Home Buying in 11790>Question Details

joe, Home Seller in New York, NY

I had an ``independent appraisal'' thrown in my face by a realtor of a property that any lay person could see

Asked by joe, New York, NY Fri Jul 11, 2008

was not worth $580,000. The realtor held fast and the property sold for...$499,000. Let's get realistic folks!

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Phil Svendsen’s answer
Both ladies who answered this question before me are right on track; in so many words use comps wisely and do the comp analysis by the book. In any pricing situation you have to think for yourself and use every tool you can find that makes sense. Usually, if you do the right thing the price will come to you.
0 votes Thank Flag Link Fri Jul 11, 2008
Use only agents (particularly in New York) who are seasoned in buyer agency. If they're not, it doesn't matter to them WHAT figures are provided, because while they owe you "fairness", in the final analysis they are working directly for the seller. At least with a NYDOS disclosure that requires fiduciary to you as a buyer (you don't need a contract- simply make certain that the box is checked. If they don't offer a disclosure right up front, move along), more care will be taken to offer relevant information to you. Good luck- it's a jungle out there right now!
Web Reference: http://optionsrealty.com
0 votes Thank Flag Link Fri Jul 11, 2008
Right on, Susan! And make sure those recent sales are not older than 3 months, same zip code, same school district and preferably within the same neighborhood, under 1/2 mile.

Unfortunately, not every Realtor does the right thing; please don't hold it against the rest of us who are doing the right thing!
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Fri Jul 11, 2008
That's what pulling comparables is all about. If you are buying OR selling, ask your Realtor to "pull the comps" for recently sold properties, as well as those still on the market. It will give you a more accurate picture of what's happening. "Comps" should be near the property you are considering, and similar in size and features. If you are making an offer, use the comps to decide what is reasonable, and don't be swayed by the asking price!
0 votes Thank Flag Link Fri Jul 11, 2008
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