An adjacent home is sold $200,000 below nearby homes as estate sale. How do I protect my home value?

Asked by Dave Blackburn, Hampton, VA Mon Jan 12, 2009

5 waterfront himes in my neighbohood are listed between $775,000 and $900,000 mine included. One of the homes listed at $775,000 was let go at $630,000 as part of estate sale. Now my agent says my home may not appraise as the $630,000 is only sale in last 6 months. How do I counter the appraiser and bank of my buyer?

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Lori Jeltema, Agent, Suffolk, VA
Sat Apr 4, 2009
So you suggest he sell at a loss now, spend over $100,000 on rent over the next 4 years then take a chance that the prices are lower and buy it back?
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Spidercharm, , Vienna, VA
Sat Apr 4, 2009
Selling your home is the best way to protect equity. Buy it back 3-4 years later when it's reasonable. We just began the decline and we have ways to go nationally.
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Lori Jeltema, Agent, Suffolk, VA
Mon Feb 9, 2009
Hi Dave,

Appraisers can often take into consideration the circumstances regarding a lower sale. There have actually been several sales (one pending) on homes that may be considered a comparible to i.e. Sussex at Hampton, but not exactly in your neighborhood. If there are no sales, an appraiser can go out of the neighborhood and adjust accordingely. There are many homes listed, but what's important is the closing price since that's what is in your pocket. The recent closed prices (three of them) are under $700. If you would like to talk about selling your home and you are not currently working with someone, feel free to email/call me directly.
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