Home Selling in 80916>Question Details

Bhad, Home Seller in 80916

Question! I want to put my home up for sale by owner, Do I have to have it appraised first or just ask what I want for it?

Asked by Bhad, 80916 Mon May 21, 2012

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18
Hello Bhad,
I would be happy to do a free Compartive Market Anaylsis for you to show you what your home might sale for in todays market. Give me a call or email me. I am happy to help For Sale By Owners.
Thanks,
Pamela Weatherford
Keller Williams Clients Choice
719.661.8672
Soli Deo Gloria
pamela@pamelashomes.com
2 votes Thank Flag Link Mon May 21, 2012
How ironic that you are choosing to sell by owner, but yet are looking for agents to advise regarding pricing; are you sure you are up to the task...in order to determine a list price review comps, recently sold similar properties in the immediate area, or do hire a professional appraiser....
2 votes Thank Flag Link Mon May 21, 2012
It wouldn't hurt to have an appraisal to justify the price but just like selling a car using the Kelly Blue Book, the real price is what a ready and willing buyer will pay. Please remember when selling on your own, every offer you get will start off with "Well since you're not using a Realtor my offer will be 6% less...........
1 vote Thank Flag Link Fri Jun 14, 2013
You got a lot of responses but the actual answer to your question is; An appraisal is not required for pricing and could come back and bite you if it sells fast. I like to actually answer your question but would much rather sell your house. Best of luck to you! ;~)
1 vote Thank Flag Link Wed Sep 5, 2012
Dear Bhad,

If you are selling your home for sale by owner, why are you asking for advice?
1 vote Thank Flag Link Mon Sep 3, 2012
If you are priced well you will know it. Inventory in Denver is down and the first couple weeks should tell you how you are priced. You could always ask a realtor to do a CMA for you. Pay close attention to your local market and neighborhood.
1 vote Thank Flag Link Mon May 21, 2012
You do not have to have it appraised, however if you are not familiar with your area or what the homes around you go sold for, it might be wise to find a realtor to help you sell. We are more than happy to find you one if you so choose to use us, Good luck.
0 votes Thank Flag Link Fri Jun 14, 2013
Do you have experience selling your own properties? Even if you do, you know that each time is different. You should interview diferrent Real estate agents and choose one. Is always a good idea hired a professional that can guide you through all the steps that you need to a sucessful closing.

Sincerely,

Maria Cipollone
http://www.Homespecialist.com
0 votes Thank Flag Link Wed Sep 5, 2012
Pricing is going to be a good start for marketing your home. As for an appraisal, appraisals are somewhat controversial these days. My question is should you rely on in formation that is trailing market conditions?

General advice is only good up to a point. A local Realtor is going to be tuned into what is happening in your market.

A word of caution ... you may sit on your home for much longer going it alone, and that is going to affect how many people come looking if you don't price it right.

It costs nothing to talk to a few Realtors in your area. So, why not talk to several?
0 votes Thank Flag Link Wed Sep 5, 2012
Have you had any luck selling your home?
0 votes Thank Flag Link Mon Sep 3, 2012
You can ask whatever you want as can any Seller, but honestly beside having a number in your head that you'd like to get, what are you planning on basing your asking price on?

Certainly having an appraisal done would be one way to get some idea of what your home might be worth and certainly a better one than using an online estimate from a site like Zillow which is worht exactly what you paid for it, "Nothing at all"

What you should realize is exactly what's involved in getting your home marketed and sold and while it's your home and you can do whatever you like, I assure you it's take more work than you might imagine and pricing it wrong to begin with will only come back to bite you in terms of the final sales price.

If you want some good advice take some time find an experienced Realtor and do as they suggest.
0 votes Thank Flag Link Wed Aug 1, 2012
Appraisal's are a issue nationwide, getting a experts opinion on both sides is recommended. We are in a changing market which, somehow, is not reflected in all appraisals. This process is a mess and the "quality" are often in question.
0 votes Thank Flag Link Wed Aug 1, 2012
The listing price should be determined by a Realtor or a qualified appraiser. Buyers are smart and know when the asking price is out of line. No one wants to buy an overpriced home that won't appraise out for a mortgage. You will be happy in the long run you called in an expert who will determine a price the bank will finance.
0 votes Thank Flag Link Wed Aug 1, 2012
Like what Tim said, getting an appraisal is not just to get an idea of the market price that would get your home sold. You need to know what a lender would be willing to lend on your property. Even if you get a buyer to pay your asking price, if it's way above the appraised value, the buyer may not be able to get enough financing to close.

Of course, the tricky part is that appraisers base their appraisal on the transaction price. With enough hints, they can appraise your home much higher. So, you might as well get a free evaluation from a real estate broker to help you set the right price.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Mon May 21, 2012
Bhad...
You can certainly "just ask what you want for it", but you'll need some BASIS for that figure, not just what you're feeling, or what you paid for it 5 years ago, etc. The advice below from other folks is on-target and the best route to follow, but if you still want to just ask what you want, at least look at what houses are selling for in the area. You will be very dissappointed if you just pull a number out of the air and get a buyer who agrees to that figure and then their lender gets it appraised and decides that they will not lend on the house at the random number you and the buyer agreed upon. Team Mortaz, below, have given you the basic formula for a CMA, if you go it alone, follow that as closely as you can. Probably worth paying a professional to do a CMA or BPO for you, it won't cost much. Best of luck...
0 votes Thank Flag Link Mon May 21, 2012
You do not have to have an appraisal, if a buyer shows up and wants to buy it and needs a loan then there will be an appraisal done. These appraisals don't really show the homes max value, these appraisals only tell the bank that based on the current market condition the house is not over priced and that the bank can make the loan with comfort knowing the buyer is not paying too much. It is always a good idea to price it close to what an appraiser can use to justify the sales price to a lender.
0 votes Thank Flag Link Mon May 21, 2012
Some things to keep in mind about finding comps:

1) Find comps that have are located within 1-2 mile radius of your home.
2) Age of these homes should be within 5 years of yours.
3) Size of these comps should be within 300 sqft of your size
4) Lot sizes should also be compirable For instance, you can't use a comp which are a 1-2 acre lot vs a 6,000 sqft lot. If you have no choice, then your valuation has to be adjusted for the size difference.
5) Floor plan and Number of rooms are critical, but depending on the market location, adjustments per room will be different.

Most brokers do offer Broker Price Opinion for banks which could be utilized to determine a Fair Market Value.
0 votes Thank Flag Link Mon May 21, 2012
Hi Bhad,

If you don't have someone (i.e. Realtor) to do a Comparative Market Analysis to calculate current market value (based on comps SOLD within the last 3 months), you might want to have an appraisal done so you know current market value of your property.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Mon May 21, 2012
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