Looking for advice from experienced, American real estate agents

[DreamBliss]

So as I have said my grandmother is selling the house. The property is classified as flat land and it is located in the Clark County, WA area.
 
The house was built in the 1930's by hand and has to be sold as-is because it needs a lot of work. The barn may be even older, but it too needs some work. The barn has a wood and dirt floor, the house 2 stories and no basement. There are 4 and 1/3 acres with a well and some mature timber. There are fruit trees, an overgrown orchard, blueberry, raspberry and blackberry bushes. Sewer, driveway, all that is there as well.
 
My grandmother got in touch with a real estate agent, a friend of a friend, and the agent told us we might be able to sell it for something like $140,000 initially. This same agent brought in an enthusiastic buyer, claiming to be looking for a place for his family, who was willing to pay $170,000. The agent's wife (they work as a team apparently)has brought over this man, his wife and his brother, who he is in business with. They were interested in the land but paid little attention to the house.
 
There is a neighbor with a piece touching our land at the rear, 2 acres, she will sell at the same time we sell ours, but through a different agent. She thought the figure grandma had been given was too low. She has 12 years+ experience in real estate. She set up a meeting with a managing broker, and it went sideways, because as soon as we mentioned grandma had been working with this other agent he bailed. Said he couldn't help us, it wasn't ethical, we had to stick with the agent we had until we cut all ties with him. He just got up and left. I thought this was very strange, because how is someone supposed to get the best price possible unless they shop around? Understand that no papers have been signed, no verbal agreements have been given.
 
Our neighbor since found someone else, an agent and investor with 25 years of experience, a "top producer" as she called it. Exactly what she said we needed, someone with a lot of experience who was a top producer in their company. This man says we have been given a low ball offer and it sounds like the agent my grandma first talked to was a "buyer's agent" likely representing these people he had brought in, probably to redevelop the land. The agent gets a bonus for finding the house, and makes profit on its sale after it is redeveloped. It feels right to me, that this is perhaps what these brothers in business were intending to do. This man then proceeded to explain that he sold a property up the road from us, 3.5 acres, 40's house, tear-down barn, flat land, listed at $275,000 and sold for $307, 000 with two weeks to closing.
 
My dad does not believe the land in this area is worth $100,000 an acre. My grandma doesn't want any conflict with Ken and these buyers. They would rather just sell it through Ken and be done with it. But my grandma has to live on whatever she gets for the sale after all the fees and taxes, plus the expenses of moving, and she will likely be paying $3,000 a month for assisted living. So the money won't stretch very far, and it completely leaves the three children out of any sort of inheritance or financial help. Where will my mom and dad move, and how will they pay for it? I can't find anywhere for average or median values of land per acre in this area. This man says the lowest he saw in this area for 1/2 acre was $259,000. He will come over and walk the land, giving us his estimate tomorrow.
 
Just a few questions for now...

• Is there anything to what this management broker said about ethics? Are you expected to stick with the first real estate agent you talk to, and not ask around?
• If you have real estate experience, and have sold property in the Camas or Washougal area, what would you expect to get for a place like my grandmother's? How is the value calculated, is it so much for the land, so much for the house, etc? Maybe it's $200,000 just for the land, which would come to $50,000 an acre, and $100,00 for the house and outbuildings?
• Is there any way to check and see what a fair price for this property is? Anything online? Also is there any way to investigate this first real-estate agent my grandmother talked to? Anything online for that? What resources are available to be sure that a seller is getting the best price and working with a reputable agent?

 
I will add more questions later if I have them. For anything you consider to be too personal to post here, please PM me. I appreciate your help with this, and any help you wish to send in any form such that my grandmother gets the absolute best price for her property, the time she needs to pack up and move out, a spot in the assisted living center of her choosing, help packing and sorting things, the best licensed movers available to move things for her, my parents and myself who are able to travel anywhere in Washington state as needed, and anything else needed for a smooth, quick sale  to my grandmother's and her children's advantage.
 
Thank you.

Edited September 28, 2015 by DreamBliss

[cold]

Sorry not a real estate agent but have some experience in land / real estate sales. I purchased or sold three homes for sale by owner and one farm. I  employed a lawyer for closing each time

 

1. Get an appraisal from a third party. ($250.00 or so in Maryland.)

 

 2. Goggle Maryland Land Advisors and see how it works in Maryland.

 

I am in early stages of negotiations exploration with Maryland Land Advisors. My first time dealing  with them.

 

I would expect the process to be universal in USA with  minor regional differences.

 

I own land which was rural when I got it in early eighties and farm it organically. But land all around is being developed. So I am exploring relocation options.

 

3. Best of Luck

[thelerner]

Sorry not a real estate agent but have some experience in land / real estate sales. I purchased or sold three homes for sale by owner and one farm. I  employed a lawyer for closing each time

 

1. Get an appraisal from a third party. ($250.00 or so in Maryland.)

 

 2. Goggle Maryland Land Advisors and see how it works in Maryland.

3. Best of Luck

Yup,

I don't know real estate, but in business the more information the better.  With big money items, paying a professional appraiser can yield a huge pay back, at least get input from a local realtor and/or internet.   Be honest about the situation with them.   Sounds like the first Realtor was way low balling it. 

[soaring crane]

The "ethics" issue is a load of hokum and it's the kind of emotional argument unethical and insincere people toss out.

[soaring crane]

It is my understanding that another RE agent cannot advise nor solicit a property owner who already has an active agreement with a real estate agent to list his/her property.

 

http://www.city-data.com/forum/real-estate-professionals/298329-code-ethics-question-other-realtors.html

 

 

p.s. This thread ought to be in 'off topic'.

 

it's on its way there, now

 

There was no agreement between them.

[DreamBliss]

Yeah that was my next question... What constitutes an agreement?

 

OK, so according to that thread, as long as nothing has been signed, there is no violation. Furthermore, even if something is signed, as long as the property has not been listed, there is nothing wrong with the client contacting other agents, just not the other way around.

 

So this person that was talking about ethics was spewing a load of hogwash, essentially. I know that the third person we talked to had no issues with communicating and talking to us. Of course we (actually I) solicited them.

 

Thanks for relocating the thread to its proper place. I just threw it in General and hoped that was OK.

 

I will mention to dad about getting the property appraised, see what he wants to do.

Edited September 30, 2015 by DreamBliss

[Spotless]

Have an appraiser do an appraisal.

 

Prior to them coming over clean the general area a bit.

 

When selling - some very inexpensive general landscaping can be helpful.

 

The appraiser is required by law to follow many guidelines - but also keep this in mind:

 

Given the new guidelines appraisers have to follow (since the freak years of 2000 - 2008) and the collapse, they may actually be relatively conservative. They will have to rectify their valuations based upon recent sales of the last six months in that area - this has always been the basic law but for a time - self regulation reined as God and so there was no regulation - today appraisers are generally back on the track of honesty and integrity. Real estate sales people are reptilian and talk in what ever direction sets a sail - essentially confidence men and women - "cons".

 

You may notice that in the homes listed in the appraisers valuation comparisons homes sold 6 months ago are much lower than homes sold say 1 month ago. They cannot take into account an assumed momentum but if the momentum is there - price it to the momentum.

 

Since you are not using the appraiser to make the sale or for legal reasons - he/she may also invite you to look at the listing of sold homes and let you see them for yourself. You may also be able to do that online at no charge - not sure anymore - I am licensed but not practicing.

 

Also look at the various online sites that have satellite images of homes and projected pricing - it can often be way off - and at this time way too low but it might be a good idea.

 

Also look at putting all the money into a trust of some kind - often within five years that money is inaccessible to the hospitals.

 

We unfortunately still live in a country where 80% of a person's wealth is lost in the last 8 months of their life - trusts can hold the pilphering at bay.

 

Unfortunately the biggest scammers by far are those praying on the elderly - nothing compares to this bunch.

 

Your instincts will carry you far in this but with the cross currents of others and factors such as time it can be hard to hear the voice of intuition. An appraiser is a good idea and relatively cheap and quick - don't ask you realtor for a good one - they will steer you to one they are in bed with - though many have lost this comfortable relationship and some have gone to jail.

 

Pick a local certified appraiser out of the phone book (cell phone search) and call them. They may also offer a simple "comps" print out but that may not be enough.

 

If you ask for "comps" it is short for "Comparable sales in the area recently". This may be enough if your property does not have unique and desirable things / features that set it apart - you may not need a full appraisal - just good comps and obviously not a termite report for your purposes. State to them your purpose and they will price their fees accordingly. Also a good appraiser will know your area and will be aware of your sites potentials if you let them know of any special features such as might be the case in the instance of having a Well on the site.

 

On top of all of this - I must admit that the Real Eatate sales firm will actually know how best to sell your property and get the best price - appraisers often do not know much more than how to look at your property according to rules and then do comps research and come up with a price - the local bank may know a really good appraiser - but he/she is certain to be conservative - banks like low baller (conservative) appraisers.

 

I hope I have not added confusion - I do not know the myriad little things peculiar to your area such as if it's county or more dense.

Out in the country areas (rural ish) the thieves tend to have it all sewn up. The denser areas tend to have much cleaner transactions.

Edited September 30, 2015 by Spotless