Home Selling in 14221>Question Details

David, Home Seller in 14221

Planning on selling

Asked by David, 14221 Thu Feb 21, 2013

I have potential buyers for our house. What are my options for getting FMV? If I have buyers, should I still sign an agent or go FSBO?

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6
Anna Brocco’s answer
If you don't plan on using an agent, consult with an attorney who specializes in real estate. In order to best protect your interest consider working with an agent; keep in mind that your house is your home. Emotions are homebound---selling your house is a business transaction. In a business, a professional is able to best to protect your interests. A real estate professional is better at selling your house than you could be at selling your home.
0 votes Thank Flag Link Thu Feb 21, 2013
BEST ANSWER
Being in the real estate industry as a professional, I can tell you that we have what we call "potential" buyers all the time. This term may lead to many question concerning a buyer's ability to purchase. In this time of bank regulations and many criteria demands from a bank, buyers are finding it difficult to qualify for a mortgage. Many buyers have found themselves wanting a house but in the end find themselves falling short of their ability to purchase. Having a professional real estate agent on your side, will help you in that, a professional has more knowledge than the average person when reviewing the qualifications of a "potential" buyer. Maybe the buyer has come up with a pre qualification letter! Some questions to consider; where did the letter come from? did they get this off the internet? Is the bank their using in good standing with performing real estate transactions? Is the bank an out of town bank that may not understand the terms and conditions of the sales contract used for the Buffalo/Niagara region? There are many more questions than these when it comes time to agreeing to sell your home to a so called "buyer". You need the advice that only a profession Real Estate Salesperson can offer you.
How do you know what FMV is for your home? A real estate profession will review many things in comparison to other homes that have sold, are pending or active in the multiple listing service; this is information that a normal seller does not have access to and you can misjudge the FMV for your home by not getting professional guidance. there are a lot of websites that tell you that you can work up the numbers for your home in comparison, but the truth of the matter is, that there is much criteria they can't possibly know or take into account when comparing to other homes in the neighborhood.

My best suggestion for you is to contact a Real Estate Professional, sit down with them and allow them to show you the advantages of working with a professional that has knowledge and experience in the Real Estate Market. Your home is the number one investment you make in your lifetime; why let it to chance? You would pay a plumber to perform heart surgery and you wouldn't want a heart surgeon to work on your plumbing!

Please know that I am at your service should you have any other questions, concerns, or maybe you would like to set up an appointment!! I would be happy to show you how we professionals promote your home and protect your bottom line!

Karen L. Bishop
NYS Lic. RE Salesperson SRES - Relocation Expert
RE/MAX NORTH
100 Sylvan Pkwy. Ste. 100
Amherst, NY 14228

Direct Cellular: 716-308-6555
0 votes Thank Flag Link Thu Feb 21, 2013
Yes, it can be one helpful thing, but if the mortgaging bank doesn't appraise it for the same amount, you could be in a sticky situation regarding buyer financing. I would recommend having a new appraisal done, and not relying on one more than a few months old.
Flag Sat Sep 21, 2013
Would an appraisal help with determining FMV?
Flag Thu Feb 21, 2013
What do you mean you "have" the buyers? Are you sure?

Recent statistics have shown 1 in 3 deals in contract fail.

How do you know you have a buyer who can actually close? Have you tested the house on the market to make sure you have the best possible buyer at the best possible price?

It's your property. Yes, you can hire an attorney and move forward. But whether or not its in your best interest is hard to say without knowing much more.

If you really want to know, call a local Realtor. Where's the down side?
0 votes Thank Flag Link Thu Feb 21, 2013
Hello David, If you are going to facilitate the sale on your own then the only way to get an honest fair market value is to have an appraisal done. You should also be aware of ALL the necessary paperwork and possible inspections needed for your area. Obtaining a buyer is just a portion of the entire Real Estate process. You also want to make sure that your Buyer is qualified. If you need further assistance please feel free to contact me.
0 votes Thank Flag Link Thu Feb 21, 2013
David,

Since you seem to already have buyers, I encourage careful consideration of whether you should use the expertise of a local realtor or proceed as a FSBO. And, to be sure you are getting FMV, again the expertise of a local realtor could prove invaluable, but you should also perform your own due diligence to see what homes similar to your own are selling for in the immediate surrounding neighborhoods. You could have an appraisal done to determine value but remember that the final report cannot be used for the buyers' mortgage approval.

I can assist you with mortgage pre-qualification for your next home and/or help put you in touch with the professionals necessary to close including attorneys and/or realtors, if desired. Appraisers are specified by the buyer's bank therefore you would have no control over who inspected and valued your home. Likewise, the home inspector would be chosen by the buyers, if they wish to have a home inspection performed.

Please contact me anytime.

Ron Fronckowiak
Licensed Mortgage Consultant
R & R Funding, Inc.
Lancaster NY
716-685-9696
Web Reference: http://www.WNYMortgages.com
0 votes Thank Flag Link Thu Feb 21, 2013
finding a buyer is 25% of the transaction - getting it closed is 75% of the knowledge and energies need to bring so many people together on your behalf. as a REALTOR, i would suggest representation. your expertise may allow you and your legal advisor to facilitate the transaction; bringing together the other attorney, buyer, home inspector, bank, appraiser and any other inspections necessary. you can also order an appraisal to start the negotiation process.
0 votes Thank Flag Link Thu Feb 21, 2013
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