Pocket listing: price determined by appraisal?
RC
7 years ago
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RC
7 years agoRelated Discussions
appraiser's comps, determination?
Comments (13)We had nothing to lose (no out of pocket costs or anything) to have the bank request a review of the appraisal. We had to provide the bank with at least 3 additional comps in our neighborhood that sold in the last 6 months, ideally 3 months (I provided 5 or 6). We had to include in our letter, as completely as possible, any errors we found. Well, our appraisal evaluation came back (took about 1 month instead of the 3 days the first one took). He raised our valuation by 40,000. Which puts it to within 5000 of what I had told the bank I thought it was worth based on an appraisal from 2009. I am shocked, but very thankful. We will sign all our documents in the next week....See MoreListing Price - Appraisal versus Realtor's Recommendation
Comments (10)The market value of anything is what a buyer and seller mutually agree upon, when neither is under any particular pressure to buy or sell. An appraiser is supposed to divine what that is ahead of time by reviewing the subject property and recent sales of similar items in the current marketplace. There is no such thing as absolute value. An item can be worth no more that what someone is willing to pay for it. If there are no buyers at any price, then the item is worthless, at least in the current market. I would suggest getting an appraisal. With that in hand, list the property slightly below appraisal. Then advertise the property as for sale below current appraisal. That should draw interest. The listing price will probably be more realistic than the appraisal anyway, since it won't take into account the divorce situation. Buyers are often loathe to make an offer in if there is a divorce involved, which can depress the price below what it would be otherwise....See MoreFrom Buyer's Perspective - Pocket Listing and Comps
Comments (5)If you like it and want it, make a written offer. Share nothing with your Realtor except price you wish to offer, though looking over the comps with her is fine. Do not discuss strategy or what you would do if the offer is rejected. You will cross that bridge when you come to it. Keep all that to yourself, which one should do anyway at any time with any Realtor. The big pro is that you could be first. This could be a very good deal for you, considering the time of year, and the fact that the sellers can't really get out or do a lot of work. Has she actually got a listing yet or is this something she will do if you want to make an offer? Do you know the list price of this listing if she has it? I'd like to know that. Around here, you can't hold them off the MLS for any length of time, unless they changed that for this year (have not looked). Make an offer if you want it. The worst that can happen is that the sellers say no. But I bet they seriously consider it. Review all the comps and if you write excellent letters, write one indicating gently how you arrived at the price and that you really want the house. I did that once and got the house at over 50K less than asking. House was way overpriced and had special details that not everyone wanted....See MorePre-sale appraisal needed for sale of old house?
Comments (4)I’m not sure if things are different in Portland vs. other cities, but I’ve bought and sold several homes and always interviewed at least 3 realtors who put together a package including comps, how they would market my house and what they would price it at. They came out, toured the property and went back and did their homework. Realtors are used to this sort of interview. I made my decision based on their presentation and the combination of the above factors, not solely based on who would price it highest....See MoreRC
7 years agohomechef59
7 years agolast modified: 7 years agoUser
7 years agohomechef59
7 years agolast modified: 7 years agoUser
7 years agoDenita
7 years agohomechef59
7 years agoJane Smith
7 years agoStan B
7 years agolast modified: 7 years agoncrealestateguy
7 years agoLinda
7 years ago
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