Home Buying in West End>Question Details

Oftrue, Home Buyer in College Park, GA

Can I use the sale prices on Trulia for the house that I'm under contract on at West end place, and for what my appraisal might value the home as ?

Asked by Oftrue, College Park, GA Thu May 9, 2013

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Answers

10
Thanks everyone the VA appraisal came in at $166,000. A thousand over the purchase contract price. Yay!
0 votes Thank Flag Link Tue May 14, 2013
Trulia simply averages information based on publicly available data. That data is limited to things like the number of bedrooms & bathrooms, square footage and is only as current as the most recent sale reported in courthouse records. If your home is exactly average for the location, as decided by Trulia, and the market is not changing, then you might get close.

Want to do better, ask a Realtor who knows your market. Want the best answer, wait for the appraisal to come in.

Best,

Dave Herren
Best Atlanta Properties
404-425-4945
0 votes Thank Flag Link Mon May 13, 2013
Thanks Oftrue - I will reverse all questions below to you as the Buyer!

Hope you didn't overpay - the appraiser will let you know that - but only if your offer is way too high - while it is not as bad as it used to be, they still generally try to find a way to support the agreed upon price and make the deal work.

Good Luck.
0 votes Thank Flag Link Fri May 10, 2013
I'm the buyer not the the seller. Thanks everyone, I will just wait for the appraisal report to in.
0 votes Thank Flag Link Fri May 10, 2013
Oftrue,

No!

You accepted an offer on your home and weren't sure of market value - do you have an agent or are you selling by owner?

All the answers below are very good, but it is a little late to second guess the offer you accepted now.

The buyers appraiser will let everyone know if the deal will go through or not - what they won't tell you is if you left money on the table!

Good luck.
0 votes Thank Flag Link Fri May 10, 2013
As Lee suggested, if you are wanting to reach in educated assessment, you can NOT rely on ANY aggregate website. That means NOT TRULIA. Not ZILLOW! Read the fine print and discover where the data they display as 'real estate data' orginates and what has been changed, substituted, altered and suppressed.
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The value of real estate is, and always has been, determined by what a willing and able buyer and seller agree upon.
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The appriasal process referred to earlier is for the SOLE PURPOSE of reselling the mortgate. That is why each bank imposed different 'valuation' criteria on the appraiser. The banks interjected themselves as third parties to the negotiations, accountable to no one, and fully willing and able to impose FIAT appriasals. Those who are shopping that the top of their pruchase capacity will find this situation could make their purchase offer non-competitive.
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The ONLY source of timely, comprehensive, reliable, relevant real estate data is the local MLS.
Your local Realtor(r) can provide you FREE access to the MLS and assist in interpreting what the data means. Data without judgement is of little value.
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Aggregate real estate websites are for entertinament pruposes only!

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Fri May 10, 2013
Of course you can...the "prices" will help you make a substantially ill-informed guess...
Web Reference: Http://intowninsider.com
0 votes Thank Flag Link Fri May 10, 2013
An appraiser will use more than sales prices. Condition is different in West End homes and evaluating the condition, sq ft, and sale terms is needed. Trulia does not offer that data.

Bruce
0 votes Thank Flag Link Thu May 9, 2013
You will not be involved with assessing the value of the property you are under contract with. Your lender will order an appraisal to be done and the appraisor will locate the applicable sold comps necessary to create the appraised value.

Aleta C. Saunders
PalmerHouse Properties
678-849-6920
aleta.c.saunders@gmail.com
FB Page: yourmodelrealestateagent
Twitter: yourmodelagent
0 votes Thank Flag Link Thu May 9, 2013
Duh I know that, just trying to get a generally idea on what the value might come back as.
Flag Thu May 9, 2013
A sales price is just the amount a seller is asking for the property. The actual value of the home will be determined by an appraisal ordered by the buyer's lender.
0 votes Thank Flag Link Thu May 9, 2013
But the appraisal use comps, can I rely on the recently sold home that are similar for comps?
Flag Thu May 9, 2013
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