Profile picture for user1337578

We can't afford to sell our home for the estimate our broker told us it's worth, what now?

broker gave us a ball park eval of $140-150,000 and we can't afford to sell for less than $165,000 to cover closing costs and dpwn payment on new house. Zestimate says house is worth 168,000 and that would be great with us!   can we list for more? we were told by broker that professional appraisal would be close to her estimate and mortgage company won't loan for more than the appraisal. HELP!!!!
  • June 10 2013 - Mark Twain
  • 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 (6)

Your Realtor likely gave you a realistic price evaluation, based upon current local information. I would trust the Realtor's judgement on price.
A mortgage company won't loan for more then the appraised value, that is 100% correct. Perhaps there are some improvements you could make on your property that would increase the value? That is something to consider.
  • January 13 2014
  • 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 aracz
Hi,

Perhaps you would want to get an appraisal up front, just as a benchmark to see where that comes out. The buyer will of course have their own appraisal, but at least you know if you may have a chance.

All the best,

Arpad
  • October 02 2013
  • 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 CallTheSisters
Geez this is an old post from June. Why to people post responses on outdated threads?
  • October 02 2013
  • 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.

You may absolutely list your home for more. I give my clients an estimate of market value and tell them that I know I can sell for that amount. However I always let them know that if they want to try selling it for more we can do so but that is may be a challenge! I would suggest speaking with another realtors if that one did not explain to you that you could list for more. I would also get a second opinion on price value regardless!

  • October 02 2013
  • 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.

Thank you for your question.

Your broker knows your market and is quoting you the correct list price.
The issue you will have in listing your home at a higher price is that you will probably not have any showings and that would be unfortunate and very frustrating for you.  If you did get a buyer to purchase at the higher list price and the appraisal on your home came in lower you are back to starting over again.   Hope this answer helps.
  • June 14 2013
  • 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 wetdawgs
You can list for any price you wish, but most likely buyers won't be interested if you are pricing higher than the broker's ball park evaluation.   The broker is correct, a lender will not loan for more than the appraisal.

Zillow gives a value range for the Zestimate that covers 70% probability of home selling within the range.   Don't get stuck on the one number called the Zestimate, that is only one tiny part of the numbers Zillow provides (and they have never seen your home and New Mexico is a non-disclosure state so accuracy is lower than in disclosure states). 

If you are going to have to sell at $20 k less than you think you need, then you'll need to identify plan B.  

* Get CMAs from two or three agents who come to your house.  Don't automatically fall in love with the highest number, but put on your critical analysis hat and evaluate why the agent identified the number or range they offer.  Do you agree with their logic (even if you hate the number)?

*  If you sell for $145k, will you cover your mortgage and selling fees?   If so, that's great.  If not, figure out how to get a loan to cover the difference (as you've not mentioned that you are qualified for a short sale).

*   Start saving like crazy for a down payment for your new home.   While it is a bummer you don't have enough equity in the current home for a down payment, you aren't alone.

Good luck!




  • June 10 2013
  • 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.