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My partner's brother died, leaving a very small house (1 bedroom). He bought it for $95K in 2001 (a lot for what he got) and now owes $65K. It is more like a cottage, but does have a nice enclosed porch, plenty of storage and it's on a long narrow 1 acre lot.
My partner got cheated she believes by the last realtor she dealt with in this town (he ended up buying the house he was selling himself). She isn't sure about this one (recommended by family). He told her that brother's house is only worth $74-79K which hardly leaves room for a profit. How do they come up with comps since there are few houses like this?
Are there some unique strategies for selling a place like this? Don't know if the realtor is going to work very heard since he'll hardly make anything.
My partner's brother died, leaving a very small house (1 bedroom). He bought it for $95K in 2001 (a lot for what he got) and now owes $65K. It is more like a cottage, but does have a nice enclosed porch, plenty of storage and it's on a long narrow 1 acre lot.
My partner got cheated she believes by the last realtor she dealt with in this town (he ended up buying the house he was selling himself). She isn't sure about this one (recommended by family). He told her that brother's house is only worth $74-79K which hardly leaves room for a profit. How do they come up with comps since there are few houses like this?
Are there some unique strategies for selling a place like this? Don't know if the realtor is going to work very heard since he'll hardly make anything.
Find another realtor. Comps are hard for 1 bedroom homes unless they are common in your area.
If he has a mortgage that means it appraised for what he paid for the most part, so unless it's very run down or the area has declined it should still be worth about that much unless values haven't gone up since the crash in your area.
If she felt cheated by the last transaction she should have looked into it. Did the Realtor put it on the market with no takers or did he just buy it right out? Seems like if he bought it others would have jumped on it too. If she felt taken she should have filed a complaint with the board of realtors.
Hi,
No doubt, a realtor is helpful to sell a home, but it is important to find the trustworthy realtor to sell a home.
Here are some essential questions to ask realtor before hiring hem:-
1. What is your experience?
2. Are you a member of an agent organization?
3. What is your marketing approach and plan for selling my home?
4. Can you provide three references from past clients?
Thanks
In another few months the market will be very active so get your professional appraisal (no guesses) done now as well as a pre-sale inspection to identify issues buyers might have. No need to pay a commission with a thin margin like you have so learn how to do a FSBO and put the money your own pocket.
Where is this house located? Contrary to popular opinion, not everyone wants -- and certainly not everyone needs -- a McMansion. LOTS of people (singletons, couples, retirees) would love a small, cozy, manageable cottage. Didn't you know that "tiny houses" are all the rage now?
Find another realtor. Comps are hard for 1 bedroom homes unless they are common in your area.
If he has a mortgage that means it appraised for what he paid for the most part, so unless it's very run down or the area has declined it should still be worth about that much unless values haven't gone up since the crash in your area.
Very good point on the mortgage. Has the property been kept up? Can you get it into move-in condition?
Professional appraisals don't come cheap but I'd get a few if possible. And have a few realtors give their opinion (min. 3). Ask them to show you comps for homes selling for what you think it's worth, and ask them to justify their opinion of value.
Last edited by adventuregurl; 02-08-2017 at 01:09 PM..
We have never had an issue with a realtor not working to sell a house just because there wouldn't be a huge profit. They took, generally, 6% of the selling price.
I, too, am wondering about the condition of the house and also the neighborhood in general as many changes in both can take place over a 15 year period.
Pretty much, the realtor will let someone ask any price they want for a house and it just comes down to how badly the seller wants to move the property. When you start adding up the cost of taxes, insurance and other expenses, will the wait be worth it.
I have watched the listings and one must do some research on their own. We have a realtor that gets a lot of listings because they always price too high and the owners end up dropping, dropping...........
Most realtors are decent although some times manipulate a little too much for my taste.
A one bedroom may be difficult to move making it less desirable, less valuable in the market where you are. Here, even retirees or couples without kids are still looking for a two bedroom.
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