i am a looking to but a house and twice now the sellers have pulled out because their house appraised any where from $8000 to 16,000 less then they

Asked by amanda.gyldholm, Kettering, OH Mon Apr 23, 2012

were asking and they did not want to sell that low. my question is why are realtors not telling sellers how crappy the market really is instead of lying to them and telling them their house is worth more then what it is?

Help the community by answering this question:

+ web reference
Web reference:

Answers

9
Robert Deam, Agent, Englewood, CO
Wed Jul 24, 2013
You need to ask the Realtor to do a CMA for you so you can make an informed dcision. If the Realtor refuses or says it is not necessary FIND ANOTHER REALTOR.
0 votes
amanda.gyldh…, Home Buyer, Kettering, OH
Thu May 3, 2012
We disputed the appraisal for the second house that the buyers pulled out on. To which the appraiser responded that yes he had made some mistakes. but he was not changing the value of the house we found our own comparables to argue his and he said one was a new property and the other was closer to a local music venue so it was worth more. The house appraised for our original bid which they countered higher and offered to pay closing. The house is on a double lot 3 bed 2 bath and full basement. The appraiser only counted part of the lot and for reasons unknown to me used houses tha were between 2 and 3.6 miles drive. Away from the property for value instead of properties that were closer to drive to. I do not understand why appraisers are alloaidwed to use comps by how the crow flies instead of actual distance. He stated that he had to go sofar out of range and use houses that did not have basements because that is all that had sold. He did not add to the total of the house because it had a basement and the comps did not he appraised the house for the mid range of the three comps. I have since reported him.
0 votes
Roland Vinya…, Agent, Sprakers, NY
Mon Apr 23, 2012
Even if they were told, not every one listens. And sometimes and agent dies not want to hurt someones feelings.. or anger them. And they may have financial reasons not to sell as low as they may need to in order to get the job done.
0 votes
Carol Perdew, Agent, Manteca, CA
Mon Apr 23, 2012
Hello Amanda,

A "Competitive Market Analysis" or CMA, on comparable properties can help you come up with an educated opinion on the worth of the property. An appraisal is a conclusion, after reviewing the comparables, of what the current value is for a property. An appraiser will give an independent opinion of what the property is worth. You may have several appraisals and have different appraised values. Although your agent can provide you a current CMA, and appraiser may come up with a different conclusion.

Thanks,
Carol Perdew
Prudential California Realty
(209) 239-7979
Carol@PerdewHomes.com
http://www.CentralValleyHomes.com
DRE 985176
0 votes
Terri Vellios, Agent, Campbell, CA
Mon Apr 23, 2012
The other question is also what information are you given prior to writing your offer which makes you believe the house is valued at the price your offered? If you believed it was worth the price you offered, then an option would be to contest the appraisal.

This is a mutual problem. The Seller thought their home was worth it because you wrote an offer for that price. And you had to pay for two appraisals on homes you didn't buy. Plus agents are not getting paid because a mutual agreement hasn't been formed.

I don't know the market in your area, but in our county it may be viewed as crappy, only because there isn't enough inventory and buyers are loosing out to cash buyers and over bid offers. So I would suggest you lean on your agent perhaps he/she can shed some light on what is the problem.

All the best to you.
Web Reference:  http://www.terrivellios.com
0 votes
Pat & Steve…, Agent, Westlake, OH
Mon Apr 23, 2012
The high listing prices happen all the time, because sellers insist on a given listing price. In the future, before you make an offer, ask your buyer's agent to go beyond a traditional CMA, use analysis services such as Trend Graphics and do radius searchs at 1/4 mile, 1/2 mile and 1 mile, before you make an offer. I am not saying that your buyer's agent has not done anything wrong. I am saying that we're seeing issues in our market that you are seeing and we found that we need to go beyond the traditional CMA.
0 votes
Steve Ewing, Agent, Dayton, OH
Mon Apr 23, 2012
Did you see comparables of the area..???...Contact me and I will examine the situation...Steve
0 votes
Doug Wagner, Agent, Beavercreek, OH
Mon Apr 23, 2012
That's a great question. An even better question is, "Why is your agent allowing you to offer more for a property than the market will bear?" Is your agent performing a comparative market analysis for you? Are you using the listing agent in a dual agency role? Perhaps it is time to consider a representation change. Just sayin'.
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Mon Apr 23, 2012
OH, we tell them but you can lead a horse to water but you can't make it drink. They own the house so they can tell us what to list it for and sometimes it takes a few set backs for some sellers to see the forest and not just one tree.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more