 Posted 12/20/2006 10:37:24 AM
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| Most of the homes in my area were priced way above their apraised value. I listed my home for the apraised value, and it sold immediately. Food for thought!
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Posted 1/1/2007 2:32:33 PM
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Very smart ...please call some of my sellers and share that story lol!!
NAR and realtor.com says this is one of the most interesting home markets because it is not being caused by a high interest rates or a slowing economy but instead on perceptions. There is a war going on between the sides with "sellers clinging to too high prices and buyers adamant about getting a deal."
Brandi Lockhart
Quality Service Certified Platinum
RE/MAX Gold III
(314)333-4824
http://brandil.stlgoldhomes.net
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Posted 1/12/2007 6:45:56 AM
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Comparative Market Analysis versus Appraisal!
How come a CMA comes out a lot higher than the actual appraisal. So many homes in our area are way above their should be appraisals. What happens when a buyer puts in an offer, does that mean they have a hefty cash balance to pay to make up the difference, or is there a special agreement with loan companies and realtors which allows them to send out appraisers that O.K the high purchase price.
I just wondered if there was a difference here for the FSBO as they go everything alone and wouldnt have these apparently special priviledges.
Also if appraisers constantly give low appraisals, how does the selling price market ever increase???
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Posted 1/12/2007 3:54:11 PM
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Both a CMA and a lender’s appraisal are nothing more than opinions of value. Of course, when a mortgage and sale are riding on the outcome, the lender’s appraisal carries lots of weight.
Any savvy buyer will include an escape clause in the purchase agreement to the effect that if the house doesn’t appraise out, the deal is off. Thus, if your house doesn’t appraise for the price you’ve agreed to sell it for, you and the buyer usually have four options:
1. Terminate the deal
2. Have the buyer make up the difference in cash (which rarely happens)
3. Ask for a reappraisal from the same lender, which unfortunately may yield the same result.
4. Go to a new lender and a new appraiser and hope for a higher valuation.
Appraisers’ valuations of homes tend to be more liberal or more conservative depending on which direction the market’s going, how hard the lender pressures the appraiser to hit the target point (your sales price), and how strict government regulators happen to be leaning on the lender at the time.
The critical thing seems to be to have a good mortgage broker working with the buyers – he or she can often make the difference by directing them to the most cooperative lender for their needs.
Good luck!
Bob Irwin
Real Estate Writer
Author, "For Sale by Owner Kit"
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Posted 1/31/2007 10:44:58 AM
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Advice, be realistic as to what your home is worth and make someone a fair price.
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Posted 3/19/2007 4:08:55 PM
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I priced my house using the free market analysis I received from a realtor and then by going to the courthouse and pricing a couple houses I knew that sold recently in neighborhood via "by owner".
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Posted 3/26/2007 11:44:39 AM
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First, we checked the tax assessments and recent sales in our neighborhood (county web site). Then we took a walk around the area and made a note of comparable houses on the market. Finally, we had a professional appraiser give us an estimate of the market value of the house.
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Posted 3/26/2007 12:30:13 PM
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Why isn't their a 5th choice? That the buyer and seller split it. Why does the seller have to take the whole hit?
We got caught in our last sale where the appraisal came in $1500 short. why I don't know because I saw another comp where he could have justified it. Three days before closing we had to eat it all. I don't know why. The buyer could have afforded to split it In fact they could have paid for itall.
But they saw a 91 yr old, already frustrated with moving and this was the Fri before the Tues closing with movers coming on wed to pack. So theer was no back and forth time or anything.
cindyp
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Posted 3/26/2007 5:07:52 PM
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If there's a question on the appraisal, feel free to challenge the appraiser. I've done it a couple of times, and found the individual with the title "Appraiser" was just plain lazy, and failed to do a proper comparison. I listed a home at 220K, appraisal came back at 200K, after a few discussions and a couple of competing offers, the home sold and appraised at 236K.
Bo Villacis
Real Estate Professional
WWW.Bovillacis.com
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Posted 3/28/2007 12:15:29 PM
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Advice from a realtor (free)
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