Things to do in Washington DC: WHAT DO YOU DO IF YOU CAN'T PULL SOME GOOD COMPS ON A EXPIRED LISTING THAT YOU ARE TRYING TO GET?

WHAT DO YOU DO IF YOU CAN'T PULL SOME GOOD COMPS ON A EXPIRED LISTING THAT YOU ARE TRYING TO GET?

I just called this homeowner who had a home on sale in a certain area but the listing agreement just expired. He told me to e-mail him information about me,my company,why I should be the listing agent for his property and some comps because some real estate agents have already called him about trying to re-list his property. I did just about everything trying to get some good comps. I even went outside of the Subdivision and did just the zip code for comps in his neighborhood for the past year or so. Any advice? Please help me.

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Comment balloon 11 commentsLanre-"THE REAL ESTATE FARMER" Folayan • September 21 2007 05:07PM

Comments

Lanre,

I would level with the seller and tell him exactly what I found, then trust your gut. Thanks,   Fran

Posted by Fran Gaspari, "The Title Man" - Title Insurance - PA & NJ (Patriot Land Transfer, Inc.) about 11 years ago

Lanre - It sounds like you are looking in the suburbs. Try doing comps based on style of home, beds and baths in matrix. Whittle the list you get down to homes in similar neighborhoods. Keep in mind access to 495,95 and the BW Pkwy. Also, the last agent guessed wrong so their price is too high or the sold sign would have been out front.

The other thing you can do is sign up with real estate shows and create a show about the neighborhood and another show featuring the house. If you have no photos of the house, do one as an example off a prior listing. You strength at this point will be your ability to sell the house. The owner has discovered that they are probably not going to get what the first agent listed it for.

Posted by John MacArthur, Licensed Maryland/DC Realtor, Metro DC Homes (Century 21 Redwood) about 11 years ago

Be careful not to give away the milk!

 

Posted by Donna Lueder, Meridian Idaho Real Estate (Integrity Group Inc. ) about 11 years ago

Fran - Thank you. I really appreciate that.

John - I am beyond grateful and thankful for your helpful comments. Can you please tell me more about the Real Estate Shows? Thank you very,very,very,very much.

Donna- I am going to do my best not too. Sometimes we do just to get the listing. Thank you very much for reminding me about that.

Posted by Lanre-"THE REAL ESTATE FARMER" Folayan, I don't make promises.I deliver results.SOLD HOMES (Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC) about 11 years ago
Lanre - Go to http://www.realestateshows.com You will find all the information that you need there. I can not express strongly enough the value of this company. They are committed to assisting you with listings as well as other presentations. When you rate vendors on a scale of 1 to 5, they are a 10.
Posted by John MacArthur, Licensed Maryland/DC Realtor, Metro DC Homes (Century 21 Redwood) about 11 years ago

Lanre

Sounds like you have to create a marketplace for the home in question. Lack of comps means lack of activity, so given the market, what can possibly be done to drive the price, which I imagine the seller wants (as they always do, of course).

Think like an appraiser.....do significant adjustments need to be made to validate the price? If the answer is yes, will the bank accept the appraisal given how much you have to 'write around'. Of course, that is assuming you have buyers that bother to look at the home, given the price point.

Good luck!

Posted by Bill Nazur about 11 years ago

John - Thank you very,very much sir. I am definitely going to check out www.realestateshows.com

Bill - I never though about thinking like a appraiser. But can please explain what you mean by "write around?" Thank you for your comment.

Posted by Lanre-"THE REAL ESTATE FARMER" Folayan, I don't make promises.I deliver results.SOLD HOMES (Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC) about 11 years ago

When you write around on an appraisal, you provide compensating factors that support why you are making adjustments to value. It has to make sense, from several standpoints, and cannot be egregious in nature (i.e flooring given value of $60K when it should be $20K; a pool that should add $40K in value is given $100K, etc.). Just as with lenders, and realtors, there has to be a compelling reason to provide this adjustment. The reality is that unless you have the BEST home in a market, you will NOT be able drive the price, unless of course, you're looking forward to having that inventory sit for months on end......

Good luck!!!!

Posted by Bill Nazur about 11 years ago

Obviously the last agent OVERPRICED the home!  So you know that it will be less than that asking price!  When doing your comps it is most important to focus in on the square feet living area.  In matrix, you can find this when you click on the tax record link towards the bottom!  Then you can look at other homes in the area that may not be exactly the same age or exactly the same layout and try to price it based off of the square foot!  This is what most appraisers start at anyway!

Hope this helps a little!

Posted by Mike Klijanowicz, Associate Broker @ Cummings & Co. Realtors (Cummings & Co. Realtors) about 11 years ago

Lanre, I don't know the answer, but I wanted to stop by and comment on your blog to thank you for welcoming Jane Hamilton to Active Rain via my blog.

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) about 11 years ago
Mike - That's alright. The brilliant and creative minds of Active Rain have came to my rescue as usual.
Posted by Lanre-"THE REAL ESTATE FARMER" Folayan, I don't make promises.I deliver results.SOLD HOMES (Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC) about 11 years ago

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