Donna Panico

You could search county records but chances are there are no comparable properties that have sold with the final numbers that could confirm your sale price. if there had been, the appraiser would have used them. What you are describing is becoming more and more common place in this market. With the final numbers from foreclosures and short sales becoming a matter of record, they are driving down the prices of neighboring comparable properties. Also fewer buyers and a higher volume of inventory will also bring down prices. When fewer sales in general occur, the pool of comparable properties needed for appraisals shrinks.

I would question why the appraisal was performed six months ago. Was it for refinancing or to obtain an equity line? The reason I ask this is because many times the appraisers have been more generous with their numbers than they would have been had those numbers been needed for a traditional sale. In addition, if you used those numbers as a guide for pricing your home and the market has since changed, your asking price should reflect that change. Many sellers don't realize the magnitude of the fluidity in the market. It's hard to comprehend such a loss even if it is only on paper.

When you are selling as a FSBO you are at a disadvantage in a market like this because you don't have the ability to watch the stats of new listings and sales immediately as they are emerging as a matter of record. A Realtor with their direct access to the MLS has this information. With their guidence you then have the ability to react to the market with appropriate pricing.

It seems to me that your other option would be to renegotiate the selling price if that was possible. In any market most buyers are not willing to pay more than the appraised value of the home. - Thu Oct 16 2008, 06:53

Occasionally you may see a situation where whomever keyed the information into the MLS made a mistake and a change is made to correct it. But in this situation I would guess that the seller had a change of heart on the price. The uncertainty in the market is not limited to buyers. Sellers as well have concerns about correct pricing along with a whole other list of issues. Whether they are competing aggressively enough with neighboring homes, if they are selling too low, if a new property comes on the market after theirs which makes them feel unsure of their asking price, if they should be selling at all, etc. These issues are not uncommon at this point in time because real estate is a very fluid situation in some areas. - Wed Oct 8 2008, 08:20

I'm assuming that at this point in time you have nothing specific in mind. If that is the case, the only advantage that I see it that you may have less competition for a property and therefore perhaps could get a better price. If you are borrowing for the purchase, and interest rates are important; today you know what those rates are. Tomorrows rates you do not know.

If you do have a specific property in mind and you don't act now, you'll risk it not being there in the winter. - Sat Jul 19 2008, 08:42

Though this question was asked in January 2008, the average time on the market before receiving an accepted offer in Janesville and Rock County is now approaching approximately three months. As long as the home is truly priced right, is aggressively marketed, and it shows well; there is a good chance it will sell. Because of some changes in our local market, it's more important than ever before to be sure that your competition is being regularly reviewed to be sure that you remain "priced right" in comparison to the other inventory which changes daily. - Thu Jul 17 2008, 18:19

Agreeing with Dorene, Cameron, Robert and Pamela,

The cost has already been guaranteed in the Wisconsin listing contract. It only makes sense to use the services of a Realtor to represent your needs as a buyer. They bring value with their knowledge of the market and expertise in negotiating & contracts to one of the most important decisions of a buyer's financial well being. In the state of Wisconsin, a buyer is protected as being "procured" for one full year after the listing contract expires. So if the buyer goes to the seller within the one year time frame after the contract expires, with or without the initial agents he originally was working with, and purchases that property, those agents are to be paid for their initial services. The seller would be responsible for the payment of the commissions. - Thu Jul 17 2008, 17:55

Keep in mind that if the home was listed with a Realtor and was under contract at the time that you went through the home, the listing agent is due a commission and so may be the agent that originally brought you through the home. You would be best to hire a Realtor, (maybe the one that already went through the home with you) as your agent (buyers agent) to represent your needs. Chances are these realtors will be paid anyway if you purchase the home because they've already procured a buyer in bringing you through the property. Paying a realtor for procuring abuyer is a standard term of a state of Wisconsin listing contract. - Thu Jul 17 2008, 16:39