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how do i know if the price offered by the seller/owner is the right price for the house?

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September 30 2012 - Juneau
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Answers (4)

From a lenders stand point an appraisal will be done to make sure the price is right. If the appraisal doesn't come in at the purchase price you would have to renegotiate with the seller. I think you should work with an agent who does a BMA like Brian does. 
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October 01 2012
Thanks for posting your question on Zillow.com!

I do a "BMA" (buyer market analysis which is exactly what a listing agent SHOULD have done for the seller to arrive at that price.

Contact a local, full time, professional Realtor for help.  If you need a referral, feel free to contact me & I can help.

Best of luck.
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October 01 2012
Generally most agents talk to the seller about local comparables. (Listings that just sold in a six to 18 month span near the sellers own home).
As it has been said if the home doesn't appraise for the list price it can be renegotiated if it's in the agreement of sale.
A lot of homeowners can be encouraged to have their home appraised before listing it.  Some agents will even split the cost of this idea at closing.
It's wise most especially if the home is an estate or for peace of mind.


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October 01 2012
You have to study recent similar sales of homes that are nearby. A buyer's agent can assist you with this, especially if the seller is using an agent themselves or offering a commission to a buyer's agent. 

You can and should also include an appraisal clause in any offers you make on a home, so that you are released from the contract or able to renegotiate if the house doesn't appraise as high as the sale price. But a good agent can help you quite a bit with all of this.
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October 01 2012
 
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how do i know if the price offered by the seller/owner is the right price for the house?
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