Selling property

When we sold our last house, we were a little disappointed in the comps our realtor gave us - we were hoping to list it for about $5000 more than what she thought we should. We went with her price and sold it in 9 days for our asking price 10 years ago when the bottom had fallen out of the housing market. If we had price it $5000 higher, who knows how long it would have sat on the market.
I think OP is in the same position I was in when I sold my parents house. I interviewed 3 realtors who all gave me different comps. Comp is short for comparable , and if there were no comparable homes that sold in her area. All custom homes of differing sizes, ages, on different sized lots. So the comps really were a guesstimate of what the house was worth. I got comps that indicating the house was worth $495,000, $579,000 and $695,000. Throw in what I suspect would be a title problem OP has.....with the house actually extending over the property line.......you are probably going to need a Realtor and a Real Estate attorney to sort everything out to make is marketable
 
I think OP is in the same position I was in when I sold my parents house. I interviewed 3 realtors who all gave me different comps. Comp is short for comparable , and if there were no comparable homes that sold in her area. All custom homes of differing sizes, ages, on different sized lots. So the comps really were a guesstimate of what the house was worth. I got comps that indicating the house was worth $495,000, $579,000 and $695,000. Throw in what I suspect would be a title problem OP has.....with the house actually extending over the property line.......you are probably going to need a Realtor and a Real Estate attorney to sort everything out to make is marketable

But a good realtor knows how to take those big range of comps and still figure out a target price. The higher the sale price of the house, the more commission the agent is going to make, so there is no reason for the agent to sell your house for way less than the market will allow.
 
It sounds like you have some potential issues that might benefit from professional guidance. The key word is “good” help. Definitely ask around. I know of more than one person who locked in with a realtor that proved to be less than satisfactory.

I have known people who sold their home themselves. Quick, trouble free, full asking price, and thus pocketed much more than they would have using a realtor. But of course it depends on how the particular housing market is.
 
You should check with your (city, town, village) Planning and Zoning regulations on minimum lots sizes then get a licenced surveyor to do the changes. Recording plats has to be done by a surveyor not an attorney.
You should check with your (city, town, village) Planning and Zoning regulations on minimum lots sizes then get a licenced surveyor to do the changes. Recording plats has to be done by a surveyor not an attorney.
we just had to do this and actually the attorney filed the deeds. Our neighbor who I don’t care for, has always wanted to buy a piece of the extra lot so that no one can build on it. And also because he has very very little yard. My dad had always refused but did agree to allow him to straighten the line up. The guy had it surveyed but never filed it. After both my parents passed and we bought the property we found out about that incomplete transaction. He actually had built a patio over the line and everything. It came to light when the city administrator called my husband about a totally other matter. When my parents and uncle sold the surrounding acreage to a developer, the developer moved the road over about 7 feet away from our house. So it was discovered 20 years later that we did not own the road frontage in front of our property at all. The guy from the city was so helpful. He tracked down the last living member of the development group and got him to sign it over to us at no cost to us.

So while this was going on, my husband asked him about this property line shared with the neighbor. He looked it up and said nothing has been filed to change it. So I contacted my attorney and he looked into it. He then contacted the neighbor. He had to have the property resurveyed. We had to pay the attorney but it was worth it to have it resolved. And yes, the attorney filed the deed and sent us the copies.
 


So while this was going on, my husband asked him about this property line shared with the neighbor. He looked it up and said nothing has been filed to change it. So I contacted my attorney and he looked into it. He then contacted the neighbor. He had to have the property resurveyed. We had to pay the attorney but it was worth it to have it resolved. And yes, the attorney filed the deed and sent us the copies.
Yes you are correct for filing a deed of ownership for property, an attorney can do that, but to register a plat of legal description for a piece of land, that is usually filed with the county clerk's office, a licensed surveyor must sign and stamp the document, along with all the utility companies, planning and zoning official, and other special requirements per the county clerk's office. There isn't a place for an attorney to sign a plat.
 
A man from our church is a realtor. I looked him up and he has all positive reviews and his team has incredible sales success.
Call me a cynic, but I don't trust any entity with only positive reviews. Especially on their own website.
Or do you think you will get a higher selling price? A realtor will be able to do lots more advertising than you would be able to on your own,
A Realtor will also be realistic with you about the potential selling price.
 
So, we own 2 pieces of property. We have a house that sits on 2 lots in a very desirable area. We have people coming to our door and also mailing us letters asking us to sell our extra lot. Problem is, the house has an addition that extends slightly over onto the other lot. The house is old. My parents built it in the 50s. It needs a lot of updating. The worst part is the basement. Block foundations. Ugh. Damp damp damp.

The other property is 15 acres out in the county. Perfect for a new build.

So recently I’ve been looking around at our house and feeling overwhelmed. There is so much that needs to be done. I think we could build a nice little ranch style house on our other property that would suite our needs very well. The problem is, I’m not really sure how to go about finding a buyer for our house and extra lot. I don’t think listing it with a realtor will get us the price we think it’s worth. I think someone might be interested in buying and tearing the house down, as sad as that makes me, and building 2 new houses in its place.

So how might I go about marketing my property to maximize my ROI? Anyone out there have any experience with this?
It is only worth what someone is willing to pay for it.
 


Another thing is, I know a few realtors. Some are not close. But one is a relative by marriage. But I don’t really want to ask her. This is business. I can’t worry about hurt feelings.
Pick the one who has the best reputation for your type of sale, NOT the one who is going to get offended. Like you said, this is business.
 
That is what I was going to say. Property has no inherent value. Its only value is what someone else is willing to pay.


ABSOLUTELY, and that's why it frightens me when i hear of people who perceive their home as their primary 'nest egg'. i know far too many people who figure that the home they live in now will be worth x times more by the time they are ready to retire and downsize so they will have a big chunk of change for their retirement needs. a downturn in the housing market or a change in a particular housing market can result in minimal gains if not tremendous losses. rural properties are very susceptible to devaluation depending on zoning and building changes. we had legislation in our state that drastically changed the process/cost/ability to have water access on a property. people who bought acreage when it was dirt cheap with the idea of holding on to it to sell at a nice profit are finding they can't give it away without pouring tens of thousands in first to even see if wells can be put in before it can even be listed for sale.
 
ABSOLUTELY, and that's why it frightens me when i hear of people who perceive their home as their primary 'nest egg'. i know far too many people who figure that the home they live in now will be worth x times more by the time they are ready to retire and downsize so they will have a big chunk of change for their retirement needs.

Exactly. Just see what happens the value when a biologist determines half of your property is wetlands. Becomes absolutely worthless.
 
But a good realtor knows how to take those big range of comps and still figure out a target price. The higher the sale price of the house, the more commission the agent is going to make, so there is no reason for the agent to sell your house for way less than the market will allow.
I agree. That is what the Realtor we went with did. And she was brutally honest, a 1700 square foot 1960 house in original (and perfect condition) on a half acre lot in that area would likely be bull dozed, or at the very least undergo a "to the studs" remodel. It was one of 4 houses in that area to be sold that year, and the ONLY one not torn down. The investors I sold to would have been financially wiser to tear it down and built a new 4=6,000 square foot mcmansion on the lot. They did a beautiful remodel.........and it sat on the market for a year before they sold it for a loss of $100,000.
 
I agree with the posters above that say you need to use a realtor.

I'm a little confused as to why you think you will be able to sell it for more if you sell it without a realtor - just because of the fees? Or do you think you will get a higher selling price? A realtor will be able to do lots more advertising than you would be able to on your own, so I would think the realtor would most likely get the higher price.

When we sold our last house, we were a little disappointed in the comps our realtor gave us - we were hoping to list it for about $5000 more than what she thought we should. We went with her price and sold it in 9 days for our asking price 10 years ago when the bottom had fallen out of the housing market. If we had price it $5000 higher, who knows how long it would have sat on the market.

When selling a home you really have to know the market. When we sold our last home the comps the realtors were giving us were $30,000 to $50,000 less than what I wanted to list our house for. I had watched the market carefully for two years and knew what homes in our neighborhood were selling for. When a home came on the market in our neighborhood it sold quickly (unless it was way overpriced) and usually with multiple offers. We lived in a small pocket of the city with the three schools that everyone wanted for elementary, middle and high schools. I insisted on listing it at the higher price and we sold in 2 days for 98% of list price.

While realtor's comps are a great tool, make sure to do your own research too. If we had listed at $30,000 less it would have only made a $1500 difference to the realtor (5% commission), but it made a $28,500 difference for us.
 
Don't use a realtor just because he goes to your church. Make sure he's actually good at what he does.
 
Don't use a realtor just because he goes to your church. Make sure he's actually good at what he does.
Yes I know. I’m not friends with him, I just know he’s a realtor and he teaches Dave Ramsey classes. There are so many realtors out there, you have to narrow it down somehow. I haven’t talked to him yet but I looked him up online just to see how he compares to others around here. I also believe from what I know that he would be honest with me about the best way to proceed, whether it be with him or with someone else.
 

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