Before You Make An Offer

Make sure to have your Realtor estimate the approximate value of the property you are about to bid on.  Guessing can get expensive!
  • August 16 2010 - Naples
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Answers (19)

Profile picture for JeanKelly
Oh, my gosh.  Anyone who trusts a Realtor that doesn't do that is wasting his/her time.  The only escape is the great last ditch APPRAISAL!
  • August 16 2010
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Definitely Sergio.  Especially since the estimate is extremely quick and easy to make. 
  • August 16 2010
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Profile picture for gabepal
Most consumers will always offer less. Why because only a fool would pay more especially full price? That is why we call it negotiating.

Who knows more the buyer or the appraiser? Neither they are both guessing. 

Beware when you hear these words from the listing agent." The seller will not consider taking less". My answer at this time representing the buyer,  but we were willing to offer more but now you hurt my feeling we need to move on. 

Moral of the story: This is a buyer's market wake up,  In this market he wins all the time. Cash talks everything else walks.
  • August 16 2010
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Profile picture for VINTAGEHOME
Never have your realtor, Sally Sixpercent, give you the estimated appraisal !!  The more she estimates, the more you pay, the more she gets !!  (Unless you enjoy being underwater from Day #1)

Do your own homework on the neighborhood comps, then deduct 25%- 50% because that's where the home's value will be as home prices in your new neighborhood/city/state will drop month by month as foreclosures continue to poison the market over the next 5 years at least. Think depreciation instead of appreciation/equity-building !!  This isn't the bottom of the market.  Sure, the rate of foreclosures is not exactly sky-rocketing anymore -- it's more of a constant trickle, and it only takes one foreclosure on your new street to totally screw up your new home's value.  If the seller wants to be a stickler for his asking price, find another house.  No house is worth overpaying -- especially not in this market/economy.
  • August 17 2010
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I'm sorry your Realtor experience was so bad vintage.  It is the ethical duty of Realtor's to look out for the best interests of their clients, not to fill our pockets.  We give clients CMA's so they can see where we are basing our estimate from when deciding how much we think a house is worth. 

Communication with the client is key, to get an idea of what they are looking for in a home and how much they are willing to spend.  We cannot force them to go over their limits or to make an offer.  In the end, it is their decision on how much they want to put an offer in on a house.  We can only give them an idea of what we think is a reasonable price and they can go from there.  They have to pull the trigger.
  • August 18 2010
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When your Realtor provides you with a CMA, you then can take the drivers seat and come to your own conclusions.  It is not the Realtor's job to tell you what to list your property for. It is their job however, to provide you will all of the pertinent information so that you can honestly see what homes are selling for within which time periods.
  • August 23 2010
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Profile picture for hpvanc
That explains the Realtors coming on here complaining about low appraisals.  Always try to validate the agents comps, ask them to justify why they picked the ones that they did and ask why they didn't pick others.  Use your judgment and sift the data yourself.  If you are in a non-disclosure state you are at a severe disadvantage, since you cannot double check the Realtors numbers with the county records, and it is a disadvantage on both the buying and selling side.
  • August 23 2010
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With a CMA, the agent's experience in the business and familiarity with the local area can affect the accuracy. Typically, a CMA prepared by an experienced agent with good knowledge of the local market is right in line with your home's appraised value. A CMA can therefore be a very useful tool in a real estate transaction.
  • August 23 2010
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And when you ask a REALTOR to give you a CMA,  try to have as many facts/figures as possible. That way your comp is as up to date and accurate as possible.

Have a BEAUTIFUL night.

  • August 23 2010
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Right, I agree Get someone who has your interest in mind. If working on bids yourself the agent will try and get the higher price.
  • August 31 2010
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Profile picture for red1168
I did my research, offered a number, then my realtor said it was too low, got me to raise it, since I was a first time buyer i did. Appraisal came in at my number and she want to call the bank and have them try for a higher number. When I said, no way if you do that I walk, she pulled back. Now with one week till close I have to deal with the sellers agent who has been helping me more that my own realtor who stopped answering my email. thank god for the sellers agent. did you ever hear a buyer getting more help for the sellers agent than their own agent. 

Lesson 1 - interview your agent and get informed about what you need and the market your are buying in then match your estimate with your agents.  
  • August 31 2010
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Profile picture for SteadyState
Before you make an offer have your head examined for forced feeding of NAR propaganda.
  • August 31 2010
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Sergio:

Really? you should have a good idea of value before you pick a price to offer? Can I write that down? can I use it?

Do you have any other sage advice, like take an umbrella when it rains?
  • August 31 2010
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Profile picture for jal74
Sergio

Tell me, then why have prices been declining for the past 4 years?  Where were the realtors?  Where were you?  I take it you advised no one to purchase a home since 2003 as that is where prices are now.

If you advise someone on the price today and the market drops and they have to sell 12 months from now - will you offer to make up the difference since you gave the advice that informed their offer price?

Regards
  • September 01 2010
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No one has a crystal ball. Real estate should be looked at 2 ways. Are you going to hold the property long term or short term. Today's value is not tomorrows value. I take offense to stereotyping realtors. Like any other industry you have the good and the bad. Interview your agent and be an involved knowledgeable buyer and you will get the results you want. The global economy as a whole is in terrible condition not just real estate. As a population we all had a part in why we are where we are.
  • September 01 2010
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"no one has a crystal ball" good lord, please realize how overused and stupid this statement is.... LINK
  • September 01 2010
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Ok Roberto I will agree with you. However I do have one more thing to say to all the agents that reply. This is a public site. When we as agents make attacks against other agents it does not give us a good representation to the consumers out there. Think before you type. When you make a response on a public site you should think "would I say this in a crowded room of potential clients and customers.
  • September 01 2010
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Profile picture for VINTAGEHOME
"Today's value is not tomorrows value."


So true.  Tomorrow's value are likely to be much lower given the number of foreclosures yet to hit the open market. 
  • September 01 2010
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Profile picture for red1168
Wow Roberto, angry much, comments are a bit harsh.
  • September 05 2010
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