I just bought a home on Kentshire Way, 95828 for 252K. It's 2136 sqft, 4bd 3bths. Did I over paid? Please Help

Asked by Milan, Sacramento, CA Wed May 14, 2008

Did I over pay for this house? Please help!

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Erin, , South Lake Tahoe, CA
Thu May 15, 2008
Hi Mylinh: After reading your input from yesterday, I can understand exactly how you feel. You want to get a second opinion. One of the resources I would recommend to you is HouseValues.com. You can request an independent Comparative Market Analysis from an agent who subscribes to that service. Compare that with the one you get from your agent as Elizabeth wisely suggests and there you are.

I hope this helps you. Good luck.
Web Reference:  http://www.SoldByErin..net
1 vote
Gena Riede, Agent, Elk Grove, CA
Wed May 14, 2008
Considering your latest response, my advice would be to seek your own appraisal. Typically, they only cost about $300-$350 and it will be well worth it. If the appraisal comes in lower than you need to sit down with your agent and have a heart to heart. Having a good reputable, experienced agent and an additional reputable Lender are key to a successful transaction.

I hope that helps you.

Gena Riede, Real Estate Broker
Remax Gold
550 Howe Ave. Suite 100
Sacramento, CA 95825

916.417.2699
1 vote
Erin, , South Lake Tahoe, CA
Wed May 14, 2008
Dear Mylinh: I agree with Gena Riede, although I will add, even if you paid market value at the time you made your offer, if you had a 30 plus day escrow, the home may have lost value even in that short time span. You should be buying real estate in Sacramento now as a buy and hold. Expecting to turn most purchases around in a short time frame is not a good idea in this market.

I hope this helps.
1 vote
Gena Riede, Agent, Elk Grove, CA
Wed May 14, 2008
Congratulations. As long as you were represented by a Realtor, and a reputable Lender all should fine. Your question indicates to me that you have already bought and closed on the house. If that is the case then the appraised value which is a report from the appraiser and something you paid for and are entittled to receive should verify if you in fact paid the value of the property.

I would ask for a copy of the appraisal. Enjoy your new home and plan to stay in it for awhile in order to gain equity.

Gena Riede, Real Estate Broker
Remax Gold
550 Howe Ave., Suite 100
916-417-2699

Blog Site: http://SacramentoRealEstateVoice.com
1 vote
Milan, Home Buyer, Sacramento, CA
Wed May 14, 2008
Thanks Gena, Elizabeth, and Erin for answering my question. I'm in the process to close escrow for this house, but somehow my mind keep telling me that my agent did not represent us well in this transaction giving that she's also have her own people doing the appraisal and loan for us. Do you think at this time, is it wise for me to find an independent appraiser to reappraise this house? And if it's less than previously appraised, what option do I have? Thank You so much for your help! Please advice.
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