The estate sold home next door under market value. How do we offset damage to comps when we list?

I recently attended the appraisal -CMA class held by two local appraisers at the Warfinger Building on Waterfront Drive in Eureka. It was very interesting.

The appraiser delt with this and he had some input. For us professional agents-realtors-brokers at the time of close of escrow and we update the status of the listing to "sold" status, we are to put comments in the multiple listing report for concessions. The mls listing report will ask us if there are other concessions. This is where the appraiser said it would benefit our fellow realtor colleagues as well as the appraiser when we are previewing property comparative information for our analysis. We will know why a property sold over asking price or under. Then the appraiser can make a comment in his appraisal supporting his analysis for the appraised property value making reference to those concessions and his final analysis. We realtors, can be more efficient when talking to our clients about evaluating their home and pricing for the coming listing. We have informed information to explain how another home in the neighborhood just like theirs sold for a particular value. Transparency, helps our affiliates, ourselves, and our clients understanding the real estate market with comprehension and not the question of wonder and how come. I am happy that I took the time to attend. It was a meaningful afternoon. Sincerely, Saundra Allman, Realtor in Eureka, CA Humboldt County

When you select your Realtor® discuss the issue surronding the  house sold next door. The Realtor® will normally do a CMA to show you the value of your home compared to all the others in your neighborhood. If the house next door is in the CMA, ask the agent to remove it. It will skew the value. One house sold for a lower value than the median will not damage your value on your home.

Good Luck!

James Callas - Realtor®

Prove that it was a duress sale. If you are a standard sale and they had to sale, it adds value to your home. Appraisers are suppose to take that into account when you sale. If someone is dying, they will accept practically anything. When you can take it or leave it, you are suppose to be able to get more. One sale won't ruin the comps in the neighborhood, nor will one selling way over. Appraisers are trained to recognise trends.