Create an Email Alert
Alerts are a great way for you to stay up-to-date on things you care about. We will email you a list of the new items that match your criteria at a time of your choosing.
This alert is for the following:
- Topic:
- regarding bank appraisals vs. asking prices
regarding bank appraisals vs. asking prices
sponsored by
wenchypoo
Contributions: 7
View full profile
I hear banks are killing deals when the house appraises for less than the asking/selling price, which makes sense in this time of caution. But I'm finding many homes in my area that are asking as much as $80k over the Zillow comps (I know comps are local, and Zillow doesn't necessarily keep up or take every single thing into account). I spoke to my own agent about this, and she offered to verify my Zillow comps--she told me they were within a $5k ballpark.
If this is true, then why aren't agents having a heart-to-heart with their clients about how much their houses are REALLY worth according to comps, to form a realistic asking price, instead of pulling numbers out of the air and sitting on the MLS for a year, waiting and hoping someone stupid and rich comes along with about $80k to lose? Is it because final selling price determines commissions (of which they always want more), or is it because the banks can make more money by over-financing?
Isn't the object of selling to price the house right for a quick sale? If this is the case, then why are so many homes destined to linger on the MLS simply because agents don't have the guts to tell homeowners what they least want to hear?
At this point, I thank god for Zillow's comps--at least now I know I can suss out the REAL market value of a home and better formulate a bid that the banks aren't likely to turn down!
If you find this content is in violation of our Good Neighbor Policy, please let us know and we will review it.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.