How can I find out the true value of a house I've put an offer of $685K on at 3 Varsity Circle, Rancho Mirage CA which is listed at $749K?

Asked by Rhett, Los Angeles, CA Fri Mar 16, 2012

The house has travertine and plantation shutters throughout, a misting system outside, and a large water and fire-pit feature. The kitchen cabinets are high-grade and there's a buyilt-in BBQ. Houses in the gated community have sold for as high as $850K, last year, but there was a recent short-sale five days ago for $480K, but the house is smaller, in poor condition and on a busy street with builder grage materials inside.

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Don Tepper’s answer
Don Tepper, Agent, Burke, VA
Fri Mar 16, 2012
Why, oh why, did you put in an offer on a house without knowing its "true value"??

If the house is worth less, you could be substantially overpaying. If it's worth more, you could lose it to someone with a more accurate idea of the value.

Further, the features of the house you've listed really have little to do with its value. Sure, they can make a bit of a difference--a few thousand dollars or so. But the real question is what the comps have sold for. The next relevant issue would be number of bedrooms, baths, square footage, lot size, etc., of the house you're considering.

Didn't your Realtor do a CMA on the property before you made your offer? If not, ask her to do so now.

Good luck.
0 votes
Yes, the broker ran the comps but they're all over the place thanks to two sales that were $150k higher and a short sale that was $200k lower. That's why I'm at a loss trying to figure out what the basic value of the house. I worked with RE Appraisers for 6 years and I think that the house is in the upper 6's but not more than $700k. Even Trulia and Zillow, which are famous for being lowball and inccorect, say the house is worth in somewhere around $717K. Thus the question. And, for the record, the amenities I listed are worth quite a bit more than what you stated. I was hoing a RE Appraiser would answer my question.
Flag Fri Mar 16, 2012
Fredy Rodrig…, Agent, DESERT HOT SPRINGS, CA
Sat Jun 8, 2013
Best way to know todays value. pay for an appraisal.

That will take care of that.

Good Luck.
0 votes
Elizabeth Sc…, Agent, Palm Desert, CA
Sun Apr 29, 2012
I agree completely with Don. Great answer. It takes two minutes to run the comps and it is information you should have.
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