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• Reputation: 63 Q&A: 2 0 0 28 5 0 Classifieds: 0 0 what's this? Expert: 1 topic Real Estate Business WaLaw Realty is a business on Questionland Seattle Follow Following 0

  2 1 Sadly, it will have a substantial adverse impact. As you note yourself, this is the only "true/best comparable" in the neighborhood. Therefore, when this sells, it will be the "true/best" indication of similarly situated houses. That said, there are other factors to value as well, such as condition, fixtures, landscaping, etc. So regardless of the final value of the neighbor's house -- i.e. the sale price in an arms'length transaction where neither buyer nor seller are under any compulsion -- your house may be worth more. But the reality is that the neighbor's house will largely set the stage for any further adjustment. WaLaw Realty answered in Real Estate about 1 year ago | Report 5 comments by Collin, WaLaw Realty, and Collin… 0 0 Except, based on the OP's description, his neighbor is selling "under compulsion" if it is truly a distressed listing. Appraisers are required under WA state law to not use this as a comparable when appraising his home, unless he is also distressed at the time he sells. Collin commented about 1 year ago | Report 0 0 Interesting point -- I'd like to know more about when a sale is "distressed" and when it is not. It can't simply be that the sale price is less than the purchase price -- the only evidence of distress in the question above -- because then many if not most sales would be considered distressed. Plus that one fact alone does not indicate "distress" just market reality. Or am I wrong? WaLaw Realty commented about 1 year ago | Report 0 0 That fact alone does not, you're correct. But, if we assume the OP's original description is correct and the seller really is selling for 90% of purchase price, it's not too much of a leap to guess that the seller is in a short sale situation. That could also account for the rapid price drops, as many short sales try to solicit an offer as soon as possible to present to the lienholder. Short sale listings ARE distressed, unless the seller has enough cash to bring to closing to make up the difference. Collin commented about 1 year ago | Report 0 0 Collin, if you know, is there any way that I can find out whether this is a short sale? I'm just curious - we have no plans to sell or refinance. Luckier commented about 1 year ago | Report 0 0 Call your real estate agent, and ask that he look the property up on the MLS. If it is a short sale or bankruptcy, the listing agent is required to note that on the listing. BTW -- I'm not saying that this sale will have NO effect on your property value, just that its effect is likely mitigated if it were a short sale. Collin commented about 1 year ago | Report Enter your comment or ask a new question preview THIS IS A PREVIEW: Click "Post" to submit it or "Edit" to make changes. edit Please wait… This could take a minute if the tubes are clogged.

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• Reputation: 2 Q&A: 0 0 0 8 6 0 Classifieds: 0 0 what's this? Expert: 1 topic Real Estate Business Rhino Roz Realty is a business on Questionland Seattle Follow Following 0

  1 0 If your neighbors home is truly the closest comparable in your neighborhood, it will directly affect the value of your home if you were to put it on the market today or get it appraised. The past 6 months of homes are looked at by agents and appraisers when evaluating value. Rhino Roz Realty answered in Real Estate about 1 year ago | Report 2 comments by Luckier and Rhino Roz Realty… 0 0 So, a few years down the road, the neighbor's home won't be looked at as a "comparable" then? We don't have any plans to move or to refinance, so this is really a hypothetical question. Thanks! Luckier commented about 1 year ago | Report 0 0 Yes, I would say hypothetically you are okay. It would be more of a factor at the moment if it was sold and would be an active comparable or it was still for sale and you wanted to list your house and it was competition. Rhino Roz Realty commented about 1 year ago | Report Enter your comment or ask a new question preview THIS IS A PREVIEW: Click "Post" to submit it or "Edit" to make changes. edit Please wait… This could take a minute if the tubes are clogged.

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• Reputation: 108 Q&A: 3 0 0 62 14 0 Classifieds: 0 0 what's this? Expert: 1 topic Real Estate Follow Following 0

  0 1 I recently had an email from someone upset that the neighbor had listed their home, shortly before he was going to, at many thousands less than he planned to list his for. Guess what? The "insanely low priced" house hasn't sold yet. If the neighbor lists the house low and it sells in the first week, you might blame the impact on the neighbor. BUT if it takes many weeks or even months to sell at that "low price", it likely has nothing to do with the neighbor...but the real estate market generally. ARDELL answered in Real Estate about 1 year ago | Report Comment on this answer Enter your comment or ask a new question preview THIS IS A PREVIEW: Click "Post" to submit it or "Edit" to make changes. edit Please wait… This could take a minute if the tubes are clogged.

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• Reputation: -4 Q&A: 0 0 0 2 6 0 Classifieds: 0 0 what's this? Follow Following 0 Reverse Polarity

  2 3 You know what your house is worth? Whatever someone is willing to pay you for it at any given point in time. It doesn't matter what you think it's worth, or what you want for it, or even what you need to get for it. You can ask $800k for it, but if nobody is willing to pay more than $500k, then $500k is what it's worth. At least right now. In today's market, with the internet and Zillow and easy access to MLS info, any prospective buyer will know what the neighbor's house sold for, and will recognize that it is a similar house. So it will absolutely have an effect on what they are likely to offer for your house. They will use that as a base assumption of the value of your house. You'll have an uphill climb to try to justify a substantially higher price. You might be right, but you'll have to present your case well to convince a skeptical buyer. Dropping the price after 3 weeks isn't necessarily a sign of a distressed seller. It's actually pretty smart. If you list your house for sale, you get a huge burst of activity over the first 2-3 weeks, and then it drops off dramatically. If you are getting nowhere after 3 weeks, after lots of showings, that means a lot of people saw your house, and decided something else was a better deal. You are priced too high. Waiting longer to drop your price just means more and more people will see your house and decide to buy something else that was a better deal. Your neighbor may understand this dynamic, and is actually pretty savvy, not distressed. Reverse Polarity answered in Real Estate about 1 year ago | Report Comment on this answer Enter your comment or ask a new question preview THIS IS A PREVIEW: Click "Post" to submit it or "Edit" to make changes. edit Please wait… This could take a minute if the tubes are clogged.

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• Reputation: -10 Q&A: 0 0 0 3 13 0 Classifieds: 0 0 what's this? Follow Following 0 robotslave

  0 5 You are asking two very different questions. If you were to have your home appraised, the value you get back will be only slightly lower than whatever hoped-for value you've communicated to the appraiser you've hired. If the city appraises your home, then you will get the value at which the city would like to tax you. If you want to sell, however, then you're not going to get offers anywhere near those appraised values. To figure out what you'd get if you wanted to sell, you have to put yourself in the position of a patient buyer (there are no impatient buyers today). Get online and look at the deals you can get for the same square footage in as-good locations. Yes, we know that your Chelsea and Timothy are ever so attached to your local schools, but that particular consideration is only going to apply to potential buyers who live in your school district, and are unwilling to move to a different one. In other words, about 0.3 buyers. The real, important fact you need to absorb here is that it's not your neighbor's low sale price that's adversely affecting the value of your home, what's happening is that the market is driving down the values of both your neighbor's house and yours, too. The thing that's really, really driving down the value of your home is the fact that you paid too much for it to begin with during the housing bubble. The sooner you accept this, the sooner you'll be able to start realistic forward financial planning, instead of sitting there feeling victimized and trying to blame your neighbors for the current state of your assets. robotslave answered in Real Estate about 1 year ago | Report 1 comment by Luckier… 0 0 Why do you have to be such a dick? We don't troll on questionland, you jackass. Luckier commented about 1 year ago | Report Enter your comment or ask a new question preview THIS IS A PREVIEW: Click "Post" to submit it or "Edit" to make changes. edit Please wait… This could take a minute if the tubes are clogged.

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