Zillow Advice: Buying Process - Is it really that hard to buy a property at market value or maybe I'm doing something wrong? http://www.zillow.com/advice-thread/Is-it-really-that-hard-to-buy-a-property-at-market-value-or-maybe-I%27m-doing-something-wrong/514941/ Zillow Advice | Zillow Real Estate Jorgeito Listing agent said ... http://www.zillow.com/advice-thread/Is-it-really-that-hard-to-buy-a-property-at-market-value-or-maybe-I%27m-doing-something-wrong/514941/ Jorgeito<br/> <em><strong>Listing agent said if they don't get a good offer property will go on short-sale.</strong></em><br/>You gave two examples of sellers wanting the appraisal contingency removed.&nbsp; The second one - the reasoning was clear based on your statement above.&nbsp; The seller is underwater!<br/><br/>To avoid the same situation - research the mortgage currently on the property before you make the next offer.&nbsp; see if the seller is in an equity position, break even or underwater.<br/><br/> Sun, 13 Oct 2013 10:34:00 GMT http://www.zillow.com/advice-thread/Is-it-really-that-hard-to-buy-a-property-at-market-value-or-maybe-I%27m-doing-something-wrong/514941/ 2013-10-13T10:34:00Z I would keep an eye on that ... http://www.zillow.com/advice-thread/Is-it-really-that-hard-to-buy-a-property-at-market-value-or-maybe-I%27m-doing-something-wrong/514941/ I would keep an eye on that second property, if it goes to a short sale, you maybe able to get it cheaper. But as of now that market is tight, and yes, sometimes it will take more than over assessed value or perceived value, but then again, if you really want it, the value goes up slightly. Sat, 12 Oct 2013 00:08:00 GMT http://www.zillow.com/advice-thread/Is-it-really-that-hard-to-buy-a-property-at-market-value-or-maybe-I%27m-doing-something-wrong/514941/ 2013-10-12T00:08:00Z The definition of "market ... http://www.zillow.com/advice-thread/Is-it-really-that-hard-to-buy-a-property-at-market-value-or-maybe-I%27m-doing-something-wrong/514941/ The definition of "market value" is what a willing buyer and willing seller agree upon.<br/><br/>An appraiser's opinion of value isn't necessarily "market value," it is, however, the opinion of value that the lender is going to consider that their collateral is worth.<br/><br/>Basically, my advice to you is to have your agent show you more research on recent sales in your price range so that you can get a better idea of what "market value" actually is. Zillow is useless in this regard.<br/><br/>All the best, Fri, 11 Oct 2013 23:51:00 GMT http://www.zillow.com/advice-thread/Is-it-really-that-hard-to-buy-a-property-at-market-value-or-maybe-I%27m-doing-something-wrong/514941/ 2013-10-11T23:51:00Z Your in an active market ... http://www.zillow.com/advice-thread/Is-it-really-that-hard-to-buy-a-property-at-market-value-or-maybe-I%27m-doing-something-wrong/514941/ Your in an active market so competition is going to be tough.&nbsp; I would never waive the appraisal contingency.&nbsp; <br/><br/>Perhaps your agent would have some luck researching when the home sold last, how much and what financing before you make an offer.&nbsp; We have public records on line so I can go there and check to see if they refinanced or are carrying any other debt as well.<br/><br/>That gives you a heads up in the case of the seller who over paid and has no place to go price wise.<br/><br/>As other posters stated don't use Zillow as the price point. Your agent should be able to help you based on local timely data. Fri, 11 Oct 2013 20:06:00 GMT http://www.zillow.com/advice-thread/Is-it-really-that-hard-to-buy-a-property-at-market-value-or-maybe-I%27m-doing-something-wrong/514941/ 2013-10-11T20:06:00Z In a seller's market sellers ... http://www.zillow.com/advice-thread/Is-it-really-that-hard-to-buy-a-property-at-market-value-or-maybe-I%27m-doing-something-wrong/514941/ In a seller's market sellers can ask and often get whatever they ask for a property. There is very little inventory available.&nbsp; They know that they are asking for big bucks and they know the (bank's) appraiser is not going to appraise the property at the inflated price.&nbsp; Thats why they want you to remove the accraisal contingency. <br/><br/>The end result is that if you don't meet their requirements they know that there will be someone else tomorrow that will. What they really like is to have two or more buyers bidding for their property, raising the price.<br/>You have to decide if you like a particular property enough to pay the inflated price--IF you have the bucks to pay the difference between the asking price and the appraisal price.&nbsp; <br/><br/>If you do decide to do that you should remember that prices are going back up fast and you should be able to make up the shortfall in value in short order.&nbsp; If you decide not to play the game you might have to look elsewhere or just rent for a few more years.&nbsp; However, it does not look like prices are going to come down in the next several years.<br/><br/>Good luck. Fri, 11 Oct 2013 19:46:00 GMT http://www.zillow.com/advice-thread/Is-it-really-that-hard-to-buy-a-property-at-market-value-or-maybe-I%27m-doing-something-wrong/514941/ 2013-10-11T19:46:00Z I am so sorry to hear of ... http://www.zillow.com/advice-thread/Is-it-really-that-hard-to-buy-a-property-at-market-value-or-maybe-I%27m-doing-something-wrong/514941/ I am so sorry to hear of the trouble you are having.&nbsp; Every market is different but I do know that in CA there are more cash buyers, and so perhaps these sellers are thinking a cash buyer will give them their price.&nbsp; I think, however they will find that if someone has cash they are not going to overpay.&nbsp; So hang in there.. Sounds like you have a good agent... the right house will come to you!&nbsp; <br/><br/>Warmly,<br/>Janice Fri, 11 Oct 2013 18:15:00 GMT http://www.zillow.com/advice-thread/Is-it-really-that-hard-to-buy-a-property-at-market-value-or-maybe-I%27m-doing-something-wrong/514941/ 2013-10-11T18:15:00Z I'm not assuming zestimate ... http://www.zillow.com/advice-thread/Is-it-really-that-hard-to-buy-a-property-at-market-value-or-maybe-I%27m-doing-something-wrong/514941/ I'm not assuming zestimate is correct... but only reason I see a seller refusing an offer with appraisal contingency is because they know they are significantly overpriced <br/><br/>I would like advice from people that have bought recently in the LA area ... did you pay above market value... how much more?<br/><br/>I find it really difficult to believe that that there are no properties selling at market value when I saw the comparable sales in my apraissal report, and also how is the people with 5% and 10% down payments doing it? If that were true, those people would never be able to buy Fri, 11 Oct 2013 17:40:00 GMT http://www.zillow.com/advice-thread/Is-it-really-that-hard-to-buy-a-property-at-market-value-or-maybe-I%27m-doing-something-wrong/514941/ 2013-10-11T17:40:00Z First of all do not assume ... http://www.zillow.com/advice-thread/Is-it-really-that-hard-to-buy-a-property-at-market-value-or-maybe-I%27m-doing-something-wrong/514941/ First of all do not assume the zestimate is correct, it won't be - how could it be? Properties are all unique in some ways and a computer algorithm can't be accurate very often, if ever. Fri, 11 Oct 2013 17:23:00 GMT http://www.zillow.com/advice-thread/Is-it-really-that-hard-to-buy-a-property-at-market-value-or-maybe-I%27m-doing-something-wrong/514941/ 2013-10-11T17:23:00Z Yes, at the moment it is ... http://www.zillow.com/advice-thread/Is-it-really-that-hard-to-buy-a-property-at-market-value-or-maybe-I%27m-doing-something-wrong/514941/ Yes, at the moment it is very hard in your area to buy a house at initial listing price.&nbsp;&nbsp;&nbsp;&nbsp; Many are buying above appraised value (don't use the Zestimate to determine "appraised value" as Zillow does not offer appraisals).<br/><br/> Fri, 11 Oct 2013 17:15:00 GMT http://www.zillow.com/advice-thread/Is-it-really-that-hard-to-buy-a-property-at-market-value-or-maybe-I%27m-doing-something-wrong/514941/ 2013-10-11T17:15:00Z