I hope I dont sound too green.... - Posted by Yaphet

Posted by RS on February 24, 1999 at 18:36:28:

You can bet that the listed price is very close to the appraised value, if not somewhat below it. A broker knows it’s fool hardy to ask for an amount that exceeds the appraised value. Because if they do, no bank will allow the buyer to borrow that much.Having said that,you can ask the broker to pull up comparable sales in that neighborhood. They should oblige and if not, you can hint that you’ll simply have another agent do it for you. The mere thought of having to share a commission with another broker should compell the listing agent to comply. Having your own appraisal done will be expensive, probably at least $250, unless you can find an appraiser that will do a quick “drive by” for a reduced amount.

I hope I dont sound too green… - Posted by Yaphet

Posted by Yaphet on February 24, 1999 at 15:25:10:

…but can I get an appraisal on a house before I have contacted the broker? I want to make an offer, but I would like to know what the house would go for before I make an offer so that my offer isnt too high. Any suggestions?

Re: I hope I dont sound too green… - Posted by Arydall Funding

Posted by Arydall Funding on February 26, 1999 at 24:30:09:

Save yourself some money. Most lenders use market comps. type appraisals. So ask the realtor for market comps of like houses and property in the area, also comps on what some of the houses sold for. If you not sure the realtor’s comps are giving real picture. Go to another realtor and ask for the same thing. You might even find a better realtor in the package. I don’t feel this is being unfair, you don’t buy the first house so why the realtor. That’s my two cents worth hope it helps.

Re: I hope I dont sound too green… - Posted by Rob FL

Posted by Rob FL on February 24, 1999 at 20:57:07:

Since the house is listed with a realtor. Hire your own realtor to represent you. Normally it costs you nothing because the seller pays the commission. You want what they call a buyer’s agent.

If you have an agent representing you, they will help you determine the fair market value, fill out the contract correctly, get approved for a loan if necessary, etc.,etc. When you have done several of these, you may no longer need someone to represent you. But since you are still “green” find that buyer’s agent and get their free help. Almost any agent in town should be glad to represent you. You just need to find someone who is good at it. Ask people for recommendations.

Re: I hope I dont sound too green… - Posted by Nan

Posted by Nan on February 24, 1999 at 18:48:57:

You can do your own market survey. Call another real estate company tell them you are interested in that particular area and describe the general layout of the house. Number of bedrooms, baths etc. Then ask what price range exists for recent sales in this type of home in that neighborhood. Tell this agent that you are trying to determine if you can afford this neighborhood and this type of home. You may want to try this with more than one other agent to see what type of info you get. Also you can use another name. Like you mom or dad, cousin etc. Just make sure you remember to respond to the name.

Also you can call an appraiser or two and just ask them what price range this type of home in this type of neighborhood appraises for. Tell them you just want a general idea because you need to find out if you are looking in your price range. You may find a friendly and talkative person. It doesn’t hurt to try.

Call the tax assessors office give them the address of the house and ask for the assesed value of the house. In my area they will give me the amount and the name and address of the owner.

Get the phone numbers of all the county/city tax assessors in your area. They are great sources of information.