Home Selling in White City>Question Details

Victoria, Home Seller in White City, Tulsa, OK

My old house needs lots of work. I want to sell it 'as is', which should I contact first, a realtor or an appraiser.

Asked by Victoria, White City, Tulsa, OK Wed Jun 9, 2010

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Dear Victoria,

Contrary to what other Realtors have suggested, if your house is worth at least $100k then I would contact a very experienced appraiser to give you a very educated idea of value "as is".

Depending on what "a lot" of work means, you may want to suggest to your Realtor that the house be offered as an FHA 203K Simplified Fixer Upper house. This will allow a buyer to put only 3.5% down payment and then any work that needs to be done can be finished "after" closing. As long as the total fix up costs are less than $35k and there are not structural repairs needed, it should be fine. Otherwise you will get a rock bottom, lowball, CASH offer price. Even if it needs a new roof, that's not a problem, it can go on after closing. You will get less than market value for a house in good condition but if you don't have the money or desire to fix it up then you will receive less money (net).

Good luck!
2 votes Thank Flag Link Wed Jun 9, 2010
An appraiser will tell you what you need to know - a realtor will tell you what they think you want to hear to get your listing, and ultimately a commission.

An appraiser will provide you with an unbiased opinion of "market value" - a realtor will provide you with a biased opinion of "selling price".

An appraiser will provide you with an "as is" value, and an "as repaired" value, and address concerns that may arise when a buyer's lender requests an appraisal for financing (Conventional or FHA) - a realtor will provide you a CMA with a suggested selling price.

An appraiser will use "justifialbe comps" with "justifiable adjustments" for characteristic differences, and other relevant market data to determine an accurate market value - a realtor will use comps and manipulated market data to suport their listing price, and ultimately their commission.

An appraiser is licensed by the State to determine "value" of real estate - a realtor is licensed by the State to "sell" real estate.

The choice is your.
2 votes Thank Flag Link Thu Jun 10, 2010
Perhaps you might ontact three realtors and explain that you are looking for a listing agent. Tell them you are interviewing three agents and ask if they would be interested in talking with you about listing your property. Explain you will be asking each of the three agents to walk thru (very important so they can see exactly what "as is " means) and to give you CMA and personal assessment of fair market value of your home before you will be deciding on the agent to work with.
Their competitive analysis will give you a better position to assess the market value of your home "AS IS" and to see who you might work with best.
They might also give you some very valuable insight as to "elbow grease' improvements that will cost little and make your home far more acceptable to a buyer. (ie CLEAN CLEAN CLEAN always sells faster in my experience)
THIS IS FREE.
Then call a bank qualified appraiser if you feel you need to. This will cost you money.
Cheers.
1 vote Thank Flag Link Mon Oct 4, 2010
Here is a link to a site that has alot of information you might find useful this article is called the "Top 5 Home Improvements That Help You Sell". Hope this helps. Also you should contact a Realtor first to get a CMA and other local market information
1 vote Thank Flag Link Wed Jul 21, 2010
I appreciate your question. Before spending money on an appraisal, you really should consult with a Realtor. This way the Realor could provide you with the necessary facts to help you decide how you would market your property. Furthermore, a Realtor can provide you a history of what the market is doing in your area. Appraisals are opinions of your home's value. From what you have stated thus far about the condition of your home, I would highly recommend you consult a Realtor.
1 vote Thank Flag Link Thu Jun 24, 2010
I would talk to a realtor first. We know, and can provide lots of information to you at no cost. I buy and renovate houses for myself and clients, so let me know if you would like me to take a look at it for you. There is no obligation. You can even do a search on my website to see what other houses in your area are going for.
1 vote Thank Flag Link Wed Jun 9, 2010
Once you find out the price value with your appraiser and realtor, market your property to an audience looking to buy old homes like this. Historic and old house buyers are a niche market and this type of house won't appeal to everyone. Good luck!

--
Elizabeth
http://circaoldhouses.com
0 votes Thank Flag Link Sat Jul 5, 2014
I think a good Realtor will give you the information you are looking for
0 votes Thank Flag Link Mon Dec 16, 2013
I see you posted this back in 2010. Did you sell?
0 votes Thank Flag Link Wed Dec 11, 2013
look at other homes in your area that closely match yours and then look them up on the inter net they will show the price for them and if there is homes in your neighborhood selling it will show it on a map what the are selling for then you go from there but do it your self before you put any money out for a appraisal or a realtor there mostly crooks
0 votes Thank Flag Link Wed Dec 11, 2013
lol... cracked me up... yes, I've met a few crooks in the past 12 years as a Realtor. I've also met some highly ethical Realtors, too. I'm a "do it yourselfer" kind of person and was astonished at how expensive it was to sell an expensive piece of Real Estate. They key though is the Realtor MLS system is the best way to advertise and without a Realtor you cannot gain access. Of course there are ways to get full advertising with much less than the typical Realtor fees, though. An appraisal is the highest form of expertise and since that appraiser doesn't have a conflict of interest like a Realtor, it's worth spending the minimal $350.
Flag Wed Dec 11, 2013
What is your address, you listed this 3 years ago, so what is the situation now?
Elmer Riehle elriehle@insightbb.com
0 votes Thank Flag Link Fri Mar 22, 2013
@Sheila,

What is the difference between "the worth' of the house and the market value?
0 votes Thank Flag Link Tue Aug 7, 2012
Hi Vitoria

Although, an Appraiser can give you the worth of your house, they will not be able to give the market value. Call me, at McGraw Realtors, (918) 592-6000. I will be happy to come over and give you a current Home Market Analysis.
0 votes Thank Flag Link Tue Aug 7, 2012
new paint..new flooring....stuff like that..just as long as the foundation is in good condition and the house is sound....I can renovate the rest....big victorian home is what I'm looking for
0 votes Thank Flag Link Wed Aug 1, 2012
I am looking for an old victorian fixer upper....in the tulsa area.......
0 votes Thank Flag Link Wed Aug 1, 2012
In today's market your going to have a carry time up to 12 months depending upon the home. It's really that simple. A home that needs lots of work isn't going to sell to a first-time home buyer who requires FHA financing. You may need to consider selling it to an investor who can give you a fair price in cash or terms that will help you accomplish your goals. If you have a monthly payment, every month that the property is up for sale waiting for a potential buyer is taking dollars out of your wallet. If your open to creative options? Then give me a call at 918-409-0063 and I'd love to discuss some options with you.
0 votes Thank Flag Link Sun Oct 24, 2010
Although there are agents who will tell you what you want to hear in order to get your listing, many will tell you the truth. Ask 3 agents for their opinion of what your home will sell for, and they will come pretty close. I would point out that an appraisal is only good for a short period of time, so unless you plan on paying for multiple appraisals, I would ask a realtor.
0 votes Thank Flag Link Mon Oct 4, 2010
Dear Victoria,

I would really love to know what you mean by "lots of work." I think we could be much more helpful with that information.

Linda
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Wed Jul 21, 2010
Paying for an appraisal $400-$500 seems like a waste, when yu can get comps for free from a realtor. The appraisal doesn't mean your house will sell for that price, unless the appraiser is going to buy it from you! The appraiser will use the same comps a realtor will. I don't pay for what I can get for free.
0 votes Thank Flag Link Wed Jun 9, 2010
You should call a few Realtors in your area and ask them to prepare a CMA (Comparative Market Analysis). That would be a good start.
Web Reference: http://www.GaryRapoport.com
0 votes Thank Flag Link Wed Jun 9, 2010
A REALTOR(R) will take care of everything!
Web Reference: http://fglick.com
0 votes Thank Flag Link Wed Jun 9, 2010
Any agent(s) can give you comps free of charge--recently sold similar properties in the immediate area--after reviewing the data a determination on price can be made--if you choose to pay for the service, then contact an appraiser--the decision is entirely yours. Choose your agent with care.
0 votes Thank Flag Link Wed Jun 9, 2010
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