Profile picture for dinop123

Run a CMA for FSBO home

Hi,
I'd like to make a offer on an FSBO home. I'm fairly confident about my offer price but I need someone to run the CMA for me.

Does anyone want to run the numbers for me as a favor?

Just post your email address in the response and I'll email you privately.

Thank you!
  • June 01 2010 - Austin
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (17)

Sorry to belabor this point, but I hate to be booed!  I think my suggestion was misinterpreted,  What I said was:  
"My advice is to use the CMA process as a way to choose a professional to represent you.  See what they come up with, you might be surprised."
What I intended to say was to use the process of getting several CMA's as a way to select a Realtor.


One last thing, I hope your seller didn't take your first offer, if they had it mis-priced by that much, who knows what their bottom was....worst feeling in the world is to leave money on the table!
Good luck,
Jim

  • June 07 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for sunnyview
"And who DID know that the market was tenuous in 2006?..How come all the other wise financial advisors did not warn the public?"

@Mr. DeVoss I do agree with you on one point you should not scoff at things you know nothing about. Just because you did not know that the market was built on nothing does not mean that other people did not know. Some people did ring the alarm bells and maybe if you had read many people's "sagacious advice" on this very board you would already know that. I do not blame realtors for the entire meltdown, but I refuse to accept your position that they played no part in it. I saw your industry and the NAR flat out lie about the health of the market before the bubble burst. The NAR is an organization that primarily promotes real estate and Realtors. Nothing more, nothing less. The fact that you seem to view it as a church where people come to be saved and instructed in the ways of real estate disturbs me, but that is your prerogative. Maybe what you need is to educate yourself on your organization and it's fine tradition of puffery here that has hurt so many people who came to the NAR looking for sound real estate advice only to find self serving pablum.

@Rudi you are probably right and a gentleman as always. 
  • June 07 2010
  • 2Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

@Sunny & Rick,

No one knew this was coming until about a few months before it happened. A great read on this is "On the Brink" by Henry M. Paulson, Jr. the former CEO of Goldman Sachs.

Wall Street's greed is what caused the collapse. Not Realtors. The same applies to Brokers and Banks. They didn't devise these toxic loans, Wall Street is the culprit.

They were making big bucks with Mortgage Backed Securities. They tweaked guidelines to give brokers and banks lower standards so they could fund more loans Then packaged into their MBS.

If you can make the time, "On the Brink" is a great read. .... Happy funding, Rudi
  • June 06 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for SoCal Engr
@ Rick - Small olive branch...

"Perhaps it is time for all the individuals who chose to "buy beyond their means" to step up and take responsibility for their actions.  There appear to be too many people in this country who are greedy and want more than they can afford.  That is a major part of what got us into this recession."

I am in agreement with you on the individual responsibility, although I hold neither realtors nor lenders (as industries, not individuals) to be blameless.. No matter what lines the realtors and lenders were feeding the consumer, it is eventually the consumer's responsibility to make the right/best decision. 
  • June 06 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for SoCal Engr
@ Rick,

For someone who wants to upbraid me for making assumptions, you need to take the log out of your own eye.

"For someone who claims to have a degree, you need to stop making so many assumptions and go back and read what was written carefully."

Read my post. I never claimed to have a degree. I simply identified the fact that the professions Realtors® often compare themselves to do. I can see where you made your assumption, since my screen name includes "engr" - but I never made that claim.

"I suggested that the person in question was looking for an "appraisal", and I specifically put the term in quotes because I did not mean a full-blown appraisal by a licensed Appraiser."

Since the OP specifically asked for a CMA, how did you make the leap to "appraisal"? And, if you didn't mean "appraisal", why did you use that word? Within all industries, specific terms have specific meaning. If you don't mean "appraisal", then don't use the word.

"It sounded like he had confused a "CMA" with an appraisal, and then he thought someone should be willing to give him a "CMA" as a favor."

I get CMAs from agencies, without being a client. It's part of their loss-leader. I don't do it all the time, because that would be abusive, but agencies regularly perform CMAs as a "favor" - though with ulterior motives. That's part of the game.

"An experienced REALTOR can tell you what the values are doing in a given neighborhood, and can give you advice on what to offer a seller.  I can often do that without a CMA!  ...However, advice is for clients, not customers."

Believe it or not, anyone with two brain cells to rub together and access to the Internet can also do the same thing. It's not rocket science. Until the advent of the Internet, the key difference was access to MLS. While MLS still provides same advantage, it's no longer the ace-in-hole it once was.

As for "advice is for clients, not customers"...what a great marketing approach! I'd like to see that go national, maybe NAR would adopt it?

"And be careful what kind of assumptions you make about somebody being "new".  I have an advanced degree in Real Estate, and have been in the business for over 30 years."

Okay, I'll give you that one. I meant "new to Zillow" and made the mistake of assuming that you could deduce the meaning given the context of the post. I gave you too much credit, my bad.
  • June 06 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Rick DeVoss

Dear "Sunny"---

You seem to have a very disconnected opinion of what REALTORS do, and how we make the money we earn.  I didn't profit from the housing boom; I just got paid for the work I did, and the service I provided.  Actually, my income has gone down in the past few years.

My check is never guaranteed.  I am always "unemployed" until the next client decides to buy a house from me, and I cannot apply for an unemployment check.  Do you get paid regularly every other week?   The people who work in the real estate industry take quite a risk.

So tell me, did people in YOUR profession tell the public in 2006 that "the market was tenuous"?  What sort of sagacious advice have YOU given in the 13,224 contributions you have made to Zillow.com?  Maybe the "view" from where you are is not so "sunny" because you have your head in a dark place.

And who DID know that the market was tenuous in 2006?  It wasn't here in Texas where I practice Real Estate.  How come all the other wise financial advisors did not warn the public?  I think your blame on REALTORS is unfounded.   We are trained to help people buy houses, not give financial advice.
 
Perhaps it is time for all the individuals who chose to "buy beyond their means" to step up and take responsibility for their actions.  There appear to be too many people in this country who are greedy and want more than they can afford.  That is a major part of what got us into this recession.  And what about all those individuals who elected to walk away from their homes instead of biting the bullet and paying for what they agreed to pay for?

Not all ARM's are bad loans.  I have an ARM on my home, and the rate just keeps going down over the last few years.  Do you even know how an ARM works?   For someone who plans to sell a house in a few years, (five or less), an ARM can be the best way to finance it.  ---And REALTORS don't put people into bad loans; loan officers do!  You should focus on what the big banks and lenders in this country have done to our economy.  Who designed all those "bad loans"?  Who offered them to the buying public?  It sure wasn't NAR!!

And it is the big banks that are slowing down the recovery of our economy, too.  I have many customers who want to buy a house, but the banks will not lend them the money to do so.  If people can't buy houses, then builders can't build houses, and then building supply companies can't sell materials, and contractors are out of a job.  It all trickles down hill.  Oh, and P.S.:  if people can't get loans to buy houses, Real Estate Agents can't make any money, either!   In 2006, I took a second job.  In 2010, I am taking a third one.  There are no "pools of gold" around any Real Estate offices I have seen.

Youi should not scoff at things you know nothing about.  The REALTOR's Code of Ethics , founded in 1913, is one of the most highly subscribed to in this nation.  It is highly respected in the industry, and holds REALTORS to a higher standard than most other professions.  Any breach of this Code is swiftly dealt with by the Board of REALTORS, and it is policed from within by other Agents as well.

It was NAR that promoted the use of the Seller's Disclosure Notice, and it has now been adopted by many States.  It was NAR that promoted Agency Disclosure, and it, too, has been required by many State Real Estate Commissions.  The vast majority of laws that protect the American consumer in the Real Estate industry were sponsored in Congress by the National Association of REALTORS.

Be thankful that you can call an experienced REALTOR to guide you through your next transaction.

  • June 06 2010
  • 2Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for sunnyview
"NAR and all the REALTORS in the country have done some wonderful things for this nation, and supported many beneficial laws in both Congress and the State Legislatures. "

Oh thank you so very much for your national service in helping profit from the housing boom. May I kiss your feet or are they busy soaking in pools of gold? Code of Ethics my behind. I  did not see many people in your profession telling people in 2006 that the market was tenuous and not to stretch to buy beyond their means with an ARM. I hope with all my heart that you do not mean the things you say.
  • June 05 2010
  • 2Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Check with a few people before you decide. Value is a range and not an exact number. So long as the price you are paying is in the right RANGE and you are happy with the house, you can't miss!

Best of Luck!
  • June 05 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Rick DeVoss

To Mr. Engr---

For someone who claims to have a degree, you need to stop making so many assumptions and go back and read what was written carefully.

I suggested that the person in question was looking for an "appraisal", and I specifically put the term in quotes because I did not mean a full-blown appraisal by a licensed Appraiser.  (P.S.  They work for the Lender in most scenarios, and they don't give advice as to what to offer a seller.)

It sounded like he had confused a "CMA" with an appraisal, and then he thought someone should be willing to give him a "CMA" as a favor.

NAR and all the REALTORS in the country have done some wonderful things for this nation, and supported many beneficial laws in both Congress and the State Legislatures.   ...We're sorry that you are pissed off.  Get over it.

An experienced REALTOR can tell you what the values are doing in a given neighborhood, and can give you advice on what to offer a seller.  I can often do that without a CMA!  ...However, advice is for clients, not customers.

The Real Estate industry may not require as much college as some other professions, but the standards that a REALTOR are held to are rigorous, and we subscribe to a Code of Ethics.  You will find that many experienced REALTORS have college degrees.   (About 80% of the people who think they qualify for this business are gone in two years after entry, so pick an experienced REALTOR for your next transaction.)

There are certainly some inexperienced and not so sharp engineers in the business, too.

And be careful what kind of assumptions you make about somebody being "new".  I have an advanced degree in Real Estate, and have been in the business for over 30 years.

Hopefully, your next R.E. transaction will go smoothly with the experienced REALTOR of your choice.

Good luck!


  • June 05 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for SoCal Engr
@ Rick - You should go back and re-read your posts. Currently, you are a poster child for the NAR hacks that piss off a lot of people on this board.

In your post on this thread, you hammer on the OP for wanting a CMA to compare aginst his own evaluation, implying that what is really needed is an appraisal (i.e., a value provided by an appraiser, not a REALTOR). Yet, in another post you claim REALTORS are the "go to" source for home values. Which is it? Why not just leave it at "you need a CMA from one-or-more local agents"?

You also consistently trot out the tired (not to mention inapplicable) "would you hire a doctor/lawyer/etc."  line. Get over yourself. Your profession is not as rigourous in it's training as doctors or lawyers, much less teachers, engineers, or any other profession that requires a 4yr degree as a baseline requirement.

Anyway, you're new...and, hopefully, intelligent enough to learn. You are not scoring any points for yourself or your profession by regurgitating old and haggard NAR positions. Demonstrate some value by providing advice, or add to your industry's reputation for being desparate to protect their monopoly of the RE market in the era of the WWW.
  • June 05 2010
  • 3Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Rick DeVoss

There would appear to be a lot of things you don't understand about this process of evaluating houses.

First of all, if youi're so confident about what you want to pay for a house, why do you need a "CMA"?

What you are asking for is an "appraisal"...and you probably don't want to pay for that, either!

What would you do for me as "a favor"???    Since when did you go to work and not expect your employer to pay you for the job you did?

Do you think an Attorney will give you his hard-earned experience for free?  So why should a REALTOR?

And what is a "CMA" anyway?  Anybody can average the prices of the houses which have sold in the neighborhood recently.  But if I have not walked through the house and inspected it, and studied the neighborhood trends, then I cannot offer a valid opinon of value.

And only a REALTOR who is experienced in that subdivision can tell you what the market is doing in that area.

There is no such thing as a free lunch.

If you want to "outsmart" the FSBO, you should hire a REALTOR!

Confuscious say:   "The value of a house is what a willing buyer would pay, and a willing seller would accept, when the property has been offered to the open market for a reasonable period of time."


  • June 05 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for dinop123
Boo to Jim and Kathy who's suggestion would've cost me $16,350

Wow...thanks to the realtor who ran the CMA for a $25.00 amazon gift card. You apparently saved me $16,325. Turns out I'm getting a better price on this home by NOT using a realtor. The owner had it listed for $75,000 more than my offer under the advice of the realtor.
  • June 02 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

CMA's are all well and good, but without first hand knowledge of the property, the neighborhood, the area, it's just numbers.

My advice is to use the CMA process as a way to choose a professional to represent you.  See what they come up with, you might be surprised. 

Not much consolation, but I think a fairly large percentage of FSBO's end up listing their property with a Realtor anyway.  

Regards,

Jim
  • June 02 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If you click on my profile you can find my contact information, we can discuss your needs further and discuss our experience.  If you like what you hear, then we can talk about the CMA you need.

Zillow will more than likely delete my email if I include it, so accessing my profile is probably the best way to get in touch with us.

Best wishes,
Gina

  • June 02 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for SoCal Engr
@ OP - Just go to a few local realty offices. They will give you a CMA to try and get your business, and you'll want more than one. While a CMA is likely to be better than a Zestimate, it is still a "best guess" provided by a realtor - and the quality of the CMA is dependent on the specific agent's experience and motivation.

"I don't think that it would be fair to go to Valuemyhouse, because they are a lead generation site for realtors and they will sell your information to Realtors who in turn will expect compensation."

What does that have to do with anything? The website offers two services. One is a "free CMA" to help them capture information about persons who may be interested in selling their house. The other is a subscription service to agents who want to get this information so that they can try to market the potential seller.
 
There's no linkage between the two services. Just because I ask for a CMA, doesn't mean I'm going to sell. And, just because you give me one, doesn't mean you'll get my listing (since I will get multiple CMAs to get a broader view of the market). If the subscription service is not working for the agents, then that is between the agents and the website...it doesn't impose any constrainsts on the consumer of the free service.
  • June 01 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I don't think that it would be fair to go to Valuemyhouse, because they are a lead generation site for realtors and they will sell your information to Realtors who in turn will expect compensation.

Check the agent directory from Zillow and send an email to a couple of local agents. i am sure that several will volunteer to help you.

Naima
  • June 01 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for ABBAUSA
Contact the FSBO direct and have them request one.

A Realtor® usually will provide a CMA at no charge.

Also www.ValueMyHouse.com will perform a CMA without charge.

Try one of the above.

Contact a Realtor® for the best of all worlds.....We are worth the investment.

Good Luck!

James Callas - Realtor®
  • June 01 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.