Home Buying in Bardstown>Question Details

Peterbilt2, Home Buyer in Bardstown, KY

What is the variance in list price versus sale for houses in the $300K range?

Asked by Peterbilt2, Bardstown, KY Fri Mar 25, 2011

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DOCUMENTS AND INFORMATION NEEDED FOR KENTUCKY MORTGAGE APPLICATION APPROVAL



The following is a list of documents that may be required to process your Kentucky VA mortgage loan:

•One full month's worth of pay stubs

•Last 2 years W-2's

•If self employed: Last 2 years tax returns with all schedules (if you are using commission, dividend or rental income to qualify then you will also need to provide your tax returns)

•Address and phone number of all employers for the last two years.

•Address and phone number for all landlords for the last two years.

•Copy of your DD214

•Your Original VA Certificate of Eligibility (we can help you get this if needed)

•Copies of social security, pension, and/or retirement award letters (if applicable)

•Last two months bank statements for all accounts

•Documentation to support your funds to close

•Explanation for any derogatory credit (if applicable)

•Bankruptcy and discharge paperwork (if applicable)

•Divorce decree and settlement paperwork (if applicable)

--
Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
http://mylouisvillekentuckymortgage.com
0 votes Thank Flag Link Sun Jun 30, 2013
When it comes to the list/sale ratios in this area or any other, there is not a "magic" number. The key thing to remember is that the list price of any home is someone's estimate or opinion. In a perfect world, it will be based on area comparable properties that have sold within the last 6 - 12 months but this is not a requirement. If you are wanting to get an idea of a home's current value or of average values within a market area, ask an agent for a 30 to 180 day review (CMA). This will include sold properties that are the most comparable to the house in question or typical for the area you are looking at. This printout should also include the market time (how long it took from listing to a signed contract) and closing period (how long from contract to closing). The report may even offer insight on how many reductions a property had, common types of financing for the market, and seller concessions. All of this information will be helpful in developing the true value of a home and this is what an appraiser uses to determine value as well.
0 votes Thank Flag Link Fri Oct 5, 2012
Peter

There are actually 3 numbers you should consider,

- Original list price
- Final list price
- Sale price

Depending on how old a listing might be, you can better gauge the variance. A local Realtor can easily provide the stats you need.
Web Reference: http://www.oggikashi.com/
0 votes Thank Flag Link Fri Mar 25, 2011
Hi, Peter. This is actually a very listing specific question, which depends on many variables. First, when you place an offer on a home, your agent will run reports (comps) on all listings within the area that have closed recently. This will establish a likely selling price for the house, and be used to justify the offer you are placing. In most cases your offer is countered and that's where your agent's and the listing agent's negotiating skills will determine the final figure. If the listing agent priced the house right to start, and is a strong negotiator the house will sell at close to the listing price. This holds true no matter the price range. Happy house hunting!
0 votes Thank Flag Link Fri Mar 25, 2011
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