own independent appraiser? Should I also do this if a prospective purchaser needs to take out a mortgage? I honestly donít know what to think would be a fair price for the house but I donít want to feel as if I am getting stiffed.
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Old Today, 02:06 PM
 
Location: Rochester, WA
4,475 posts, read 2,446,103 times
Reputation: 12498
Quote:
Originally Posted by pasirpanjang View Post
My question is: if I do go with a cash purchaser, should I get my own independent appraiser? Should I also do this if a prospective purchaser needs to take out a mortgage? I honestly don’t know what to think would be a fair price for the house but I don’t want to feel as if I am getting stiffed.
No... if you "go" with the cash purchaser, you are agreeing to his price. It doesn't serve you at all to get an appraisal at that point. The time to get an appraisal, if you want one, is BEFORE you price the property or accept an offer.

If the prospective purchaser needs to take out a mortgage, that bank will do their own appraisal. They won't accept yours. No need for seller to do an appraisal in that case either.

You need to decide what price you would be happy with. If it's not this offer price, then perhaps a counter-offer. Discuss with your Realtor... They know the market you're in and the value of your home, better than we do.
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Old Today, 02:15 PM
 
95 posts, read 20,811 times
Reputation: 111
Quote:
Originally Posted by Diana Holbrook View Post
No... if you "go" with the cash purchaser, you are agreeing to his price. It doesn't serve you at all to get an appraisal at that point. The time to get an appraisal, if you want one, is BEFORE you price the property or accept an offer.

If the prospective purchaser needs to take out a mortgage, that bank will do their own appraisal. They won't accept yours. No need for seller to do an appraisal in that case either.

You need to decide what price you would be happy with. If it's not this offer price, then perhaps a counter-offer. Discuss with your Realtor... They know the market you're in and the value of your home, better than we do.
Yes - this exactly. ^^^
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Old Today, 02:15 PM
 
Location: Rochester, WA
4,475 posts, read 2,446,103 times
Reputation: 12498
FWIW to the OP.... The Fair Housing laws Real Estate professionals have to abide by are very clear and serious business. Don't ask us to discuss race or any other protected class as it affects your home value or who the likely purchasers might be. There is very little we can or should say on that topic. Period.
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