Not Using a Buyers Agent Cost Buyers $100,000 . . . No Joke!
About a week ago my client called to give me an update on the sale of her current residence.
I am not representing her in that because my brokerage, Buyers Agent Portland, is an Exclusive Buyers Agency and we don't take listing or represent the seller. I did, however, refer her to a wonderful listing agent who is tremendous!
We closed on her home purchase first of December last year. She did not need to sell her current residence in order to buy . . . but her current residence is Pending and will close in a few days.
Without getting in too deep, the bottom line is this . . . I looked up some sales in her area and saw a home which was a VALID COMP to her property. It sold a few months ago for $470,000.
The comp property has the same year-built date, is in the same zip code (less then 1.5 miles away), has the same sq. footage. (@100 ft. larger), had the same design -- one-level ranch, the condition is similiar, and no real major updating done. The property that sold for $470,000 sits on .97 of an acre.
The comp property sold in one day for full list price $470,000. Cash.
My client's property is on 5 acres, has a view, and is in a better location. Sale price is $398,000, which is current market value.
In the CURRENT market, if the new owners of the $470,000 property would put their property up For Sale . . . there is NO WAY it will sell for $470,000 . . . the comps are just not there.
The comps were NOT there when they bought the place either. And because it's on an inferior lot to my clients, there can easily be a price adjustment of $30,000 less.
Oh . . . did I mention they bought the property from the List Agent -- who had NO FIDUCIARY DUTY to the buyers to run/pull local comps or show similiar properties, or negotiate in their best interest?
When the average days on market in that particular area is 145 days. Hmmmmmm . . . wonder why the Buyers got suckered into that deal . . . all cash and sold in 1 day by the Listing Agent.
Unless the property that sold for $470,000 has some buried treasure or other hidden mother lode . . . all I can say is . . .
. . . the Sellers made out . . . like bandits!
Comments(20)