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Answers (25)
- Erika Phelan- Buyers Agent, "Orlando Buyers Agent"
- Contributions:103
Were you represented? If so, than the agent should have given you all the details and analyzed it for you.
If the agent was a sellers agent or a transaction broker or a non-agent, than she did what is required within that relationship.
Investigative work is required only for an "agency" relationship.
Erika in Orlando
- Mark LeMenager
- Contributions:1716
I give them an excel spreadsheet that shows EVERYTHING that has sold in the area in usually the past 6 months and highlight the properties that are similar. Sorry, but 3 comps is a statistical joke.
- AD SINGH, "AD SINGH"
- Contributions:44
Hello Crawfords, Yes, most experienced agents can prepare a CMA in minutes. Now that report gives you a close approximation of what the current value should be and in Florida a CMA report prepared by an agent is legal. Alot of sellers sit on their homes because they think that 'my property is a big sack of gold and I'm not gonna sell it less than that'. They open their eyes when they see a CMA that what is going on in their area. And so that's where an agent not only negotiate but also save you alot of money. Regards and loads of good luck to both of you both.
- Jeannna Gutierrez, "JeannaGutierrez"
- Contributions:29
Dear Crawford,
Yes a CMA is important for every buyer (especially a first time home buyer) offer. The purchase of a home is, for most persons, the biggest investment that they will make. The agent was probably very confident in the specific market, and for her purposes three recent solds was enough to satisfy. But her comfort was not the issue. But what can a first time home buyer do for their comfort as they are making an offer? Here is advise for the first time home buyer:
1. After identifying location and features of the home you desire along with the price range of home, look at many homes.
2. Once you have found a home that fits the above, then review the recent solds the agent has provided. Then ask questions about the condition of the recent solds (living area, size of lot, features of lot, features of homes) as to how it compares to the home on which you are ready to make an offer dollarwise. Also consider the market activity and direction (up or down).
3. Do your own investigative work. Check the Broward County Property Appraisers website www.BCPA.com and check that address for recent solds. Ask the questions about properties nearby that are sold. Remember that the Property Appraisers office may not have the most recent closed sales.
Currently there is quite a variance is sales prices due to the number of short sales and foreclosures in the area.
During that time period and at first time buyer's price range, that market in that area was very competiive. Your competent agent would have been able to answer all the questions you had and give you the comfort you needed.
I hope all worked out well and that you are happy in your home and community you have chosen.
Jeanna Gutierrez
Island and Resort Realty
- Alma Kee, "Realtor Alma"
- Contributions:133
I agree with Beth G. that it is sometimes foolish to over-analyze things because by the time you make up your mind you will miss the opportunity.
You need to look in a lower price range if your intention is to move in a couple of years and the house will be a rental property, too. I think you mentioned this on your Trulia post.
If you're looking for a "steal", don't waste your time on short sales. Focus on bank-owned and make your offer with a 203KS fixer upper FHA if you only have 3.5% to put down. That way the bank's asset manager knows the deal will not fall apart because the a/c is broker or there are other costly repairs needed to qualify for FHA financing. Usually bank-owned listings are already priced well below market value so don't waste your time or your realtor's time by offering less than asking--unless a "basic" CMA proves it truly is overpriced.
You need to look in a lower price range if your intention is to move in a couple of years and the house will be a rental property, too. I think you mentioned this on your Trulia post.
If you're looking for a "steal", don't waste your time on short sales. Focus on bank-owned and make your offer with a 203KS fixer upper FHA if you only have 3.5% to put down. That way the bank's asset manager knows the deal will not fall apart because the a/c is broker or there are other costly repairs needed to qualify for FHA financing. Usually bank-owned listings are already priced well below market value so don't waste your time or your realtor's time by offering less than asking--unless a "basic" CMA proves it truly is overpriced.
- salimusaj
- Contributions:89
Search for comparables from different sources than your realtor. We often hear about ethics, committment to the client and all that textbook how to make a sale speech. In the end no one protects your best interest better than yourself. I would look on websites, etc to find more information on comparables and make your own decision. In my experience, all realtors reach a point where they try to push a sale.
- Susan J Penn, PA,SFR,CDPE, "Susan J. Penn PA"
- Contributions:101
Dear CrawfordEV,
As a realtor who provides comparables, this information comes from the same source as the listings, which is the multiple listings. Your property is evaluated based on a pool, water, condition of property. It is also valued on the closed sales per the last six months of the homes surrounding the property you are making an offer on. Good luck to you!
Susan Penn, PA
EWM Realtor
2000 MAin Street
Weston, Florida 33326
[contact info removed by moderator]
As a realtor who provides comparables, this information comes from the same source as the listings, which is the multiple listings. Your property is evaluated based on a pool, water, condition of property. It is also valued on the closed sales per the last six months of the homes surrounding the property you are making an offer on. Good luck to you!
Susan Penn, PA
EWM Realtor
2000 MAin Street
Weston, Florida 33326
[contact info removed by moderator]
- Kevin Vitali, "MerrimackValleyHomes"
- Contributions:68
It is very hard to respond without knowing all the details. In Massachusetts it depends on how the agent is working for you.... you did not say if it was a buyer's agent or not.
Also, in my neck of the woods in certain towns and price ranges there are bidding wars and it is important to get your offers in right away and taking the time to make a pretty report could leave you out in the cold.
The principals of value are to find 3 solds as close to the subject property in distance and specs as possible. That is what an appraiser would do for a bank. They would make adjustment off the three sold comparables and define an average. I guess only you can answer if you are comfortable with how the agent handled the situation. Some properties are very easy to find comparables for where others can be quite difficult.
Also, in my neck of the woods in certain towns and price ranges there are bidding wars and it is important to get your offers in right away and taking the time to make a pretty report could leave you out in the cold.
The principals of value are to find 3 solds as close to the subject property in distance and specs as possible. That is what an appraiser would do for a bank. They would make adjustment off the three sold comparables and define an average. I guess only you can answer if you are comfortable with how the agent handled the situation. Some properties are very easy to find comparables for where others can be quite difficult.
- CrawfordEV
- Contributions:2
I've read all the input so far and I really appreciate you taking time to respond. I'll continue reading if anyone has more to add. Thanks again.
- Georgina OBryan, "GOBryan1"
- Contributions:483
1st let me respond to Lori's comment. Although we do receive compensation based on a percentage of the home's agreed upon price. Do understand that a smart Realtors goal is to properly service their customer for the purpose of having a satisfied customer that will not only become a repeat customer, since most do not stay in their home forever, but wish to upgrade or buy investment properties BUT also for referrals (the name of the game) to keep the business flowing. Service a customer properly and the money will come. It's that simple. It does me no good to sell a home to "maybe" make a few hundred more and not get repeat business or referals from that person. If that were the case, business would eventually come to an end or I would be stuck finding business the hard way, which is not fun or worth the time, sweat and financial loss. It can actually cost us more to do bad business for the sake of only commission. Not that some may not do that, but most Realtors are ethical.
2nd, a $50k difference is nothing when you consider that a 6% commission for example, is split between various entities. Usually between the Buyer's Agent, Seller's Agent and the Brokerage firm. This can easily cut the com share between 1.5 to 3%. Again, not worth the time and effort, especially when one is a Buyer's Agent. A Realtor has no contract w/the buyer, chauffers them,wasting time & gas and that buyer is under NO obligation to buy from us. We are self-employed and so the gas and our time is NOT compensated by the brokerage firm in any way possible, which is why we prefer to make sure a person is atleast pre-qualified to buy a home before we take them out to various showings.
With that said, Crawford, you need to decide if you trust your agent's advice, do a bit of your own research and decide from there if you are making the best decision and if your Agent is doing right by you. Best of luck!!
2nd, a $50k difference is nothing when you consider that a 6% commission for example, is split between various entities. Usually between the Buyer's Agent, Seller's Agent and the Brokerage firm. This can easily cut the com share between 1.5 to 3%. Again, not worth the time and effort, especially when one is a Buyer's Agent. A Realtor has no contract w/the buyer, chauffers them,wasting time & gas and that buyer is under NO obligation to buy from us. We are self-employed and so the gas and our time is NOT compensated by the brokerage firm in any way possible, which is why we prefer to make sure a person is atleast pre-qualified to buy a home before we take them out to various showings.
With that said, Crawford, you need to decide if you trust your agent's advice, do a bit of your own research and decide from there if you are making the best decision and if your Agent is doing right by you. Best of luck!!
- Beth Grotelueschen, "bethghomes"
- Contributions:765
Hi Crawford~
It is really impossible for any agent in this posting to truly know whether or not your agent is doing her due diliegence for you or not.
It depends on how many homes you saw before you found the right one &/or how familiar with the area your agent is...
I represented the buyers on the same street as 2 I had sold & another home I had active within 3-4 months. Also, through previewing the neighborhood I was extremely well acquainted with the neighborhood. I didn't need to do a lengthy report to know it was a good value & the appraisal came out at a higher value than my clients paid for it.
That said, if you want more information or aren't satisfied by the information your agent showed you, then tell her you'd like more information/explanation than she has. Every agent should understand first time homebuyer's needs are important & genuine. If she gets angry or defensive then that is the time to say goodbye. You don't need that, the process is already stressful enough.
Finally, there are sometimes when you need to act very quickly on homes that are priced really aggressively or else someone else will. So, if you've seen enough homes & this one is at the top of your list, go with your gut on it. It's not always a bad thing to have an agent that is ready to write an offer for you quickly. Some buyers miss out on some great homes because they over-analize.
Best of luck to you~
Beth G.
It is really impossible for any agent in this posting to truly know whether or not your agent is doing her due diliegence for you or not.
It depends on how many homes you saw before you found the right one &/or how familiar with the area your agent is...
I represented the buyers on the same street as 2 I had sold & another home I had active within 3-4 months. Also, through previewing the neighborhood I was extremely well acquainted with the neighborhood. I didn't need to do a lengthy report to know it was a good value & the appraisal came out at a higher value than my clients paid for it.
That said, if you want more information or aren't satisfied by the information your agent showed you, then tell her you'd like more information/explanation than she has. Every agent should understand first time homebuyer's needs are important & genuine. If she gets angry or defensive then that is the time to say goodbye. You don't need that, the process is already stressful enough.
Finally, there are sometimes when you need to act very quickly on homes that are priced really aggressively or else someone else will. So, if you've seen enough homes & this one is at the top of your list, go with your gut on it. It's not always a bad thing to have an agent that is ready to write an offer for you quickly. Some buyers miss out on some great homes because they over-analize.
Best of luck to you~
Beth G.
- Randy Schweitzer, "Randy Schweitzer"
- Contributions:100
Dear CrawfordEV,
Others have provided a variety of useful feedback. The advanced technology we work with today allows an experienced agent with the tools for a number of websites to produce a quick, accurate estimate of actual comp solds, which is the key criteria. I personally utilize 3 sites for a given location and neighborhood to come with SOLD comps. However, I also print a grid showing all ACTIVES, PENDINGS, and SOLDS in the neighborhood.
If the neighborhood is not a subdivision with very similar homes, it becomes far more challenging because we have to research all arms-length transactions and hopefully find more details on the actual comp properties that sold within the past 3 months. Based on activity that grid may provide a dozen or more similar homes. If none have sold in the comp area or they were distressed properties (need to see if they were a Short Sale or bank-owned). The key conclusion if these are similar homes, is based on SOLD properties since that value dictates what others are willing to pay in that neighborhood and today's market.
Since it appears that agent has spent time with you, I would suggest you ask them to show the MLS grid with all the active, pending, and sold properties. That agent should also call the other realtors of sold properties and acquire more information on the condition of the sold property. Your agent can also email you a summary report as well as links to each property and you can look at the pictures and try to decide the condition of the home.
In closing, ask the agent to provide additional data to make you comfortable. Today, most comparable analysis reports are done for sellers as opposed to buyers, because there is lots of marketing material buried in the lengthy report. Assuming you already checking out your agent's profie, in my opinion, you only need a summary of comps and a clear understanding of the condition of that property and all amenities.
Good luck on your purchase.
Professionally,
Randall L. Schweitzer
Others have provided a variety of useful feedback. The advanced technology we work with today allows an experienced agent with the tools for a number of websites to produce a quick, accurate estimate of actual comp solds, which is the key criteria. I personally utilize 3 sites for a given location and neighborhood to come with SOLD comps. However, I also print a grid showing all ACTIVES, PENDINGS, and SOLDS in the neighborhood.
If the neighborhood is not a subdivision with very similar homes, it becomes far more challenging because we have to research all arms-length transactions and hopefully find more details on the actual comp properties that sold within the past 3 months. Based on activity that grid may provide a dozen or more similar homes. If none have sold in the comp area or they were distressed properties (need to see if they were a Short Sale or bank-owned). The key conclusion if these are similar homes, is based on SOLD properties since that value dictates what others are willing to pay in that neighborhood and today's market.
Since it appears that agent has spent time with you, I would suggest you ask them to show the MLS grid with all the active, pending, and sold properties. That agent should also call the other realtors of sold properties and acquire more information on the condition of the sold property. Your agent can also email you a summary report as well as links to each property and you can look at the pictures and try to decide the condition of the home.
In closing, ask the agent to provide additional data to make you comfortable. Today, most comparable analysis reports are done for sellers as opposed to buyers, because there is lots of marketing material buried in the lengthy report. Assuming you already checking out your agent's profie, in my opinion, you only need a summary of comps and a clear understanding of the condition of that property and all amenities.
Good luck on your purchase.
Professionally,
Randall L. Schweitzer
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
I'm a mortgage professional, this is what I do.
I provide Data Quick Comps to all my borrowers for making an offer. I always select 20 comps with similar square footage and lot size, bedrooms and bathrooms, within a one mile radius of subject property.
If I don't receive at least 8, then I expand the area. These comps are recently recorded sales with property history. Most lenders only will accept values within the last 90 days, up to 3 mile radius, if none can be found in a shorter distance. The closer they are, the better.
You should expect this from your Agent. Mainly, because its not Sold until its Funded. Without adequate comps, that's not going to happen. .... Happy funding, Rudi
I provide Data Quick Comps to all my borrowers for making an offer. I always select 20 comps with similar square footage and lot size, bedrooms and bathrooms, within a one mile radius of subject property.
If I don't receive at least 8, then I expand the area. These comps are recently recorded sales with property history. Most lenders only will accept values within the last 90 days, up to 3 mile radius, if none can be found in a shorter distance. The closer they are, the better.
You should expect this from your Agent. Mainly, because its not Sold until its Funded. Without adequate comps, that's not going to happen. .... Happy funding, Rudi
- lori112
- Contributions:13
you are having a similar experience to me. Because agents are overloaded with the amount of homes on the market, they get lazy. Today, I made an offer on a home based on three solds (one of which were last year). After I made the offer (10k less than what my agent recommended), I discovered there was a home with the same floor plan, same square footage, same street (down the block) for sale for 50,000 less. We are talking $394 to $342. I pulled my offer back, because I have not seen the $342 listing and the information points it out to be similary updated. My agent is too busy to show me the active listing today, so I'll see it in a couple days. She told me the less expensive home is not as updated. But, I said 50,000 gets one a lot of updating. Let the buyer BEWARE. Agents are in business to MOVE homes, not to get you the best price. Their commission is based better when they sell you the more EXPENSIVE home. Agents work for THEMSELVES. Buyers and Sellers work for THEMSELVES. It's every person for themself. Really. And the same with mortgage brokers. They work for the themselves as well.
- Georgina OBryan, "GOBryan1"
- Contributions:483
Watson Realty has a very impressive CMA program that prints about 40 pages, however, the end result is that 3 solds in the area of similar style should be enough to give you an idea what the home you wish to place an offer on is worth.
I normally print out the 40 page CMA because it's impressive. One of my current Sellers is a retired Realtor and she found my report to be impressive and informative but it still comes down to the 3 sold comps.
- Ferris Anderson, "fokal728"
- Contributions:50
Dear Crawford
I have to agree with what many of my esteemed colleagues have said here. Perhaps there was a bit more information your agent could have provided you, but it sounds like she brought you comparables that were most like the home you were/are considering. I'm not sure if the home is listed on the MLS in your area, but if it was you can probably be sure that the agent who originally listed the property did a thorough CMA before placing the property on the MLS for sale. That doesn't guarantee that it was/is priced correctly, but it was probably done. Also, as many have said here, with the vast amount of information now available to Realtors, completing an analysis of the market is very straight forward and can be very rapidly completed. There are times when only a very few reliable comparable properties can be used. A CMA can only be thought of as reliable when it conforms to certain criteria among these are time period of sales, comparability of design and style, comparability of features, lot size, and type of sale. We've just emerged from a period of extremely reduced sales, and we are still dealing with tons of distressed sales (eg: short sales & foreclosures) which distort the market and really can't be used as comparable sales. Finally in the price range you described here in Florida that is a very sluggish price range.
I'd say in conclusion to give your agent the benefit of the doubt, and if you feel she isn't performing services you'd like her to perform just tell her. If she's competent, which I'm sure she is, she will respond positively to your feedback.
- Ofe Polack, "Ofe Polack"
- Contributions:1416
Hi Crawford, I am sorry that you feel somewhat dissappointed at the speed with which your agent provided you with comparables. On one hand she is probably on top of things, knows the area, and was able to identify the SOLD properties quite fast. It is also a good idea to look at the withdrawn and expired, because they may not have sold because they were priced too high. I also like to look at what else is there on the market, that is the ACTIVE properties.
After hunting for a couple of weeks, you also had the opportunity to judge for yourself how much were you willing to pay for a home given what else you saw on the market.
We all present comps differently and likewise interpret them to our clients in our own style.
We have tremendous technological resources at our fingertips, and those of us who look at the data regularly, can use that technology quite fast for comps and other purposes. I do a written report that is binded and give it to the clients. Oftentimes, comparing 2-3 listings without the written report and the rest of the stats that go with it, is sufficient, if that is all that compares to the property in question.
I hope her advice was on target and you get the property!!!
After hunting for a couple of weeks, you also had the opportunity to judge for yourself how much were you willing to pay for a home given what else you saw on the market.
We all present comps differently and likewise interpret them to our clients in our own style.
We have tremendous technological resources at our fingertips, and those of us who look at the data regularly, can use that technology quite fast for comps and other purposes. I do a written report that is binded and give it to the clients. Oftentimes, comparing 2-3 listings without the written report and the rest of the stats that go with it, is sufficient, if that is all that compares to the property in question.
I hope her advice was on target and you get the property!!!
- Denise Manderfield, "Manderfield"
- Contributions:3
Hi Crawford,
The internet is a powerful tool in many ways. Information like the kind your agent was able to find in five minutes is available to any real estate professional. I think her presentation of the information was perhaps more disappointing to you than the facts she found. Nevertheless, I always try to present a market analysis with firsthand knowledge I have of the area and point out similarities and differences to the subject property. That way, my clients and I can decide together on an offer price.
Good luck with your purchase.
The internet is a powerful tool in many ways. Information like the kind your agent was able to find in five minutes is available to any real estate professional. I think her presentation of the information was perhaps more disappointing to you than the facts she found. Nevertheless, I always try to present a market analysis with firsthand knowledge I have of the area and point out similarities and differences to the subject property. That way, my clients and I can decide together on an offer price.
Good luck with your purchase.
- Susan Hofflander, "shofflander"
- Contributions:42
Crawford, all agents work differently. This might be a good question to ask when interviewing agents, "How will you help me determine market value when it's time to write an offer?"
When working with home buyers, I run a search on the MLS to compare apples to apples, meaning properties in the same area, similar size and age, similar condition, etc. Then, I prepare what's called a CMA, a Comparative Market Analysis that allows the buyers to see the list price vs. the sale price, the number of days on market and the statistical comparisons of all of these numbers. I include info for those homes currently active, those in pending status and those sold and closed in the last 6 months or so.
Problem is, in some price ranges, there is not very much to compare to for sold homes. Nonetheless, the information should still be presented in such a way that allows you, the buyers, to understand what you're seeing and know how it relates specifically to the property in question.
Good luck!
When working with home buyers, I run a search on the MLS to compare apples to apples, meaning properties in the same area, similar size and age, similar condition, etc. Then, I prepare what's called a CMA, a Comparative Market Analysis that allows the buyers to see the list price vs. the sale price, the number of days on market and the statistical comparisons of all of these numbers. I include info for those homes currently active, those in pending status and those sold and closed in the last 6 months or so.
Problem is, in some price ranges, there is not very much to compare to for sold homes. Nonetheless, the information should still be presented in such a way that allows you, the buyers, to understand what you're seeing and know how it relates specifically to the property in question.
Good luck!
When finding comparables, it should take some thought and effort and shouldn't be just thrown together. Sometimes their aren't a lot of properties available but even so, you can find ways. I know some agents that are so in depth that they make their CMA's 20+ pages long for their clients.
With such a big purchase, you deserve to have an agent who is committed to you and is willing and able to put time and effort into your purchase.
With such a big purchase, you deserve to have an agent who is committed to you and is willing and able to put time and effort into your purchase.
- Maria T Cutrona, "mariacutrona"
- Contributions:29
The way I work with buyers, is that I may bring them to the office (and with buyers sitting next to me) show them all homes that is available. After we review all pictures etc., We go house hunting! If they cannot make there mind up, they reflect on a list on what they did or did not like on the home.
If they are now between 2 or 3 homes I do a complete detail comparable on what Sold, Active, & expired. That way they can take it home and review!
The best method is:
Have buyers go through the home once again and I Like writing a contract at the home, that way they can look around to make sure they did not forget anything. I always do a complete detail comparables within a Radius of where the home is located.
Maria Cutrona, ABR
RE/MAX Valley Real Estate
- Laurie Sage, "sage10s"
- Contributions:4
Hi there! Your agent should have been more thorough and showed you recent "solds" as well as recent "actives" (still on the market). They can compare # bedrooms, baths, size of the lot and let you know the pros/cons and how it affects the property you're looking for. It's not too late to ask for that....don't settle for less than you deserve! With money on the line, you have rights to get more info.
Good Luck! -SAGE at Sun Realty in Kitty Hawk, NC
Good Luck! -SAGE at Sun Realty in Kitty Hawk, NC
- Gary Brey, "garybrey"
- Contributions:73
It takes some time do a real good job even if there are 3 comps on the same street (which is not typical of course). At first glance a value may be this ... upon a little studying the value is not this but is something totally different. 400,000 is a lot of money and deserves a complete anaylsis.
- Joni McClintock, "Joni McClintock"
- Contributions:115
Every agent is a little different in how they handle an offer. I would expect several comparables of actives, solds and pendings for any offer. It is important for the agent to review this and also review it with you. She should have a pretty good idea from that as to whether the asking price is close to a price you should offer or if they are way off base. When you are writing an offer for any amount it is good to compare with what has sold and is active. When the house is appraised by the bank the appraiser will be comparing. If it is way off -too high you will run into trouble with financing. Getting as much education on home buying is really a good idea. By the way, I am required by my principle broker to provide comparables. I have to file them with the rest of my paper work. Perhaps she didn't have much to compare the property to??? That I wouldn't know. Hope your home buying process is a positive one and you get the house you want.
- John Stewart, "nwhome.us"
- Contributions:2161
Yes, it is best to get a report that shows you more information, but if she was only able to find 3 properties that sold in the last 6 months, then that isn't a lot of "data" to analyze. Being able to find "lots of similar homes" is not always possible. It depends on the specific characteristics of the home that you are looking at. A wildly custom home is much more difficult than a cookie-cutter.
IF 3 homes were all that she was able to come up with, then it should have been possible to analyze the three individuals in detail with you and without a lot of extra paper.
Typically a CMA includes more general market information for the neighborhood. The Local Info tab here on Zillow is actually pretty good for that type of personal research. Have you tried it?
It sounds as though your agent is, for some reason, limiting her time commitment to you. I'd also recommend keeping the communication channel open with her and seeing how she responds to criticism. A poor response might indicate that you should be hedging your commitment to her.
As real estate agents, how do you present comparables to buyers?
I was a little surprised when she simply brought us into her home office and printed out information on about 3 closed homes that were somewhat similar to the one we looked at in less than five minutes. I was expecting a more thorough written report or analysis, especially with $300-$400k on the line, but she was ready to submit an offer on the spot. Is this normal? As agents, do you prepare a written comparable analysis report or not?
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