Zillow Advice: Home Buying - Would you advise an offer like this?? http://www.zillow.com/advice-thread/Would-you-advise-an-offer-like-this/378489/ Zillow Advice | Zillow Real Estate Dear Ephgrave,&nbsp;&nbsp;&nbsp; ... http://www.zillow.com/advice-thread/Would-you-advise-an-offer-like-this/378489/ Dear Ephgrave,<br/>&nbsp;&nbsp;&nbsp; In this age of information gathering, you likely brought the property in which you are interested to the fore and have piqued the curiousity of other potential buyers. (You've done the Seller a favor! ) The nature of your question tells me you could really benefit from client-centered representation, where your Realtor has a fiduciary duty to you and your conversations with him/her are confidential.&nbsp; <br/>All the best,<br/>Margaret Shea, William Raveis RE Tue, 18 Jan 2011 16:20:00 GMT http://www.zillow.com/advice-thread/Would-you-advise-an-offer-like-this/378489/ 2011-01-18T16:20:00Z I'm sorry. Why can't you ... http://www.zillow.com/advice-thread/Would-you-advise-an-offer-like-this/378489/ I'm sorry. Why can't you all leave it at "we do this for a living, so we just have more experience and have more exposure to what-could-go-wrong"? Instead, you all have to roll out the tired "we're pros, specialists, you're not" lines.<br/><br/><em><strong>"Most information is public however, if you watch some of the questions on this site, you can see that much of the public&nbsp;information is often incorrect, misleading and/or inappropriate."</strong></em><br/><br/>Correct, not all public info is correct. However, it is not that hard to research most of the information. Also, what good is it when most every REA has a "buyer needs to verify info, broker/REA not liable" clause"?<br/><br/><em><strong>"If you don't have a REALTOR you are off on your price by at least 6% just for a starter in most cases."</strong></em><br/><br/>Based on what? Elimination of the commission? The buy-side of the commission? Lack of access to "recent sold" comps? Inability to do some common-sense comparisons and price estimations? Where does your number come from? My own personal estimates-of-value have been right in the ballpark, and sometimes less biased, than those provided by local REAs.<br/><br/><em><strong>"Unless you are "in the business" you do not negotiate in a local market on a regular basis.&nbsp; Therefore you are ill equipped to deal with a REALTOR on the other side of the deal."</strong></em><br/><br/>Probably the most compelling of your arguments. Are you saying that non-REAs will be negotiated with in bad faith by local REAs? That the famous NAR ethics do not apply to non-represented consumers? Does this same lack of reciprocity in negotiations apply to non-local REAs?<br/><br/><em><strong>"All comparable properties are subject to interpretation.&nbsp; Do you know what constitutes a "Comparable Property"?"<br/></strong></em><br/>There has already been a general consensus that a CMA is only as good as the REA. Sucky REA, sucky CMA. What prevents a reasonably intelligent and conscientious consumer from developing reasonable estimates-of-value, or selecting reasonable comparables?<br/><br/><em><strong>"As with another profession the doctor who treats himself is a fool."<br/></strong></em><br/>I believe the misplaced comparison you are searching for is "an attorney who represents himself has a fool for a client". Either case, enough with the REA/Doctor REA/Lawyer comparisons. Your profession does not come anywhere near the level of rigor/impact of these, though the damage done by an inexperienced, ill-informed, or ego-centric REA can oftem be just as devastating.<br/><br/>Do REAs provide a service? Yes. Is it uniformly&nbsp;valuable for all consumers, or provided&nbsp;at a consistent level&nbsp;by all REAs? No. Is it worth the traditional commissions? Probably not, but maybe. Mon, 17 Jan 2011 02:10:00 GMT http://www.zillow.com/advice-thread/Would-you-advise-an-offer-like-this/378489/ 2011-01-17T02:10:00Z Victiem has a poor understanding ... http://www.zillow.com/advice-thread/Would-you-advise-an-offer-like-this/378489/ Victiem has a poor understanding of the reasons for using a REALTOR.&nbsp; Here are just a few with his/her comments in mind:<br/>1. Most information is public however, if you watch some of the questions on this site, you can see that much of the public&nbsp;information is often incorrect, misleading and/or inappropriate.<br/>2. If you don't have a REALTOR you are off on your price by at least 6% just for a starter in most cases.<br/>3.&nbsp;Unless you are "in the business" you do not negotiate in a local market on a regular basis.&nbsp; Therefore you are ill equipped to deal with a REALTOR on the other side of the deal.<br/>4. All comparable properties are subject to interpretation.&nbsp; Do you know what constitutes a "Comparable Property"?<br/>5. As with another profession the doctor who treats himself is a fool.<br/><br/>Note: 1.&nbsp;If your opinion is correct, why do attorneys and even other REALTORS seek me out for advice? 2. Can you do the "Math'?&nbsp; 3. Do you know what the "Math" is? Mon, 17 Jan 2011 01:41:00 GMT http://www.zillow.com/advice-thread/Would-you-advise-an-offer-like-this/378489/ 2011-01-17T01:41:00Z Hi There Ephgrave,As a Broker, ... http://www.zillow.com/advice-thread/Would-you-advise-an-offer-like-this/378489/ Hi There Ephgrave,<br/>As a Broker, I typically don't give a great amount of weight to "Asking Price" and I'll tell you why.<br/><br/>I have gone on listing appointments, and the home may only be worth $100,000 on a good day.&nbsp; I have to know these things, because once I do sell it, it will have to appraise or the bank will not make the loan.&nbsp; So it makes no sense to try and overcharge.<br/><br/>The sellers may think&nbsp; that they have the best thing since sliced bread, and that it is worth every penny of $135,000.&nbsp; Never mond that the exact home, just two streets over with all new paint, carpet and appliances just sold for $99,750.&nbsp; And two more just like it for that same range.&nbsp; <br/><br/>So even offering them 85% of their $135,000 would still put you at $114,750.&nbsp; Or $14,000 MORE than the last 3 sales.<br/><br/>If the home is listed with a broker for sale, the Listing Broker will split the commission with the Buyer's Agent OR keep it entirely to themselves if you don't have an agent.<br/><br/>So, you get an agent for no additional cost AND they will the tools and knowledge to save you the $14,000 in the example above, OR go at it alone and hope for the best.<br/><br/>I hope this has helped clear things up a bit.<br/><br/>Good Luck with the purchase!&nbsp; Sun, 16 Jan 2011 23:48:00 GMT http://www.zillow.com/advice-thread/Would-you-advise-an-offer-like-this/378489/ 2011-01-16T23:48:00Z Hello ephhrave,Don't ever ... http://www.zillow.com/advice-thread/Would-you-advise-an-offer-like-this/378489/ Hello ephhrave,<br/><br/>Don't ever hire a realtor. Their time has gone. Nobody needs a realtor when you have eyes and resources available to figure out. I am telling from experience. I hired a realtor and he tried to over sell me playing with the listing agent. I backed out.&nbsp;Remember, the more money you pay for the house the higher the commission he gets out of the deal, so there is no point in saying that you get service and honest advice from them.&nbsp;A real estate agent&nbsp;has no more information than what you can get your own. Believe me, telling you from experience. Period.<br/><br/>What size of house is it? Year built. Condition. Sqft, Number of bed and bath, garage, Lot size. location . Tell me these I will help you figure out a best price. Fri, 14 Jan 2011 20:30:00 GMT http://www.zillow.com/advice-thread/Would-you-advise-an-offer-like-this/378489/ 2011-01-14T20:30:00Z I agree with Jack.&nbsp; ... http://www.zillow.com/advice-thread/Would-you-advise-an-offer-like-this/378489/ I agree with Jack.&nbsp; No person can determine a home's worth.&nbsp; It is simply a question of what the market will bare.&nbsp; A professional is the best way to go.&nbsp; Mon, 03 Jan 2011 16:28:00 GMT http://www.zillow.com/advice-thread/Would-you-advise-an-offer-like-this/378489/ 2011-01-03T16:28:00Z ephgrave,&nbsp; Thank you ... http://www.zillow.com/advice-thread/Would-you-advise-an-offer-like-this/378489/ ephgrave,&nbsp; Thank you for identifying EXACTLY why ZIllow is a fantasy for most buyers.<br/><br/>Your percentages, while a common missconception, have nothing to do with value or trying to figure out what to offer.<br/><br/>PLEASE, PLEASE, PLEASE find a competient REALTOR and ask them to do a CMA for you.&nbsp;This will idientify the real market value and give you a good idea what to offer.&nbsp; ASKING PRICE GIVES NO DOCUMENTABLE IDEA AS TO VALUE!<br/><br/>And, just as an added value, in most cases the fees of YOUR BUYER"S AGENT are paid by the listing broker or the Seller.&nbsp; Sooooooo.... you get this service at no direcet cost to you.<br/><br/>What could be a better plan?<br/><br/>Good Luck! Mon, 03 Jan 2011 16:21:00 GMT http://www.zillow.com/advice-thread/Would-you-advise-an-offer-like-this/378489/ 2011-01-03T16:21:00Z @ Julie, Al and Stephen...Your ... http://www.zillow.com/advice-thread/Would-you-advise-an-offer-like-this/378489/ @ Julie, Al and Stephen...<br/><br/>Your responses are exactly what should not happen to a user on Zillow's forums. Very little, or no, informational content relating to the OP's questions. Offer to help,&nbsp;contingent on a "contact me" - which defeats the purpose of allowing folks to post questions anonymously.<br/><br/>I know it sounds like splitting hairs (after all, the OP did ask, right?), but it's just that Zillow's forums are geared towards providing answers on the forums, no hooks or contact required. Mon, 27 Dec 2010 06:22:00 GMT http://www.zillow.com/advice-thread/Would-you-advise-an-offer-like-this/378489/ 2010-12-27T06:22:00Z As a local agent (Berlin ... http://www.zillow.com/advice-thread/Would-you-advise-an-offer-like-this/378489/ As a local agent (Berlin CT) and a very active&nbsp;State Certified Appraiser for a number of years I could help. I can pretty much tell you exactly what the home is worth.&nbsp;If you would like my help you could reach me at [contact info removed by moderator] Mon, 27 Dec 2010 04:19:00 GMT http://www.zillow.com/advice-thread/Would-you-advise-an-offer-like-this/378489/ 2010-12-27T04:19:00Z What is the house really ... http://www.zillow.com/advice-thread/Would-you-advise-an-offer-like-this/378489/ What is the house really worth now?<br/><br/>If you offer 15% under the new asking which is 25% over present market value you still are overpaying.<br/><br/>I would feel fine offering 15% under present market price. People doing that are helping prices to drop for everyone. Thu, 23 Dec 2010 23:26:00 GMT http://www.zillow.com/advice-thread/Would-you-advise-an-offer-like-this/378489/ 2010-12-23T23:26:00Z