Neighboring property to my flip just listed for sale! NOT Good!

[Michael Clevenger]

Shock awakened me after arriving to my first flip this morning at 6:30 after a 2.5 hour drive and seeing a For Sale sign posted next door. After speaking with the owner they are listing the house way below what I believe they should list for. The owner claims that the sales price was suggested by their listing agent!

I explained that a home comparable to his on the next street is pending a sale of nearly 26k more (4/3 2,749 w/pool VS. comp@ 4/4 2,991 w/pool ). This is a small one entry/exit 25 home neighborhood.

Two things concern me:

1.The neighboring property decreasing my possible sell price.

2. If these are the numbers that are selling in this neighborhood then I'm far off on my married sales price.

Both properties currently for sale are not updated and have their original early 1990's theme. Mine is completely updated with the modern approach 5/4 2,913 no pool however situated on a larger lot in a more appropriate lot lay out.

I do not know what I expect writing this to the community however I feel better already. My proposed listing price may be high but then again it may not be :) I'm really just expressing my frustration with the neighbor whom never mentioned his plans. Now that I'm so close to listing on MLS they post theirs!!!!

[Frank Jiang]

Ask to see the listing agent's comps.  Compare these to your own comps.  If you're really convinced his house is 25k under market, buy his house.