Danilo Bogdanovic

Why does it matter? And what point are you trying to make? - Sat Oct 18 2008, 11:01

Niaz,

When you say "you" in your questions, I'm assuming that you're asking if I can negotiate those terms and the offer and/or whether a loan officer has those financing options available. Yes, I can negotiate those types of terms.

Make sure that a loan officer, not a real estate agent answer those questions for you. Real estate agents are not loan officers as well - they are two separate professions and require two different licenses. It's actually a conflict of interest to be a real estate agent and loan officer to the same client. That scenario is not in your best interest.

If you need an experience loan officer to speak with, I can send you a few names of excellent loan officers you can talk to. I would also check with whatever bank you have your checking/savings accounts with.

There is no federal, state or local law that mandates that the closing costs come settlement day have to be the same or even close to the closing costs as listed on the good faith estimate. That is why it's so important to find and go with a reputable and honest loan officer with a proven track record and great references. - Mon Oct 6 2008, 11:29

Niaz,

Yes, there are plenty of 3 bedroom homes with a garage and basement available in Sterling and Herndon.

If you let me know exactly what you're looking for, I'll send you a list of available homes immediately. Or you can search http://www.FranklyMLS.com yourself and contact me for more information about any homes that peak your interest. Whichever you prefer...

Danilo - Wed Oct 1 2008, 22:10

Sorry for not saying it earlier...thank you for letting me quote your previous comment. - Wed Oct 1 2008, 20:07

Fair market value is what the property is worth today. This is based on recent comparable sales (within the last 30 to 90 days) and current market conditions. A key component to a great buyer's agent is negotiating the best price and terms on the property based on their buyer's needs and the specific situation surrounding that property.

Yes, factoring in closing cost assistance to come up with the "net" sales price comes into play. I often have to remind buyers to do the math correctly and factor in their $___ amount of closing cost assistance. I always look at the "net" purchase price when discussing an offering price. I also factor closing cost assistance when looking over comps/previous solds.

As far as your comment about what listing agents say... What they're probably trying to say is "I know the market and know what listing price will bring an offer and I won't list it for less than that so that I don't give the house away". There is actually a lot of truth to that and the good listing agents know exactly where that fine line is for the specific property their dealing with. Price it too high...no offers and it sits on the market. Price it too low...you're leaving money on the table. Price it just right...get the most for your property at the particular moment in time.

Then there's the listings agent who "buy listings" by promising to sell the house for an amount that's totally un-achievable and above market value. Those agents are screwing over their clients and should have their licenses revoked on the spot.

Did I answer your question(s)? - Wed Oct 1 2008, 20:06

Dan - You have no idea how happy I am to read what you wrote. Too many "family members" or "friends" have completely screwed buyers and sellers out of proper representation.

May I please quote what you said on a blog post regarding finding an agent? - Wed Oct 1 2008, 18:02

Though your first question is an excellent one to ask, I'll have to respectfully disagree with you on your last question about final settled price as compared to sales price.

If your buyer's agent is worth his salt, he/she will be finding you the properties that are priced well below market value - the diamonds in the rough. The other good buyer's agents out there and other buyers will also find these types of properties and there will most likely be multiple offers on the property.

In those situations, don't be surprised to pay full asking price, if not more than asking price. But that doesn't mean you're paying too much. For example...if the property is priced at $400K, but it's fair market value is $450K, then paying $425K is still a great deal.

You should know that many banks, asset managers and listing agents are purposefully pricing properties well below market value to 1) ensure a quick sale and 2) receive multiple offers (I've seen 25 on one property before) in order to get the most amount possible.

Btw...try asking for references from the last 6 clients they worked with and how many short-sales or foreclosures/bank-owned properties they've closed in the past 12 months. The second question is a very important one because about half of the properties currently selling are distressed properties. You want to make sure your agent knows what they're doing when it comes to those types of properties because they're quite different from traditional resales.

Good luck! - Wed Oct 1 2008, 11:22

In my humble opinion, it doesn't look like you have a case against them because it's not a ratified contract until both the buyer and the seller have signed all the necessary paperwork (including addendums) AND delivered it to the other party. Until it's in writing, it's worthless.

***Disclaimer: This is my personal opinion and is not to be construed as guidance nor advice. Check with your Buyer's Agent and/or a real estate lawyer for guidance. - Fri Sep 12 2008, 13:09

Sounds like you may think your home is worth $2.5M, but it's really not. Although you're in the high price bracket where properties take longer to sell, it has been 3 months and you've had 2 showings with no offers. And 3 months is not "fast" - that's the average days on market for homes to sell in the first place.

Did you ask the 2 buyers and their agents that came through your property for their feedback? What did they say about the price and how it compares to others they've seen? Have you looked closely at the comps (solds, NOT actives)?

And if you have to move by December, then you have to factor that into your strategy. Your wish to get more tha market value is not in line with your need to sell by the end of December (nor sell in the first place). - Thu Sep 11 2008, 07:01