Home Buying in 98038>Question Details

Jadonlee, Home Buyer in 98038

What is the best way to determine offer price on Home fsbo?

Asked by Jadonlee, 98038 Wed Jul 18, 2012

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As Dan said, research is the key. However, most public sites are outdated, they only include on-market properties so you never know the final sales prices, and automated valuation estimates are often incorrect. They provide a guide only.....the most accurate information is contained in the Multiple Listing Service for your local area. Real Estate agents pay fees to allow them access to this information and this will be very beneficial in pricing. I would definitely seek out a local real estate professional.
1 vote Thank Flag Link Wed Jul 18, 2012
Get an agent to do an assessment for you. Be careful with FSBOs, use an agent to make sure you are using the correct paperwork and proceed through escrow smoothly.
0 votes Thank Flag Link Wed Jul 18, 2012
This is one of the problems that buyers of FSBO's have to deal with. These sellers often feel that is they "disarm" buyers by eliminating the buyer's agent that they can get an inflated price for the property.

Two thoughts come to mind.....first, if you are working with a realtor, have them contact the seller to introduce your interest in the property and see if they are willing to accept this arrangement.

Secondly, if this is not acceptable, introduce to the seller that any offer for the property must be supported by an appraisal. Banks require this and buyers paying cash for FSBO's would be well advised to do so as well.

Good luck,

0 votes Thank Flag Link Wed Jul 18, 2012
Your best option is to use a real estate professional. We do have access to statistical information that we can analyze for variations caused by bank or short sales, and can provide you with market trends and community specific information that the automated sites cannot. Yes, you may have to pay us, but in some cases, a seller may be willing to contribute to the professional's fee. It may seem like a lot of money, but it may be a small price compared to making a bad investment.
0 votes Thank Flag Link Wed Jul 18, 2012
Be open and honest with a Realtor as to your intention to sell it yourself and then ask for a Comparable Market Analysis. Most Realtors are happy to help because most of us believe that it's difficult to sell a house on your own, and you'll be back. We have expertise and better toys.
0 votes Thank Flag Link Wed Jul 18, 2012
Use a realtor. Go through comparable homes. Have your realtor show you actives, and present to you similars that have sold.
Or - you can wing it and hope you get it right
0 votes Thank Flag Link Wed Jul 18, 2012
Research. The problem is, just gathering the data doesn't mean you'll understand it or draw a proper conclusion. As someone who does this everyday along with other professionals, we often use the same source of information but come to some different conclusions based on our understanding and current market knowledge.
I know this isn't what you wanted to hear, but sites like Zillow, Eppraisal and others are very broad in their estimates and readily admit to be 8% to 15% off depending on the market.
It may make sense for you to hire a broker to provide some assistance in pricing, contracts and complying with the laws. I've assisted other FSBO clients for a reasonable fee. I'm sure others may be able and willing as well.
0 votes Thank Flag Link Wed Jul 18, 2012
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