It Pays to Get a Second (or Third) Opinion

A couple of weeks ago I received a call from someone who got my information from a 'for sale' sign. It was a family member of a neighbor who owned a distressed property. Over the years, the property had fallen into disrepair. The owner was now unable to live in the property. It was a mess. Frankly, it was dangerous to live there. The owner and family saw no real options other than to sell it at a deeply discounted price. They called a local, reputable, “cash for houses” company who offered $143,000 for the property. Thankfully, they also called my firm to check and see if this was a fair price. My price opinion differed by about $75,000 from the offer they had in hand. They placed their trust in me (and my comparative market analysis,) and let me list the property for sale. One week later we had seven offers in hand including the one they accepted. Five days after that they closed the transaction for $250,000.00.

The company they talked with are not crooks or charlatans—only one buyer who offered what made financial sense for them.

This is the power of the market: exposing a property to multiple buyers. In this way a seller obtains the best price and terms.

If you or someone you know own a distressed property, are out of ideas, and ‘need’ to sell, please please please call at least one reputable real estate firm to get a broker’s opinion of value and explore your options. You’ll be glad you did!