Every buyer should do their due diligence before they purchase real estate. Good advice. A buyers agent should help a buyer through the process.
A broker's price opinion is a tool that is usually done for banks for short sales and foreclosures.
I would recommend any buyer have a CMA prepared when they make the offer AND make the offer contingent upon it appraising at the purchase price even it is a cash purchase. This is important in any area of Metro Detroit.
Sorry you had a bad experience. Did you get this property or not?
You've learned the hard way that just having a willing buyer and willing seller is not enough these days unless like you said it is a cash deal.
Oh well, best of luck in the future and I hope you get your home
While I can't imagine anyone would let their client blindly offer without a CMA, I do suppose it happens.
Increasingly in the market today, we're finding occupied homes (non-distressed) very hard to comp out and compare to REO and bank deals.
Given circumstances surrounding lending, banks are very cautious as to what they want to do with their loans and many appraisers are scared to give out "good" appraisals (in my opinion).
Blessing in disguise though, for you as a buyer, if it doesn't appraise out. If the bank is smart, they'll close the deal for the lesser amount and move on.