Posted by Natalie-Va on April 10, 2006 at 07:44:38:
Your local MLS.
CONFUSED IN NYC!!! - Posted by lillian
Posted by lillian on April 09, 2006 at 13:57:41:
I just came accross this property in the Bronx, NYC. This is a one family house in good move in condition and it is listed with an agent. The asking price is $265k. To get some comps estimates, I used Bank of America and got the following:lowest $318k and highest $381k. Why would an agent list so low? I would believe that I could make $15-20k assignment fee to retail buyers. Also, with no money and a 545 credit score, how could I proceed with this property?
Your thoughts would be appreciated.
Re: CONFUSED IN NYC!!! - Posted by Frank Chin
Posted by Frank Chin on April 10, 2006 at 12:47:26:
Lilian:
If its true, i.e. its underpriced as you say, it’ll truly be “beginner’s luck”. Took me about 100 houses to find a fluke, but there’re out there.
Let me give you a lowdown from the standpoint of a NYC seller. I’ve only sold thru agents.
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I expect if I list a property with an agent that he or she will take all the calls, do the showing, and more importanly, QUALIFY the buyer. So don’t bother me with someone with no downpayment or bad credit. Qualifying buyers is the BIG point agents make in selling an “exclusive” listing.
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In NYC, the seller’s attorney draws up the P&S contract, and the RE agent usually recommends one if I as the seller don’t have one. And all practicing RE attornies have their own standard addendum to the P&S contract, and usually the FIRST item on it is the contract “is not assignable” meaning they won’t let you CONTROL things for any period of time.
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I’m not really sure if the price is BELOW market, but if it is, I tell the agent that I’m sacrificing some dollars for a QUICK and SURE closing, and having someone with NO CASH and NO CREDIT, tying me up for any length of time flies in the face of selling quick or cheap.
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Sometimes, properties are sold cheap if there’s a problem, and these days, it should be disclosures, and you should ask. None the less, a quick check in the buildings department will show if there’s any violations.
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And if it turns out that the agent is asleep, sold it too cheap, and the attorney is asleep, i.e. let someone make 15K more in a “buyer’s market” tying up my place, you bet I’ll be suing someone for malpractice.
Good luck.
Frank Chin
Re: CONFUSED IN NYC!!! - Posted by Natalie-VA
Posted by Natalie-VA on April 09, 2006 at 16:53:15:
Lillian,
I don’t think the Bank of America site is a good source of values. I’ve been hearing quite a bit about it on this site, so I thought I would check it out.
My house is worth in the 260s. The best comps are 260k, 265k and 270k. It is a townhouse with a garage. The highest sold comp is 270k.
When I put my address into Bank of America’s site, it comes up with a range of 266k to 301k. It then gives 3 comps of 235k, 235k and 248k.
Remember, Bank of America says the range goes up to 301k. That’s completely inaccurate. That’s not even supported by their own comps which are not good comps. They chose houses without garages.
Anyway, I would consider that maybe the house you’re looking at might not be priced too low.
–Natalie
Re: CONFUSED IN NYC!!! - Posted by Charles Parrish
Posted by Charles Parrish on April 09, 2006 at 15:01:29:
The agent may have listed low due to lack of knownledge, or he did so to sell it quickly, disregarding his obligagtion to the owner. If you really think this is a great deal ----GO CONTROL IT NOW! Write a contract with a clause that will allow you to re-market the property by private treaty or public auction, call an auctioneer and sell it at auction immediately, what ever you get above you contrat price is your assignment fee.
I can not help your “no money and low credit”, but I can help you find a good auctioneer since I am one. It sounds like a good deal. You should not have no problem finding a cash partner, if you do, contact me.
Wishing you good luck,
Charles Parrish 443-253-3886
Re: CONFUSED IN NYC!!! - Posted by lillian
Posted by lillian on April 09, 2006 at 19:46:18:
Thank you for your reply. What is a good site for comps. Sometime I use Yahoo real estate, Ditech and Zillow also.
Re: CONFUSED IN NYC!!! - Posted by lillian
Posted by lillian on April 09, 2006 at 19:49:03:
Thank you for your reply. The house is currently occupied by the owner and has the agent’s for sale sign outside. Under such a circumstance, how would you market the house. My buyers could directly contact the agent.