Rodney Mason, NMLS #151088
Sr Loan Officer
825 Junper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Conventional | FHA | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® |
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If you have a good real estate pro on your side - it's their job to do this.
If you are buying directly from the seller - you'll be hurting their feelings no matter what you do.
This is why it's always better to work through/with a realtor.
However, you can try to use Zillow.com and other statistical data (on NAR website, f.e.)
Hope this helps,
Beachfront Realty, Inc.
Sometimes, some folks need a macro lesson, so depending on their level of ignorance and or arrogance, you present what you present - national stats, netro stats, street level stats...
Over time, their amazing grasp of the obvious should take over.
In the meantime, I wrote an article about the vision for 2012 real estate that features links to about three hours worth of free video that details the state of the North American market...
The video was shot live last month with Gary Keller - if he can't convince these folks that it ain't 2008 anymore, no one can...
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
Move on because this battle is a complete waste of time, and possibly money. Any offers involving financing should be contingent on the property appraising for the contract price. Most lenders require an upfront, non-refundable fee for that appraisal to be paid by the borrower. If the value comes in lower than the contract price and the seller refuses to agree to a price adjustment, you'll have to decide whether to walk away or bring the difference plus any required down payment to settlement. If you walk, you'll do so leaving anywhere from $350 to $500 in appraisal fees invested in a property that you will not own.
An FHA appraisal also has serious implications for the property too. Any borrower that comes along over the next 90 days seeking to buy that property using an FHA mortgage, the most widely used mortgage product today, will be obligated to use the valuation from that FHA appraisal.
No one wins with these types of games. Again, just move on to one of the other properly priced properties.
OUR area, and yours in the Roswell area has not been hurt as much, and we are seeing an increase in activity from both sellers and buyers alike. We have not seen prices starting to increase, but that should follow if the trend continues. When in doubt, comparables are the best way to get it across to the sellers. Let me know if I can help.
Second is to offer a list of homes that sold in 2008 compared to a list of homes sold in 2011. You could also find statistics such as those offered by the National Association of Realtors that show prices throughout the country have declined, and if you can show a decline in your city, all the better. An agent can help you get this information.
Best of luck!
My job when representing a Buyer client, is to let them know about market realites, (and the market is stellar for buyers and investors and about as good as its going to get) and then when we submit an offer, if the price is from "dreamland" to include irrefutable data that supports our offer - data so strong that it compels the sellers agent to take it back and sell it to their seller.
That is where Rick is correct, you need a great (not just any) buyers agent - this takes experience you don't have and access to correct data sources you can't get.
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You, as a buyer, won't be able to. Their Realtor should have done a Comparative Market Analysis (CMA) for them before listing the property for sale. Their Realtor should have used Sold comps within a 1 mile radius of the property (the closer, the better) that had sold within the last 3 months. As a buyer, IF you put an offer on the property and are financing (not paying all cash), your lender will order an appraisal to be done and this will let the seller know what the appraised value of the home is (most likely not the 2008 value). At this point, you can negotiate with the seller or cancel contract (assuming, of course, that you have NOT removed your appraisal contingency in writing yet). Some sellers are in denial and won't budge on price, If that happens, move on and find a home that is realistically priced.
Buckhead Home Realty