You are in California, I am in New Jersey, Obviosly you know the NJ Market Better

By
Real Estate Agent with Coldwell Banker Residential Brokerage

I just worked hard on 2 BPO's for a company that shall remain nameless to protect the guilty.  One hint is that they are located in California.  My market area of expertise is North Jersey.  That is where the orders were for.

As I usually do, I put alot of work into the reports that I submit.  I make sure that they are accurate and reliable. I knew when I hit the submit button on these two I would be hearing from the BPO police.

Obviosly being from Jersey and working in the area, I need to get a clue.  The asset manager behind the desk in California must know the market on the east coast better than me.  They must have spent endless hours marketing and selling homes in North Jersey, right.  You would think so by the email I just received.

The email I received told me that the comparables I picked were not the right ones and here are the ones I should have used.  

I have to say that I am not one to swaer to often, a rule I broke a little while ago.

Are the kidding me (of course they are not).  I wish they were.  They wanted me to change my comparables to one that sold for 2ook over the subject property.  I think these would work better, hint, hint.  Never mind the location is better, the size and style are superior, and they have public water in sewer as opposed to septic and well water supply.

OK Dude out there in California, get a grip, hang ten, those comps are far out.

Alright.  Now I feel better. 

Anyone else have the same issue?

Thank you for the much needed therapy.  I feel better now.

 

 

Posted by

Michael Morley

Coldwell Banker Residential Brokerage

1410 Valley Road

Wayne, NJ 07470

Office 973.694.8000 x 258

Cell 973.906.8591

Comments (3)

Steve Matsumoto
Winderemere Homes & Estates: waterfront condos, second homes - Oceanside, CA
First Time Home Buyers - Oceanside, CA

Michael - Your post caught my eye because I lived in Central NJ for 12 years before moving out to San Diego.  If it makes you feel any better I have to explain CA real estate law to bank reps on the east coast all the time. 

May 12, 2011 03:24 PM
Michael Morley
Coldwell Banker Residential Brokerage - Wayne, NJ
SFR

Unfiortunately I try to explain east coast real estate values but they seem to think thy have more of a hndle on it than I do.  I made the changes they requessted and low and behold it was rejected because the active comps did not match.  I can't invent active comps to match their numbers.  Duh,  There are no active comps to match their 700-800k price range b/c the house is not worth that much.

May 13, 2011 03:24 AM
Laura T. Perry
Keller Williams Elite - Lancaster, PA
CRP, GMS, Award Winning Relocation Specialist

Michael, pls. view our RELO message -  http://actvra.in/4jHG

Aug 15, 2014 10:37 PM