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Old 06-17-2010, 06:59 AM
 
Location: Albuquerque
1,874 posts, read 3,049,456 times
Reputation: 1237

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This house was just sold for $99k after being vacant 2 years. It could probably go for $190k if it was fixed up; it needs about $60k of work. My house just went on the market Sunday. Will this effect the sale of mine one way or the other?
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Old 06-17-2010, 07:04 AM
 
Location: Union County
5,970 posts, read 9,137,015 times
Reputation: 5236
Rethink your math... seems to be about 30k on the table.

If I was a buyer looking at your home I certainly would CONSIDER it a comparable sale with "adjustments" - it's those adjustments that matter.

Based on your post alone it seems that if the house with 60k of work would be comparable to yours, I would certainly think you should be priced closer to 160k then 190k if you wanted the home to move.
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Old 06-17-2010, 07:35 AM
 
Location: Simmering in DFW
6,952 posts, read 21,274,990 times
Reputation: 7238
Appraisers will discover this sale, but if in fact there are 3-4 others that more closely match your home in tangible assets such as size, quality, location they will use the others as comps. However it there are not others this house will (and might anyway) be used as a comp but as MikeyKid points out, adjustments will be made. Lets hope there's other comps to offset this oddball sale.
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