Listing with the Agent Who Gives You the Highest Possible Sales Price Scenario--Is It In Your Best Interest?

Listing with the Agent Who Gives You the Highest Possible Sales Price Scenario--Is It In Your Best Interest?

If you are a Bristow, Virginia Seller, you know that our market continues to be dominated by Short Sales.  We are also still seeing Foreclosureson the market, but not in the great abundance that we had been.  So if you are a Seller with equity, you may be inclined to believe some of the promises delivered in your mailbox or that you see in local papers like the Bull Run Observer or Gainesville Times.  These promises lead you to believe that if you are an Equity Seller in today's Bristow real estate market, you can get more money for the sale of your home than recent sales in your neighborhood would indicate.

This is what we in the real estate business call BUYING A LISTING.  There is no money exchanging hands when your front running agent smiles at you and says, "I think we can get X for your house."  But it sure does sound better than Y that the other agents you're interviewing are giving you.  Sure the front runner has no figures to back it up, just a gut feeling that because you are a "Regular Sale" you will get more money.  When you understand how the appraisal process works, you will soon see that this agent is not really working in your best interest, but telling you what you want to hear in an attempt to gain your listing.  After all, the front runner knows that you really do need to sell and can eventually get you to lower your price.  You really won't have a choice and the front runner can simply blame the market.

Unless you luck into snagging a cash buyer with more money than sense, your Bristow home will be purchased by a Buyer that needs to get a mortgage.  And no bank lends money on a house without an appraisal.  And the funny thing about appraisals and banks, is that banks don't like to lend to a buyer who wants to pay more in sales price than the appraised value.  (You see how appraised value is working into the equation now, huh?)

When an appraiser goes to your home they check it for square footage, condition and upgrades--though the latter don't really garner as much money in a declined market.  Then they find comps.  And the comps they use are homes that are most like yours that are either ACTIVE or have SOLD.  That's it.  They use three each.  So if the homes in your neighborhood are most like yours are Short Sales, well, you guessed it, the appraiser uses them.  There are no bonus points because you are a regular, or equity Seller.

So when you are looking to hire a Bristow Real Estate Agent to list yourBraemar, Victory Lakes or Kingsbrooke home, beware the agent that tells you your home will sell for more when the recent market activity doesn't support it.  They are probably trying to BUY your listing with words you'll love to hear.  And don't fear your Short Sale competition.  They sell for some of the highest prices neighborhoods have seen.  Banks want as much money for the sale of a home as you do.

Chris Ann Cleland, Associate Broker- Licensed in Virginia, GRI, SFR, Northern Virginia Short Sale Specialist. Affiliated with Long & Foster, 7526 Limestone Drive, Gainesville, VA 20155.  To contact Chris Ann, call 703-402-0037 or email chrisann@LNF.com.  Or you can visit her website:  www.nvarealestate.net.

Header photo is the Bristow, VA community of Bramear, taken by Chris Ann Cleland during the blizzards of 2009-2010.