dberg52, Home Buyer in Chicago, IL

How cocky is it that Freddie Mac and listing agent (su familia) think 10818 albany is worth 20,000 more than appraised broken windows no kitchen?

Asked by dberg52, Chicago, IL Sat Feb 2, 2013

Help the community by answering this question:


Hi dberg52, you may be able to make an offer with a contingency of appraisal.
0 votes Thank Flag Link Wed Feb 6, 2013

That might be the asking price. But you can offer less, if you think you can justify it. Call or email me if you would like to make an offer.

Best regards,

Ivan Sagel
0 votes Thank Flag Link Wed Feb 6, 2013
I think calling Freddie Mac cocky is giving them too much credit. Freddie Mac may sound like some tough SouthSide goon but if I told you his name was the Federal Home Loan Mortgage Corporation, 'cocky' might not be the word to come to mind. "Inept", "bureaucratic', 'lazy'. 'overworked' and 'naive' might help your cause more.
0 votes Thank Flag Link Tue Feb 5, 2013
Success always has the last word.
For what price did it or will i sell?
As others have stated, "Time will tell."
Meanwhile, you are still looking to buy a home. Time may also reveal a new strategy may be needed to achieve your purchase goals.

Best of success
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
0 votes Thank Flag Link Sun Feb 3, 2013
email me at jmichaels@remax.net and we can submit the offer you are most comfortable with
0 votes Thank Flag Link Sun Feb 3, 2013
Where's your agent in all this? Have your agent provide you a CMA report and offer what you're willing to pay based on that report.
0 votes Thank Flag Link Sat Feb 2, 2013
They will not sell their property unless there is a willing buyer. If your interested submit a price that you are willing to pay and see what happens.
Web Reference: http://www.BJDHOMES.com
0 votes Thank Flag Link Sat Feb 2, 2013

If you have an appraisal to back up your statement I would recommend you submit your offer and the supporting documents to back up your offer.

Many times it's not necessarily the listing office that puts in on market for whatever the asking price is, it could be the seller, Freddie Mac in this case..They obviously think they can get that amount possibly based on an erouneous appraisal, there are many overstated, and under, appraisals out there.

State your case if that doesn't work move on.

Good luck!
0 votes Thank Flag Link Sat Feb 2, 2013
Many times when a value is determined for a property prior to Listing it, Freddie Mac obtains two values one form the listing agent and one from another Real Estate firm which is called a BPO, if they are within 25% of each other, then Freddie Mac will in most cases use a value somewhere in between. However, if they are more than 25% off, then they go to an auto valuation model like Zillow which is UNABLE to account for windows, kitchen, etc. So, if you have a house with many issue worth 50k, but the valuation model says homes are worth 90-130k, then they will start out high for the first 30 days, then start dropping price accordingly. Listing agent should prodive very good pictures to suport what he or she think s the public thinks the home is worth and what the real market value should be. I hope that hhelps.
0 votes Thank Flag Link Sat Feb 2, 2013
Make an offer and state your reasoning.
0 votes Thank Flag Link Sat Feb 2, 2013
You can always offer less. Only the market can determine the actual value of the property. An appraisal is just an opinion of value at a given time by an individual appraisal.
0 votes Thank Flag Link Sat Feb 2, 2013
Only time will tell. An appraisal is only one factor, and another appraiser may come to a different price point.
0 votes Thank Flag Link Sat Feb 2, 2013
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