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20814 : Real Estate Advice

  • All20
  • Local Info1
  • Home Buying11
  • Home Selling1
  • Market Conditions0

Activity 67
Thu Sep 11, 2008
Veronica Taylor answered:
Hello Navin,
I would first suggest having a REALTOR to represent you! When making an offer on a property,things most considered after price is contingencies and closing date. If you can offer a "quick" closing you maybe find. It would be best to contact an agent in your area who knows the market conditions. Do you know if the home is priced correctly? Send me a email and I will be able to refer you to an agent in your area that would best suite your needs. ... more
0 votes 16 answers Share Flag
Sun Dec 5, 2010
Donald J. Leske II answered:
I have done it. It depends on LTV, Loan to value. My bank gives me 80% of value.... if I owe lets say 60% of actual value then I can pull another 20% out by doing a refinance. - I have done this many times actually, but just remember to pencil it out and try to stay in the black with your rent to payment balance sheet. Also, "shop" the loan by comparing various lenders and what they will offer.

Don Leske Sr / Property Management
... more
0 votes 9 answers Share Flag
Thu May 29, 2008
Dane Drake answered:
The pro is that, while not getting any money at closing you will not have a foreclosure on your credit.
Hoever they are sometimes difficult to work through and you have to be patient.
0 votes 9 answers Share Flag
Thu May 8, 2014
Brendan Murphy answered:
As a REALTOR and an economist I don't think it is that accurate Steve.
There are 4 methods to value a property in Real Estate. The 4th or Multiple Regression Analysis is probably most similar to what zestimate does. It essentially is a statistical method for spitting out a price based on several factors, once enough data points are obtained. But frankly what zestimate does is oversimplify this process and the more they do that, the less accurate it is.
When an appraiser uses this method (or an economist) there are literally over 100 inputs. Zestimate doesn't have anything close to this, they might have 2-3 dozen at best (based on a very thorough assessor's data) and this too is likely to be quite outdated. Think about how long it takes the assessor to figure out that you put new vinyl siding on your house, or added some skylights, etc.
The point is, that to do something like this is very complex and sure a computer program can (and is required) to do it. But this only really works if they have those 100+ data points. Everything from the type of moldings and floor coverings to a time dating variable (to account for inflation, appreciation, depreciation, etc. in a given market) are considered. How could zestimate possibly do this?? They cannot.
So ultimately what you have is a "zestimate", just that something close, maybe within 10% of the price. And frankly that's about as accurate as what your neighbor Bob, or your cousin Sherrie could tell you.
If you want a good value, call a couple REALTORS, they'll typically do a comparative market analysis for free and I think this is generally a better method, at least on residential real estate.

Brendan Murphy
Broker, CRS, GRI, ePro
Raving Real Estate
Laramie, Wyoming
... more
0 votes 17 answers Share Flag
Fri Jun 24, 2011
Rick Reed answered:
The earnest money deposit is negotiable, but a typical range is $15k-$30k for homes around $600k.
0 votes 16 answers Share Flag
Thu Jul 2, 2009
Rosie Bolin answered:
We've just gone through reassessment in Raleigh as well. You have a couple of choices. You can go to your county tax site and pull up the closed comps in your area. Look at price/'sf and choose similar properties.

You can also have a Realtor do the work for you. I've instructed my agents to notify all of their contacts that they will provide this service for free. Hopefully, you won't have any trouble finding someone to do the same.

One warning - here we have a deadline for filing an appeal. Make sure, if that's the case in your area, you submit before the deadline.

Hopefully, your home really is worth the tax value!

Good Luck!
... more
0 votes 6 answers Share Flag
Tue Jul 20, 2010
David & Lisa Webber answered:
It really depends upon the neighborhood and condition of the house. There are many that have sold at or near the sold price, fairly quickly. It's really hard to say what the prices in that area are going to be 18 months from now. We're going to be seeing many people come into the area for the BRAC Ft. Meade expansion and that should increase demand for homes throughout the area. I would be surprised if home prices dropped dramatically. I can send you the comparables, the homes I'm talking about, if you'd like to see what I mean about the prices. If you have been watching these particular properties and haven't seen movement, it is probably because they are overpriced to begin with or don't show well. As far as offers go, I am regularly seeing people offer 10% lower than asking, but they aren't always getting it. It depends upon how anxious the seller is and whether they need to sell or not. We've had sellers simply decide that if they cannot get the price they wish for their house, they will just pull it off the market and wait until things pick up again. This is happening throughout the area. You could certainly ask 20-25% off of the list price and hope to not alienate the sellers. If you are using a skilled buyer's agent that is good at negotiating, they can present your offer in a way that it is at least reviewed and countered, rather than tossed aside if it is too low. I would say that this is not a "normal" offer in this market, 20-25% off, and most homes do not sell that far below asking. But again, that depends upon how reasonable the sellers are when they list the home for sale. ... more
0 votes 6 answers Share Flag
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