Home Buying in Passaic>Question Details

Tamara Cane, Home Buyer in Astoria, NY

Proof needed to make an offer?

Asked by Tamara Cane, Astoria, NY Tue Mar 5, 2013

Hi.. was curious if you can advice what proof I need to make an offer at a price I feel is comparable. I know there are CMA reports, but if nothing in my area sold recently I may not feel it is the best to use. Can I just go with what I feel is correct (based on Trulia and other sites) or do I need actual paperwork/documentation (like an inspection or appraisal). thx!

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6
Hi Teteny,

You do not need any proof to make an offer on a home. You just want to make sure you have been prequalified for the amount of the offer. A market analysis just gives you an idea of what homes are selling for in the area. Go with what you are feeling the home is worth and make that offer. The Seller is either going to counter offer, accept the offer, or let you know the offer is too low and they do not want to counter and would like you to come back with a higher offer.

I do work in Passaic County, so please feel free to contact me on my cell at 973-219-8824 if you have any other questions.

Brenda Zabriskie
EXIT Towne & Country Realty
0 votes Thank Flag Link Sun Mar 17, 2013
Teteny,
As stated by others, NO PROOF IS REQUIRED when you make a purchase offer.
You literally can offer $1 for a house. That offer, however, will not be taken seriously.

There are three common ways a home value can be established. Be fully aware, value is what a willing seller and willing and capable buyer agree upon.

The illusion that a bank ordered appraisal determines value is misguided. The bank order appraisal is to set the parameter so the mortgage can be sold to an investor. Too often, this results in a seller beat-down on price so the bank can sell the mortgage.

A home in a community of few sales of similar properties will be subject to a punishing beat down through the appraisal process. The agent representing the seller should and will anticipate this. The agent will and should protect the home owner.

Since you are on an aggregate website and trolling for random numbers to justify a purchase offer suggests you are not working with a real estate professional. For home buyers, in most cases, access to the services of a real estate professional is provided without charge to you. You need to CALL a Passaic real estate professional and get the real values, the facts and allow them to position your offer so it will be taken seriously and you can be positioned for the sellers response.

What you see on aggregate websites, including Trulia is for entertainment purposes. If you are serious, you need to promote yourself to serious resources. CALL a PRO.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420. 4041

Home tour Scots Landing
http://youtu.be/KTuVUxNDpOQ
0 votes Thank Flag Link Wed Mar 6, 2013
Zillow zestimates are notoriously wrong...and not in just one direction. Same for Trulia.

True comp sales take into account the upgrades and other things that just using "sold" prices posted as public record in a geographic area cannot . This information can only be obtained through the MLS listings and sometimes even calling the listing agent for additional info.

I find it hard to believe that nothing in your area sold recently to use as comps. a good agent can make adjustments for different style homes, bedrooms, baths etc. to get you are fairly accurate idea of anticipated sales price.

Of course you can offer anything you want to, but of course the seller can also say no.

Get a good realtor if you don't have one, look at the comps he/she puts together, ask questions then make a more informed decision as to offer price.
Just know that a lot of areas are experiencing multiple offer situations and slight price increases from last year.
0 votes Thank Flag Link Wed Mar 6, 2013
Frankly CMA's are only as good as the individual putting them together. It's fairly commonly known that you can be as creative with numbers as you like and this is no exception. Thus, values can be increased or decreased by using whatever numbers help you arrive where you need to be.

Probably the best way to arrive at a workable number is after a true appraisal has been done....and even then it can be questionable. To build safety for true value into an offer some buyer are building their purchase offer off a contingency that stipulates the sale price must be validated by a recent appraisal.

Without exception, the best offers are those that can be validated through the use of comparisons.

Good luck,

Bill
0 votes Thank Flag Link Wed Mar 6, 2013
Offers should be made based on the best information available. Some homes are more difficult to provide comparables on if there are no recent sales. Look at what the immediate area sells for in the recent past, go back a year if you cannot find any in the past few months. Look at the size, condition, square footage and amenities (how many baths, does it have a fireplace, etc). Either your mortgage company will have an appraisal done or if you are paying cash, hire your own appraiser. Then you know you are not overpaying if the value reaches the sales price. Just make sure your offer has the appraisal as a contingency.
0 votes Thank Flag Link Tue Mar 5, 2013
Hi

If you are making an offer to purchase, you do not need any proof to make the offer. once accepted the bank will require an appraisal. If you are buying cash then you should make sure you see the comparable sales from your realtor.

You should be working with a Realtor if you are buying. If it is in Passaic or any where in Northern Jersey contact me.

you need proof of funds or mortgage approval to make an offer if that is what you meant.
0 votes Thank Flag Link Tue Mar 5, 2013
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