I have a prospect who bought townhome in 2006 for about $283,000. He previously listed for sale with an agent at$275,000. The listing expired, so I contacted the seller and he wanted to list it with me for $259,000. I checked with the builder of this townhome and found out that they have an inventory and wanted to sell for $259,000 with $10,000 allowable towards closing cost. On preparing CMA, I noticed that similar townhomes in other subdivisions were sold between $220,000 to $225,000. So I told the seller that I can list for not more that $225,000. Meanwhile, another agent agreed to list for nearer the value the seller wanted.and was listed.but the home could not been sold. He called me if I am willing to list. So, I checked with the builder who sold recently for $199,000 which I conveyed to him.The seller is now worried and is not willing to take loss of about $100,000 inclusive of commission and thinking of renting the property.
Being a new comer in the real estate field, I am feeling sympathy with the seller. Therefore, I am seeking guidance of experienced Realtors on this issue.