Quick Question About Doing Comps In An Are
im trying to sell my first house. First off my mortgage company has a for sale by owner program. they will do all the work to sell the house for me. however the only thing i dont like is that they prequalify everyone that calls. I think they could really turn off alot of people during this process. I dont want to go the real estate route but i do work 50 hours a week at my job. has anyone else tried a similar program and had it work?
second, he wants to put it on the market for 118900. This is without doing any comps. i went to a certain website and found houses that are selling in my area. i got all the houses in my area that are similar to mine and broke them down by price per square foot. (i got about 20 houses) Then i took that average and multiplied it by my square footage. Does this sound like an accurate way of finding a market price? My area has boomed so much that some realestate agents have some houses for sale at a low price compared to other real estate agents. The area that i live has really boomed in the last year. I just feel like i can put it on the market for a higher price than 118500.
Will this turn off interesed house buyers? Any help is appreciated!
els0528
I believe, unless you are as knowledgeable and connected as a realtor, that you should utilize an agent.
1) You will have a much larger pool of potential buyers.
2) It should sell quicker (If realtor is competent).
3) You should be able to get some help (if you have not done this on your own already) in staging your home to sell. Landscaping, paint, rearrange home to look larger, add some touches to increase the value, etc.
4) This (#3) will enable you to sell at a higher price, thus absolving the realtors fees versus FSBO.
By allowing your mortgage company to do this, you will be excluding anyone that has been preapproved by another lender. It sounds like they are simply trying to get the new buyer as a client.
Take care,
[addsig]
I agree that a realtor will give you the best coverage across a larger pool of buyers. Also, the realtor is going to pre-approve buyers before they drag them through your house. The realtor has access to the latest sales figures. Most local tax records are months behind. A good realtor will make you money, not cost you money
I agree with the above about the usefulness of a realtor. There is however a lot more that goes into a comp than average square foot price. I just listed a home that the neighborhood showed 120 dollars per square foot in the last 6 months, which would of put the home I was selling at 215k. I researched availability of homes and some other market conditions and determined that this home should sell for 139 dollars per square foot. I put it on the market and we had a full price offer in 2 days. Get a good realtor. have them pull comps and sit down with you and have them explain why they think you would get the price they say. also be careful of agents who tell you they will list your house for way over what homes are going for only to get you to sign a contract with them knowing you are stuck in that contract for a long time. good luck.
Something to consider is, A lender that sells real estate in addition to doing loans, is wearing two hats and most of the time they are not great at either, whereas a Realtor that works full time selling real estate......you get the picture.
You have gotten some really great advice from the replies Ive already seen, keep in mind, most lenders that agree to "help you out " and sell your home for you are tying your home to thier 800 number or direct line to capture leads for themselves ( they want to get purchase loan leads & can also flip these call in buyers to other properties that meet thier cirteria or price range & offer more commission money ) & while they are interested in helping you, they are looking out for themselves largely. You should be scared & run if someone wants to sell your home & has not done the proper research on the comparable sales, it shows a lack of professionalism & knowledge & can likely cost you alot now as well as down the road ( what if they handle the paperwork & representation in escrow like they handle the pricing )
The cost of a bad hire in real estate is much more than the cost of a good one ! The demand you get from a strong Realtor will drive your price up & should pad the commission your paying them ( most good agents pay for themelves ) Look at it this way, as long as you net what you need to, it doesnt really matter who sells it, does it ??? Find a strong Realtor,
good luck & good profit !
It is not too likely. First the above post is correct lending institutions will go be the lower of the appraised value or the purchase price. I also do not know of any lender that will do a No Doc deal to 100% financing even after the seasoning has taken place...any where from 6 months to 1 year is typical. There may be some lenders that will allow you to refi into a larger loan after that but it will be tough to do it right away.
Brian