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Price…Price…Price

 

Every parcel of real estate (residential, commercial, industrial, agricultural) can sell if the price is right.  Location, condition of the property, nearby amenities, comparable properties sold, and zoned schools help a seller obtain the maximum return on their past investment.

 

Melentree agents begin the selling process by visiting the property, taking photos, evaluating any liens or encumbrances on the property (mortgage, HOA, easements, etc.) and then suggesting which upgrades and fixes will maximize the initial list price.  Note however, that some repairs may need to be completed solely for the purposes of passing an inspection and will not necessarily translate into a higher list price.

 

Once our evaluation is complete, we will suggest two different price ranges to establish for a list price.

 

QUICK TURNOVER: This suggested range may not represent the dollar amount that you would like to sell the property for, but will be the list price that will likely attract prospective buyers to request showings and interest within one week of officially listing your property for sale.

 

MAXIMUM LIST PRICE: The primary constraint on maximum list price is forecasting what a licensed third-party property appraiser would assign as a fair market value to the property.  The reason for this limitation is because your potential buyer will eventually order an appraisal to satisfy the requirements of their bank to obtain a mortgage.  Banks traditionally do not lend to borrowers an amount that exceeds the appraised value of the property.  If a buyer truly wants the home in light of an appraised value less than listing price, then the buyer would have to pay the difference between the list price and appraised value out of pocket (in cash).  As a general rule of thumb, the greater the list price, the longer the property may sit on the market.  It is not unheard of for a property to be listed at the wrong list price and not receive a written offer for more than six months.

 

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