Home Selling in 75224>Question Details

Mindy, Home Seller in Dallas, TX

I need to sell my father's house quickly but at a fair price.

Asked by Mindy, Dallas, TX Tue Sep 9, 2008

My father's house is very good condition. A solid structure with a great foundation. I won't go into all its attributes but it seems to me that its appeal would be obvious to most. My problem is that we have had a realitor look at it and were shocked by the low selling price he shot us. About half of the appraised value..is that normal???? I have researched other houses selling in the area, many in worse condition, which were listed at a much greater price. He said that he based his price on area sales history but I still find it hard to believe. Maybe I'm in denial but it would seem that maybe his figures might be off. Any advice would be appreciated.

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Answers

16
Bill,

Just so you know Zillow doesn't work in Texas because it is a non-disclosure state. It just confuses people that are now aware of that. The numbers published are just the loan amounts not the sales amount.

Naima
1 vote Thank Flag Link Thu Sep 11, 2008
Mindy, You have some great advice below. Get more opinions. Is this Realtor familiar with the Oak Cliff area? Is your father's home in the historic district?

Don't look at what the homes are listed for. Sellers can ask as much as they want, but doesn't mean they will get it. Sales prices on some internet site don't show you what concessions the seller had to make etc. Your Realtor is supposed to share with you how they came up with the suggested list price.

I will be happy to throw my hat in and visit and give you a candid opinion. Feel free to contact me if I can help.

Naima
214-289-8555
naima@sumner-realty.com
Web Reference: http://www.sumnerrealty.com
1 vote Thank Flag Link Tue Sep 9, 2008
Mindy
You know there is a recommendation that sellers interview three Realtors?
I'd be happy to refer to top Realtor that could be one of the three.

The problem is that most people think that all Realtors are the same. Like loaves of bread. You might try reading some Trulia profiles so you can see that there are many different "types",

So in order to make sure that you are in fact dealing with a top Realtor who knows their market, I have a couple of suggestions:
1. Look carefully at the properties that the Realtor is using as comparable sales. Drive over and look at them. Ask the Realtor why they are comparable.
2. When you talk with three Realtors and the same questions you can compare the answers.
3. Just speaking for my company, when we provide a referral it goes to a Realtor in the office that is in the top 20% of the REaltors in that office. So you should have high expectations that you will get a great agent to interview.

So far as appraisal versus selling price, when the appraisal was done, and for what purpose makes a huge difference. The other key is that when the Realtor goes over their comparable sale and pricing you should feel as though the pricing process makes sense. By interviewing three Realtors you can evaluate and compare their comps and methods, see what makes sense.

Having on ly one Realtor with one set of comps is really hard to judge accurately what is going on.

Post if you have more questions.
1 vote Thank Flag Link Tue Sep 9, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Hi Mindy,

Did this Realtor provide you with comps or other data to support his opinion of the market value? The listing price (what people want for their home) of other comps isn't as relative as the SOLD price (what someone was willing to pay for their home.) When you're looking at other comparable homes in your dad's area, are you seeing what homes sold for? Is his home in an area w/a large number of foreclosures? Are there only foreclosures in this area on the market currently?

When was the appraisal done? If the appraisal was done at the height of the market and the selling price opinion was given at the trough of the market, it could be off some.

We'd be happy to talk to you about the relative comps in the area, what we think you should list it at and why, and provide you supporting data for the opinion - CMA.

Happy to help,
Terri Hayley
The Hayley Group - Keller Williams
214.417.0801
1 vote Thank Flag Link Tue Sep 9, 2008
Mindy, maybe you should talk to a few more. See below.

In choosing a Realtor possibly the first thing I would look for is some letters behind the name. These do lend some sort of creditability. Certainly having a referral to him or her is a plus, but is not a sure thing. The agent that was referred to me by three friends was an absolute disaster. As for as choosing one on your own, drive around the neighborhood and look at signs to find out what brokerages are represented and look their site up on the web. Go to the agents roster and try a few. I may be wrong, but I would prefer an agent that was not representing a house in the immediate area. If there is a reason I shouldn't feel this way, I hope an agent will straighten me out on that matter. I would try to find the Realtor's listings on Realtor.com and see whose listings are the best described and are showcase listings with multiple photos and a virtual tour. From those use the criteria below. Some of the ctiteria are obvious, and couple not so much so.

1. Your call to the agent was answered, or returned in a prompt manner.

2. The agent showed up on time for the appointment, and was neat and professional in appearance.

3. Be sure to mention the names of other agents you have talked with, or will be interviewing. If the agent you are interviewing gives any indication that could be interpreted as a knock against the competition, he or she has failed on an important criterion. If, on the other hand, the agent is complimentary about his or her colleagues, that is a plus.

4. The agent should be prepared with facts and figures, marketing plan, and offer suggestions. When an agent says "This property is perfect. You don't need to do a thing to it," it could very well be a big red flag.

After finally finding four that have met all of the above criteria, of the four suggested listing price ranges choose between the agents that have the two in the middle. Of those two, choose the agent you felt the most comfortable with. There is a lot to be said about trusting your "gut." The reason I disqualified the one with the high suggested price is that it could be a good chance the agent is just giving the info that you want to hear to get your listing. Not a very honest practice. I threw out the low, based on the possibility that this agent is just looking for a easy and quick sale at your expense. However, easy and quick are not adjectives normally found used in this market. If all four or even three suggested prices would come in extremely close, just go with the Realtor that you have the best feeling about of the group.

ELV!S posted these great interview questions below on another thread. They should be of some help as well. I changed one to fit a scenario of interviewing four instead of three. Good luck and remember commissions are negotiable.

• How many homes, of my type, have you sold? (recently, 6 mos, 1 year, 5 years)
• What is your list / sale ratio?
• What is your average "days on market"
• What is your marketing plan for my home?
does it include internet (where?), do you offer multiple photos, virtual tours, color brochures
• Do you do open houses (why / why not / how often?)
• What is your price recommendation (why / how did you arrive at that / do you have comps to back that up?... do you have a "quick sale" price, and a normal sale price")
• What is your plan if I'm not under contract in 30 days / 60 days / 90 days ...etc....
• Why should I hire you? What do you bring to the table that's different than the myriad of other agents out there who want my listing.
• Will you offer a reduced commission (why / why not?)
• Are you a full-time agent?
• Do you practice dual-agency? (why / why not?)
• What do you think of Agent A, B, and Agent C (the three other agents you're interviewing)
• Are you planning any upcoming vacations or are you going to be unavailable, and who is your back-up when you're gone?

and lastly

• Is there anything I haven't asked you, that you think I should have?
1 vote Thank Flag Link Tue Sep 9, 2008
The only appraised price is an independent appraisal done in the past 6 months. A common misconception with sellers, (especially for sale by owners) is they get an appraisal themselves, then after the 6 months, (nothing else matters to a bank) the market changes and some sellers still think their outdated appraisal means something.

Avoid the denial step..the numbers don't lie.
0 votes Thank Flag Link Fri May 3, 2013
Did you happen to notice that you answered a question from Sept of 2008?
Flag Fri May 3, 2013
Pick any 1 Realtor and follow his or her advice. We know the market and we do this 40 + hours a week. We know what will sell at about what price. Like it or not.
0 votes Thank Flag Link Fri May 3, 2013
Mindy,

Take a look at http://www.sellhousefastdallas.com and they can give you an offer on your home. That way at least you have an option. Alot of times they can give you what you want, if you will sell it on their terms. Contact them for more information.
0 votes Thank Flag Link Sat Oct 18, 2008
If you havent already listed this property let me know we can get it done.
Web Reference: http://www.findapadfast.com
0 votes Thank Flag Link Fri Sep 19, 2008
You are looking at what homes are listed for. That is the asking price. He is looking at what homes actually sold for; the sold price.
You can ask any amount you wish for the house; it will only sell for what a ready, willing, and able buyer is willing to pay for it.
If you believe his numbers are off, ask another realtor to research that information for you.
Any realtor should be able to give you the number of homes for sale in that area, the number of houses sold this year, and the difference between asking and selling price. Just ask.
0 votes Thank Flag Link Wed Sep 17, 2008
Homes most recently sold (not listed) in the area provide a more accurate basis in doing a Home Market Analysis. Ask you realtor for copies of the listings of the homes he used to come up with your listing price. While the home's appraisal value is much more, the ultimate determination is what the current market is doing. As you know, it's a BUYER'S market right now, with listed homes averaging 170 days on the market. Most realtors want to price a home to sell. If priced too high, it's a waste of your time, their time, and a prospective buyer's time, and it will remain on the market for a long, long time. Good luck!
0 votes Thank Flag Link Thu Sep 11, 2008
Mindy,

You need a second and third opinion. We recommend talking with several other agents and getting their opinions. Prior to the meeting, request documentaion of all recently(6months or less) sold properties in your general location.

This should give you a general feel for where your price should be.

To keep their information honest.....look up this property on http://www.zillow.com. They will provide recently sold information as well.

Good luck,
0 votes Thank Flag Link Thu Sep 11, 2008
Hi Mindy,

You never know their motivation. Interestingly enough this Summer I had a client contact me and they had already interviewed 3 realtors. One told them to take a short sale even before looking at it. Another looked at it and told them (the realtor) didn't sell houses in that condition. (It did need some work), and another sent them an email with some area prices, but would not set up an appointment. I gave them my price, and they asked to list it $5000 more than what I gave them. House sold in about 30 days at list and I had two more offers above list. It was a unique house, but I still don't understand where Realtor #1 was telling them a price about $25,000 less and to take a short sale on it. I'd be happy to take a look at it for you and give you my opinion of price and sales time. I think these days you do need to price agressively to move homes, depending on the neighborhood. Aug over Aug sales are down about 17%, med prices are down about 3% year over year. Real estate however is very localized so we just need to take a look at your particular situation.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Thu Sep 11, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Mindy,

Get more opinions. Today’s savvy sellers interviewing 3 - 4 Realtors before making their final decision. Everything you said above is possible. An appraiser gives you his opinion about the market value but will be not selling your house. The Realtor is the one who will do it and you need to hear what this realtor will do for you. Hiring a broker should be a business decision and selection of this broker is the most important part in the selling process. This house is a very important investment for you and during the interviewing process you need to do your home work and determine who will sell your house on the quickest way possible for the most money possible.

Keep in your mind that neither appraiser, neither Realtor nor you determine the price, it is the buyer only who will determine for how much your house will be sold. In order to energize the buyer’s pool and drive it your house you need to position your house properly. Real estate is not a product, it is a commodity and with a commodity it is not a question what seller want or have to get, it is a buyer’s perception of value that will sell your house.

Interview more Realtors and listen pretty carefully what they are going to tell you about their marketing approach, their knowledge about the market and decide.

Good luck!

Viktor Taushanov
Coldwell Banker Res. Brokerage - Plano
Realtor
Cell: 214-697-6797
0 votes Thank Flag Link Wed Sep 10, 2008
HI Mindy,

The Realtor should show you comparables and it should be on what has SOLD..not what anyone is asking. If you are not sure, call a good appraiser, such as Mark Milliorn. It will cost $400 but you will. know what an appraiser thinks. This is a buyers, not seller's market. You must keep in mind that unless this is a very high priced home where many folks pay cash, a buyer may require a lender who willl then issue an appraisal. If your buyer is not putting at least 20% down and the appraisal is a lot less they probably will not get funding.

You talk about your research of what prices are listed ..anyone can put a house on the market for any amount they want. Is there area where this house in primarily selling for land value or does the structure 's integrity really matter" In reality a house is worth only what someone will pay for it. Your data should only consider sold data only. I am also happy to explain this further just please give me a call.

Not knowing the specifics of your situation is hard but I will say that it is a difficult task to break the news to a seller of a suggested price if the seller thinks it is worh more. I have lost listings over this and other agents have gotten them. In every case without exception the house has sat on the market,, lost the value of being new on the market,,,and reduced over time. No agent would want to put you in that position either.,

Have you considered renting the house out until the market improves? I know some good property managers than can help you do not want to manage the rental yourself. Good luck!

Kathy Murray
Real Living Abio Advantage
214-809-2244
Web Reference: http://www.HouseHuntDFW.com
0 votes Thank Flag Link Tue Sep 9, 2008
Hello Mindy,

Perhaps you should get a second opinion on the value of your home. Ask to look at comparables of similar properties so you can verify what is on the market and how much it is selling for. Try not confuse "Appraised Value" with "Market Value," the market value of your home may not be any where close to the appraised value. Market Value will realistically tell you how much your home is worth in the current market. Hopefully this helps shed some light on the issue.
Good Luck
http://www.C21Infinity.com
Web Reference: http://www.C21Infinity.com
0 votes Thank Flag Link Tue Sep 9, 2008
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