Market comparables mean nothing says a "broker of 25 years."
O.K., so a property is priced @ $350k, the market comparables (plus off market data researched through other governentals sources outside the MLS), indicate the true market value @ $305. Offer is presented at market value since the property has not been kept up . . . 1970's kitchen, mismatched appliaces, vinyl 1970's flooring . . . bottom line, it needs works.
Listing brokers response (not the listing agent, but the broker) says market comparables mean nothing, banks will loan money over the appraised value and upcoming short sales will not affect the value of this property. Have I been living on another planet and didn't know it? Or can anyone provide some insight as to where this RE Guru is coming from.
Thanks for your help!
Hmmmm, that's a pretty "unique" take. I haven't heard of any lenders loaning over appraised value out here in quite a while! I think you're the one on the right planet!
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