Help with Real Estate in Montgomery County MD

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almostretired1965
Posts: 27
Joined: Mon Nov 13, 2017 2:02 pm

Help with Real Estate in Montgomery County MD

Post by almostretired1965 » Mon Jan 22, 2018 5:05 pm

Hi,

I'm looking for some advice on how to properly value and sell a property in Montgomery County, MD. FYI, it's my parent's home located on Travilah Road in Rockville, MD, if you are familiar with the area. The property is about a half acre. The current assessed value is around 500K. Zestimate says 560K. The house was build around WW2 and is pretty much a tear down. They are getting close to a point where independent living is going to become increasingly difficult, though for now they are OK. Their next door neighbor on one side has just bought two pieces of property on the other side of my parent's place and now wants to buy theirs, though it is not clear exactly what they plan to do. Their opening was a bit of a lowball offer of 350K.

Anyway, my parents are not in a hurry to agree to anything, but I'm at a bit of a loss as to how to go about helping them figure out and negotiate something favorable. I would appreciate any general or specific advice on how to go about things.

Thanks,

An-Jen

centrifuge41
Posts: 1184
Joined: Mon May 17, 2010 9:04 am

Re: Help with Real Estate in Montgomery County MD

Post by centrifuge41 » Mon Jan 22, 2018 6:08 pm

Here's an article that might provide some tangential/background perspective.
https://ggwash.org/view/65967/heres-why ... n-fix-that

feehater
Posts: 105
Joined: Fri Jul 14, 2017 10:14 am

Re: Help with Real Estate in Montgomery County MD

Post by feehater » Mon Jan 22, 2018 6:34 pm

In my part of MoCo, most move-in ready homes are going at or above asking price, usually within a week or two. Definitely a seller's market. Is their house a tear down because it's in bad condition or just because it's smaller and older than the surrounding houses? I can see the former being a reason to expect it to go well below the Zestimate, but the latter reason is not really your problem. I.e. your neighbor needs to be willing to pay the market rate for the house even if he's going to tear it down. Can you get a realtor to come tell you what they think you could get for it, without being obligated to use them to sell?

almostretired1965
Posts: 27
Joined: Mon Nov 13, 2017 2:02 pm

Re: Help with Real Estate in Montgomery County MD

Post by almostretired1965 » Mon Jan 22, 2018 9:38 pm

It is smaller and older. For the last 10 years or so, pretty much every property in their neighborhood of their vintage that changed hands got torn down.

I will definitely look into following up with a realtor... If anyone has a suggestion, let me know.

A

Prudence
Posts: 388
Joined: Fri Mar 09, 2012 4:55 pm

Re: Help with Real Estate in Montgomery County MD

Post by Prudence » Mon Jan 22, 2018 9:52 pm

I live about two miles from there. I would treat this sale like any other sale of a residence. Personally, that means finding a good realtor (I know several around here) and listing the property on the MLS. It could be sold as is or whatever makes sense. The critical goal is to ensure that the property is exposed to all potential buyers. You must get an arms length price. I would never negotiate with the neighbor or agree to a private sale without listing the property. You will probably be surprised how much even a run down property is worth. Recently, our aunt and uncle sold their house in Chevy Chase. The buyer has torn it down and will replace it with another house. They may sell it or live in it. So what?

Iorek
Posts: 962
Joined: Fri Mar 08, 2013 9:38 am

Re: Help with Real Estate in Montgomery County MD

Post by Iorek » Mon Jan 22, 2018 9:59 pm

I would agree with getting a realtor. I'd caution even against letting the neighbor match the bid of other people-- if they want it they should have the highest offer.

adamthesmythe
Posts: 2294
Joined: Mon Sep 22, 2014 4:47 pm

Re: Help with Real Estate in Montgomery County MD

Post by adamthesmythe » Mon Jan 22, 2018 10:09 pm

There are people who like older houses, people who are willing to live in a house while they work on it, and who want to own the cheapest house in an expensive neighborhood.

At minimum talk to a realtor, who will know more about the value than either Zillow or the assessor.

Even if your neighbor made a rather high offer, you have no way of knowing whether another buyer would bid even more. Get it on the market and expose it to many potential buyers.

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