can you ask for more on your house than what it is worth when trying to sell?

i would like to sell but upside down around 9 thousand. would i still be able to get out of the house by asking for the nine in the selling price? 
  • March 21 2012 - Bakersfield
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Answers (12)

Profile picture for Appraisal guy
CulvercityRealtor, that's not always true. I've seen some Realtors that will work together to close the deal and some Realtors that make sure their client gets the best deal, so it just depends on the Realtor.
  • March 23 2012
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Profile picture for Westside Realtor

Dear Charsando,

You can list your home for more then it's worth..but will you be able to sell it for that price...? Probably not.
Home buyers are not that different from you or I, they will look for the best house...at the best price and they will have a professional Buyer Agent at their side making sure they don't overpay one penny.

  • March 23 2012
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I would bet if you have a nice home and you explain the price you might be able to.  Keep in mind there are selling fees closing costs, property taxes etc.
  • March 23 2012
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Profile picture for Appraisal guy

Market your home to see what you can sell it for.  Appraisers will look at sales, listings and pending sales and put most emphases on closed sales. These sales are usually three to six months old.  Markets change everyday in every season and what was worth 200,000 last year is with $210,000 this year or visa-versa. And, oh yes, most appraisals vary by 5% from one appraisal to the next ALL DAY LONG.

  • March 22 2012
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Only if it is a cash buyer who really wants your home and is willing to pay more than market value. 
  • March 22 2012
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Profile picture for sunnyview
It's your house, so you can set the price. The hangup may come if the buyer needs an appraisal for getting a mortgage.

If the agreed price is higher than the appraisal the lender will not write the loan so you either have to let that buyer walk, lower the price or bring money to the table to pay off the old loan so you can close. You need to talk to a local agent about your current market value to see where you stand.
  • March 22 2012
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There are some good responses on here. You can sell it for whatever someone is willing to pay for it especially if they are willing to pay cash. Realistically though you are only going to get what someone else thinks it is worth and maybe less than that which would be what other similar homes in your area are selling for.
  • March 22 2012
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Profile picture for the_country_hick
When you looked at being upside down by $9,000 did you include realtor fees and selling costs in that amount? If not you are more upside down than you realize.
  • March 22 2012
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Profile picture for hpvanc
You can ask, but it is extremely unlikely that you would be able to sell it.  You are looking for an uninformed cash buyer, these tend to be limited to those that have had a sudden windfall, like a recent lottery winner, someone who came into an inheritance or something similar.  Regular cash buyers tend to be more hard nosed on price than the typical consumer that will be getting a loan.
  • March 21 2012
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Sure you can,But the truth is it doesn't really matter how much money you think your home is worth. The person whose opinion matters is the buyer who makes an offer. Pricing homes is part art and part science. Before pricing your home please see this video about Dangers of Overpricing Your Home: [website removed by Zillow moderator]
  • March 21 2012
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Absolutely!  You can ask whatever you want for your home and even if you get then you still have to worry about the apprasial issue..  No matter what your home has to appraise in order for the buyer to get the loan.  
  • March 21 2012
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Profile picture for wetdawgs
You can ask whatever you want, even $100,000,000 - but a lender will not be willing to provide a loan for a property being purchased at higher than appraised value unless the buyer makes up the difference in cash.   Few buyers are willing to do so.  Most buyers have financing contingencies written into their purchase offer.

In addition, if your asking price is too high you are likely to get few potential buyers coming by for a look.  

You got a lot of excellent answers when you asked a similar question in early February.  here's a link to the thread.

good luck with your sale.
  • March 21 2012
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