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Bert Pope's Advice

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  • 82 Contributions
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  • 17 Helpful

Bert Pope wrote:

I find as a real estate agent, that the Zillow estimates are completely wrong, useless & harmful.

Answer
Zillow comprises it's data from your local property appraisers information. The values are based upon size, location and recent sales. These are the fundamental tools used in valuing real estate. This can give a fairly close valuation of homes in a consolidated neighborhood that was all developed within a 10 year period.When it comes to older neighborhoods or locations that change from block to block, these valuations get distorted. There is a lack of understanding through the zillow valuation which homes have been remodeled or are in need of much repair.Just use it for what it is, it is a tool. Zillow does not in any way determine a homes absolute value. There is not an appraiser in the world that uses zillow to verify any data. 
April 06 2012
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Zillow estimate way under appraised vallue. Why?

Answer
Zillow comprises it's data from your local property appraisers information. The values are based upon size, location and recent sales. These are the fundamental tools used in valuing real estate. This can give a fairly close valuation of homes in a consolidated neighborhood that was all developed within a 10 year period.When it comes to older neighborhoods or locations that change from block to block, these valuations get distorted. There is a lack of understanding through the zillow valuation which homes have been remodeled or are in need of much repair.Just use it for what it is, it is a tool. Zillow does not in any way determine your homes absolute value. There is not an appraiser in the world that uses zillow to verify any data. Compare yourself, the homes near you that have sold in recent months, that more closely reflect what your home has and value them according to relative size.Good Luck and Happy Easter.
April 06 2012
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Home sale contigency??

Answer
If the folks that had the 72hour first right, did not already have a plan"B". Then I give you a 99% chance of getting it.Ask your agent to ask the listing agent if they are working on their option or not.
March 13 2012
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make me move?

Answer
Not that I am a big fan of that marketing style.But, I guess it did what it was intended to do. Get you to notice and remember it.
March 13 2012
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We are interested a short sale home that is asking $900,000, how low can I go?

Answer
The lenders in a short sale need to verify that they took fair market value +/-, when they are audited by the feds. When your offer is made the bank will have a new BPO done to verify value. The fact that there are no comps in the area may work on your behalf. I have not had good sucess with banks understanding the valuation of work needing to be done to a property and discounting it like anyone else.I suggest getting the costs associated with bringing the property up to current maket standards and share this information with your offer.Also make sure that the listing realtor shares the information with the person doing the BPO too.Price is determined by what someone is willing to pay.
March 13 2012
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House for sale, but we are still renting?!

Answer
It is fine, the lease says with the property.It just stinks that you have to be inconvenienced by showings.keep paying rent, dont try negotiating using your rent as a carrot.It will only end up hurting you in the long run with late payments, etc.Now, when the lease is up, that is when you negotiate.Try going month to month at 1/2 rent, because he's keeping that money for himself, but he still owns the property.You will have plenty of notice if the bank starts to step in and take the property because they will have inspectors who will come by and determine if the property is being occupied. They will put notices up and then you may start a dialog directly with them. The banks really like a place to be occupied until they are ready to take possession.
February 01 2012
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To Trade Up or Not to Trade Up?!

Answer
The 600-800 is still a tough market in most cities.Try something I've had success in, literally trading your home.Here is how it works: I buy yours, you buy mine.There are many folks that need to down size thier position for many reasons. Going from a 600-800k home down to a 350k home would work nicely for many needy sellers. Just look at what you like and see if that is an option.Most times you are able to squeeze out more equity.
February 01 2012
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Is it better to buy a house I love or one that I know has better equity potential?

Answer
Absolutely, buy the home you love.Chances are that many places may look good on paper, great buys, tons of up side. In residential real estate, the shiniest apple gets eaten first, usually.Watch out for the lowest hanging fruit....
February 01 2012
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Why do I need a realtor?

Answer
I wonder if it is the cost you believe you are paying or the lack of control of the process.There is no question that you need help in one of the largest transactions a person does in thier life time. It is said that a person who represents themselves in court has a fool as a client. Purchasing a home looks simple, people talk about real estate like the weather, but every realtor knows a poor individual that made a mistake purchasing on thier own.Do me a favor and watch "The money Pit" with Tom Hanks.Real estate is done differently all over the world. But in the United States, we have a system that not only protects buyers and sellers, it has the highest volume of real estate sales in the world.Find a realtor that you feel confident brings something to the table for you and ask them to work the deal with you.
January 31 2012
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Is my offer to low?

Answer
New homes are a little different than resale homes. If the builder takes a low offer, that sale results in the appraisal value of future homes they build of the same style/size to be lowered.They need those values to remain high for lenders to lend based on the past sales.If it is a "close out" and the builder is not building in that neighborhood anymore, then it doesnt matter as much.Ask the seller/builder, what is more important; sales price or upgrades and closing costs.Also, reseach them to see if there are any judgements out there against them, try and find out what the builders financial situation is.**if window treatments are not there already, they are not cheap.
January 23 2012
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