In the course of research related to house-selling in Long Branch, we have come across a situation where a developer some time back offered slightly over $1-million for a house in Long Branch, with the intention of severing the lot.
The house-seller in question, however, had a great real-estate company to work with. A person can determine which real estate outfits are in this category, by asking around – that is, by doing one’s homework.
Anyway, the house in question went for $1.5-million, to a family who will live in the residence – that is, to a buyer who is not about to sever the lot.
I mention this, because the story underlines that it pays to do your homework. On all matters related to buying and selling, due diligence is strongly advised.
In such a case as the one described, due diligence means checking – in a systematic, organized way – on what the recent going price has been for a good number (say a dozen or more) houses that are similar to the house that you are about to sell. Without such research, a person’s homework has been left undone.
The consequence can be that you sell your house for up to a half-million dollars less than it is, in fact, worth in the marketplace.