All Forum Posts by: Stan Jackson

Josh,

Is is possible in computer programming to have the date of the post flash after a period of time. For instance, if the post is more than a year old, or has been inactive for a year, when opened the date flashes.

I know its' just easier to make a habit of checking the date before reading the post, but why do I keep not doing it?!

I guess you mean, "Listing Agent". The seller pays commission to the listing agent, who in-turn pays the selling agent(broker).

You can submit your offer yourself, many others would. However, if you are inexperienced and this is not a straightforward deal, good luck!

Research the duties of the listing agent and those of an buyers' agent, you may find the information to be helpful. The protection may well be worth letting the real estate agent get a commission and possibly a lower price. An agent can help you determine todays' value and where you need to price the property to sell quickly, if that is your intent.

J Scott,

I 'm not sure if my question will take the OP off course, but one thing I'm finding that sellers do not understand is, how you actually determined the $100k sale price.

Most people know that the $100k is based on comps, but maybe you can (in this post or another) explain how derived at your final sales price when there are one or more competitive properties in the neighborhood? Do you price near the lower, middle or upper tier of listings? Do you take into consideration of days on market?

I was trying to keep it light-hearted by mentioning the wright vs right thing.

Although, I do not work in NV, I'm curious how you could make that assumption, but anyway, I was hoping you would have responded to JScott's question ref representation on the condo in Florida.

Yes, there are some people, agent (or whomever) that have titles but cannot or will not do the full job.

If you contacted the listing agent, in Florida, I suspect he would have had you signed a non-representation agreement. With that said, he would have been limited in how much assistance he could give you for the sake of limiting his liability. Your experience with the HOA fees is a prime example! Which could have been easily discovered by yourself, by contacting a title company or maybe the HOA itself would have been forthcoming.

Now, if you contacted or retained a buyers' agent, these are just some of the duties the agent should be doing on your behalf.

As far asking questions several times, that's not a problem. BUT, you not pulling the trigger at some point, is a problem,IMO.

Good luck.

Anxiety is killing me! If the Heat can play their game, run their plays and not loose focus, it may make for a short championship.

Jim,

Can you clarify something for me? You and your realtor thinks the home is worth approx. $150k, BUT, homes cost (are worth) $60k? I a little confused about these two statements.

It seems to me, you may want to get a second opinion of value just to drill down on the potential sale price before doing anything.

$60k homes in $150k neighborhood usually means they have damages.

Val,

Do you mean getting "Val's" answer, instead of "Wright" answer, which should be "right" answer?

Based on information in your post, I strongly believe you want a lot for nothing. Instead of racking your brain about dual agency, why not just submit the offer, through the list agent (or buyers' agent), that is low enough to compensate for the agents fees?

FYI, in my state dual agency is prohibited. What generally happens is the listing agent will have the buyer sign a "Non-Representation" Agreement". And, yes, this is a agency agreement but with minimal duties and responsibilities.

NLANAL

Fannie Mae has to make up for a $8.5B dollar first quarter loss, somehow.

Just to be clear, is that
$25 HUNDRED or $25 THOUSAND?

Here’s my synopsis of the first three questions, hope it helps:

2) ALWAYS stay in the same neighborhood as your subject property, if at all possible. By that I mean, if there a property that slightly exceed your bracketing guideline in the subject neighborhood and another property outside of the subject neighborhood that is more similar to the subject, use the comp that is within the neighborhood and make adjustments. There’s a reason for buyers selecting a particular house in a particular neighborhood.

If the comp within the subject neighborhood greatly exceeds your bracket; causing unreasonable adjustments, you may want to select the comp outside of the neighborhood. But, keep in mind, you will need to review the sales in the other neighborhood to confirm they are similar and in line with the subject neighborhood. Otherwise, an adjustment for the location will have to be considered. Which may or may not warrant selecting the comp inside the subject neighborhood.

1) Review all of the sales in the subjects’ neighborhood. Select, 3-5 properties that are most similar to the subject in characterics and in good condition. This means you will have to look at the sales information and see if there were any damages. Also, try to determine whether there were any concessions or other driving factors for that particular property sellings. Example, Prop 1 in golf course community and Prop 2 in same golf course community, but sits on 18th hole; in this case an adjustment should be considered. Personally, I would take 3 highly scrutinzed comps and determine a sales price per square foot; then, multiply this number by the subjects’ living area under air to come up with an estimated ARV.

One other thing to consider in deciding the ARV, is the average days on market. You may want to adjust your ARV after reviewing how long your comps were on the market before selling.

3) Preferably, an investor wants to sell the property for the highest amount of money in the shortest amount of time. This is where you would look at the days on market again, the DOM of the active listings/comps. I say “listings†because the subject may be in a market where superior properties are priced lower than they probably should be and an adjustments of some sort should be taken into consideration. If there aren’t any obvious reasons for the low priced property, then you will have to make an educated guess of some sort.

Quick note, any property can be sold within 30 days, if priced accordingly.

The actual number of properties the subject competes with can vary. You generally want to be in the lower tier of comparble listings. And, knowing the average days on market for active listings/comps would allow you to make adjustments to the ARV.