Home Buying in 97206>Question Details

Geraldj100, Renter in

I made offer only to see Trulia has this house appraised/suggested at $35000 less than offer. What do I do?

Asked by Geraldj100, Mon Jul 23, 2012

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4
Vinh Hoang’s answer
Trulia does not appraise the property. Collectively, with public record of recorded sold properties, Trulia will come to a conclusion what it thinks the fair market value for your intended subject property will be. Sometimes that fair market value can be higher or lower depends on the comparables available within the vicinity.

If the appraisal report is required for your financing, that is the report you need to wait to make your next move. If the value comes in lower than your offering price, your real estate agent could always go back to the listing agent to ask the seller to lower his/her price. It is however, at the discretion of the seller, to make that decision. If the seller is stubborn and wants to keep his/her original accepted purchase price, It is now at your discretion to whether or not your want to move forward with the purchase.

The value of the property is different to different people. It is solely up to you to determine whether or not this property is worth at its purchased price. The true value of the property derives from what a willing seller and a willing buyer accept and escrow closes. Good luck
1 vote Thank Flag Link Mon Jul 23, 2012
If you read the bottom disclaimer of Zillow is says that home values could be off by 20% high or low which does not really help you pin point a price range. Your agent can run the numbers for you to see what has sold so you feel comfortable with your offer. Good Luck to you.
Tom Inglesby, RE/MAX Equity Group
0 votes Thank Flag Link Tue Aug 7, 2012
Gerald,
As Laura pointed out, aggregate websites are not the best places for find property values.
Please read my blog "Big Banks - to big to love," here on Trulia to get a look at how aggregate websites 'value' compare to real world values. Yes, I through Trulia and Zillow numbers into the mix.

Aggregate websites are for entertainment purposes. Soliciting advise from strangers on the internet is universally seen as a truly bad idea. Yet, when it comes to something as important as a home purchase. we somehow believe invalidated sources showing random values should be viewed differently.

Read my Trulia blog, then, at the very least, refer to the website that come closest to the real number.

Best of success to you.
Annettte Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, Fl
727. 420. 4041
Chat with me on: http://www.RealEstateMadeEZ.us
0 votes Thank Flag Link Mon Jul 23, 2012
Hello Gerald,
Trulia is not the best authority when it comes to a property's value as they are not representing homes only in your area but throughout the country. They base their home value estimates from tax and public records they obtain.

A local real estate agent in your location can give you a more accurate estimation on what the home is worth based on recently sold homes in that neighborhood. Those recent sales are the best indication of what the property may be worth. If you are financing then an appraiser from your lender will also give you a better understanding of the property's value.

Hope this is helpful and good luck on your home purchase!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Mon Jul 23, 2012
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