Home Buying in Jenison>Question Details

Ben, Home Buyer in 49507

I live in west Michigan and was wondering how a buyer determines what is a "fair" offer amount in this current market.

Asked by Ben, 49507 Sat Mar 26, 2011

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Answers

11
You should contact a realtor! There are many safe havens to protect you from paying too much for a home starting with a professional who can tell you almost to the dollar where a house should sell and why.

Then when you finance a house lenders require an appraisal and it's tighter now then ever. Next to no one is allowed to talk to the appraiser until it's complete, unless appraiser reaches out with question. It is expected that appraisers will be unbiased and accurate! After it leaves the appraiser it is scrutinized again by underwriters and can be rejected for more evidence of value.

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Call Sue Hayes @ 616.893.2768 or go to our website at http://www.listtrue.com
sue.hayes@listtrue.com
0 votes Thank Flag Link Wed Apr 24, 2013
I would definitely contact a local Realtor in your area. They can tell you what the market says and what market values are for any home in the area. Good luck to you!
0 votes Thank Flag Link Mon Oct 15, 2012
Step 1

Search the Internet and ask your real estate agent for information on recent -- in the past six months -- home sales in the same neighborhood as the house for sale. Similarities should include number of bedrooms and baths, square footage, amenities such as fireplace, air conditioning or pool, and condition. Do not use bank-owned or foreclosure sales, because their prices will not reflect fair values. You will develop a range of current fair market values for the home for sale.

Step 2

Consider the seller's point of view. Understanding the seller's position, helps you negotiate more effectively. Use factual information to negotiate, not the opinions of others, however well-qualified they may be. Your offer and negotiating position must be based on facts and third-party objective data, devoid of opinion, outward emotion or ego. This can be challenging, but this approach is necessary to achieve a successful negotiation.

Step 3

Be ready to submit a written offer after negotiating. If you have established a reasonable price range in your mind, have a written offer prepared to leave with the seller if your negotiation is successful. Bring it with you, with only the final price of your offer blank. You can fill in your offer amount after negotiating the deal. Have some price flexibility, just as you expect the seller to negotiate fairly. Remember to have a reasonable time limit for your offer. Two to three days should be sufficient to give the seller time to consider your offer and make a decision. Even if you and the seller agree on a price, allow some time for a formal seller acceptance.

Step 4

Include at least two conditions in your negotiations and written offer. Make your offer subject to receiving a mortgage loan approval and subject to a satisfactory home inspection. Do not confuse a home inspection with a fair market value appraisal. An appraisal analyzes recent sales to establish an opinion of fair market value. The home inspection evaluates all systems (electrical, plumbing, HVAC, roofs and basements) to arrive at an expert opinion of the home's current condition.



Torang Nazmi
☎ 972-897-5718
http://www.aatrealty.com/
0 votes Thank Flag Link Mon Oct 15, 2012
Your Realtor can provide you information on comparable homes in the area for market value. Part of the value of having an agent is that we can provide you many different forms of information to come to a fair value. Please feel free to contact me today.
0 votes Thank Flag Link Mon Oct 15, 2012
Couple quick thoughts.

1. Assessed values are not always accurate in determining value.
2. Zillow.com can be tricky when looking up homes. Zillow averages the home prices. I wouldnt trust this either.
3. Sold data is the best way to compare market value for sure.
4. Use an agent...that will work for you to gather sold data or you can use the township offices you are looking in. Using an Agent, will be able to help sort out...pros and cons and pricing for you.
5. The best part of having an agent work for you....is they work in your best interest and you do not have to pay them!! The seller pays. Maybe you know this??

Enjoy home shopping. Its the best out there right now.~~ Interest rates...Prices!!
0 votes Thank Flag Link Mon Mar 28, 2011
In response to #5, don't both the buyer's and seller's agents have a fiduciary responsibility to the seller and are indeed paid their commission from the seller's proceeds? It seems to me, the buyer and seller and are manipulated by both realtors to achieve a sale because their commissions are not paid unless a sale is completed.
Flag Sun Sep 29, 2013
Hi Ben,

Best thing is to work with a buyers agent. Until you work with one, you will be speaking to sellers agents. Have an agent explain "Agency Relationship" to you. Once you have a Buyers agent working for you they have a fiduciary to you to work in your best interest. They will be able to pull up the most recent sales comparisons. You probably won't want to look more then six months back because that is what most appraisers are using and it will have to appraise for the bank. You will also want to use comps that are similar in style and size to the property you like.
If you look yourself, try http://www.realtor.com or try my web site. You will still want an agent to work with you in writing up offers and negotiate for you.

Good luck,
Pam Bava, Realor
pambava@realteellc.com
0 votes Thank Flag Link Sun Mar 27, 2011
Hi Ben,

Best thing is to work with a buyers agent. Until you work with one, you will be speaking to sellers agents. Have an agent explain "Agency Relationship" to you. Once you have a Buyers agent working for you they have a fiduciary to you to work in your best interest. They will be able to pull up the most recent sales comparisons. You probably won't want to look more then six months back because that is what most appraisers are using and it will have to appraise for the bank. You will also want to use comps that are similar in style and size to the property you like.
If you look yourself, try http://www.realtor.com or try my web site. You will still want an agent to work with you in writing up offers and negotiate for you.

Good luck,
Pam Bava, Realor
pambava@realteellc.com
0 votes Thank Flag Link Sun Mar 27, 2011
Hi Ben,
I live and work in the Jenison area and have been helping buyers with their purchases for the last 7 years. Feel free to contact me if you would like a professional to guide you in your purchase.
Juanita
0 votes Thank Flag Link Sun Mar 27, 2011
In order to determine value, ask your agent for comps--recently sold similar properties in the immediate area, review the data and make a determination....
0 votes Thank Flag Link Sun Mar 27, 2011
Good Evening Ben:

The best advice I can give you is to have your buyers agent run comps for any home you are interested in. These show the homes in the area that have sold and are currently for sale. Which should give you a guide to what the homes are selling for. If you want to do it on your own follow Richard's advice.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Sat Mar 26, 2011
From my website, you can search for homes anywhere USA, both non-foreclosures as well as foreclosed homes in your area of interest. For the non-foreclosurers, under "my external links", click on Home and Market Trend Search link: enter search criteria (ie. city/state or zip code, number of bedrooms, bathrooms, price range, etc.); view results; then, in answer to your question, to view home list and sale prices for that area, click on the Stats & Trends tab at the top of the page. Finally, you may be interested in reading the short article titled Home Buyers Save Thounands under my website "my pages" . Happy trails to you and yours.
0 votes Thank Flag Link Sat Mar 26, 2011
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