How to sell a house despite lower comps
Lancaster, CA · Member since 2011 · 20 posts · 4 votes
I'm planning to liquidate my rentals and my personal residence - move to AZ. I'm looking for creative options/agent support for my personal residence as it does not align well with the comps of my area.
Thanks
@Scott Jensen has a good idea! Also, consider paying a private appraiser to tell you what the property will eventually appraise for.
Great ideas^^^ Chad knows more about this since he is a Realtor. I do know that a lot of good Realtors will even meet the Appraiser and hand them a bunch of comps and reasons why the number should be higher....
@David Ramirez - I'm willing to provide some buyer support, but my primary goal is to cash out. Your suggestion is interesting, but likely becomes a bit more complicated or involved than is reasonable for me at this time.
@Carl Fanaro - Interesting possibility. I've heard of L/O, but do not understand how to manage. Can this be professionally managed (outsourced) ?
Yes of course. Just like a rental can be managed. It all depends on your comfort level but if you are out of town I think it's always a good idea to have reputable and professional management in place. It's easy to fall into the "out of sight out of mind" syndrome and you want someone physically checking on the property here and there. Even if you have to pay the management a few extra bucks to go change the AC filter every 45 or 60 days and snap a few pictures for you, it's worth it. Don't forget you have to manage the management lol, not all property managers were created equal.
@Scott Jensen has a good idea! Also, consider paying a private appraiser to tell you what the property will eventually appraise for.
@Scott Jensen has a good idea! Also, consider paying a private appraiser to tell you what the property will eventually appraise for.
Great ideas^^^ Chad knows more about this since he is a Realtor. I do know that a lot of good Realtors will even meet the Appraiser and hand them a bunch of comps and reasons why the number should be higher....
@Brad S. - In assessing a property's value, is it reasonable to combine value of the 'comps' and improvements ? My basis for believing this house is worth more than the next door neighbor's is founded on the swimming pool and guest house. I understand that the property is only worth what the market is willing to pay and that if I price it unreasonably, then it will sit forever. It's a diamond in the rough and I'd prefer to sell the diamond.
@Carl Fanaro - Interesting possibility. I've heard of L/O, but do not understand how to manage. Can this be professionally managed (outsourced) ?
I am actually curious about this question. Incredible thought to even think of it. I imagine there are fees involved whether this has to be through an attorney or property manager as a representative. I imagine that their would need to be some kind of PoA to do this hands off with little exception. If their is anyone with more specifics whether it be nationwide or California specific I would love more information.
@Eric Nobile
I am enjoying your thought process unfold in the creative dissolution of your properties, specifically your diamond in the rough. As for thoughts. I am not entirely certain hands off will happen. At the local comps. It does not seem like local comps specifically exist. I think at this point you need to make your sale target specific to the buyer you intend to sell too and ask yourself and others how to sell to "them." Know what it's worth and ask for that. Someone that realizes the same "Diamond in the Rough" and is willing to pay for that . Think about how do you target that buyer, who do you need to bring on to your temporary team to make your sale to your target buyer? I am no specialist, but I love this process. If a realtor seems apprehensive or negative to your desired result then I don't think they are right for you. Local realtors will know the market, however as a friend I know a realtor in Washington State that sells massive amounts of real Estate even in this downturn that is invaluable to the the buyers and sellers that she represents. I suggest you diligently seek out someone that has a respect and appreciation for the value of your home.
@Scott Jensen has a good idea! Also, consider paying a private appraiser to tell you what the property will eventually appraise for.
Great ideas^^^ Chad knows more about this since he is a Realtor. I do know that a lot of good Realtors will even meet the Appraiser and hand them a bunch of comps and reasons why the number should be higher....
@Bruce Woodruff, @Chad McMahan - This does appear to be an approach which would strengthen my negotiating position during the sale, while increasing the price parameters. Thank you !
@Bruce Woodruff, @Chad McMahan - This does appear to be an approach which would strengthen my negotiating position during the sale, while increasing the price parameters. Thank you !