Home Buying in Passaic>Question Details

Tamara Cane, Home Buyer in Astoria, NY

CMA report over asking price? Should I be concerned?

Asked by Tamara Cane, Astoria, NY Tue Mar 5, 2013

I'm looking to purchase and asked for a CMA. My realtor said when she pulled the report it pulled up places in Clifton (although my apt is in Passaic) that "were similar to my property details". All of the homes are well above the asking price of the home I want. Can someone advise me what to do? Am I wrong to feel this isn't right... somehow trying to avoid giving me proof to get lower than the asking price?

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Under no circumstances would I consider providing comps from another town. For the CMA to be of any use at all the comps have to be from the same town (even the same neighborhood). the same style of property and things like the same number of bedroom etc
Really if it were me I would consider why I was using this person and find someone who is competent
0 votes Thank Flag Link Wed Mar 6, 2013
Clifton is generally higher priced. If this is your realtor and not a realtor for the seller as well, not sure why she would not tel you the truth. Generally we do not look at Clifton if we do a CMA in Passaic unless there is no similar comp. But I doubt that is the case.

Also if you are getting a loan there is no way the appraisal will come in too high. Today the appraisser always error on the low side. Feel free to contact me. My primary area is Passaic and Clifton. I have many listings in Passaic.

I know Passaic is very difficult to do CMA because of the lack of activity.
I had the same house appraised twice. 1st time $135k 2nd time $170k usnig the same available comparables.
0 votes Thank Flag Link Tue Mar 5, 2013
The ideal comparison is like properties within the same area. If she pulled outside of the area you should ask her to explain. Perhaps there are not any recent comparable sales.

You hired her to be your advisor either you are going to trust her to help you make an informed decision or not. If you don't trust her to give you the CMA then how can you trust to the end of the transaction?
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Tue Mar 5, 2013
The correct value approach is to provide comparable sales within the same subdivision, at least one if available in the past 12 months.
0 votes Thank Flag Link Tue Mar 5, 2013
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