FSBO or Realtor?

[anonomoose]

Appraisals had a big part in what happened. ... Your bare costs to build new - may not be below the appraised value in todays market. Many areas that is the case, nothing new can be built that appraise high enough.....

You were going good til I read this one. Clearly you mean that it costs more to build...assuming the builder can make a minor profit, than it will appraise for. If you can't build and make money, why do it?

I find nothing wrong with values increasing and a party paying what the property is worth to HIM....that is a good thing and a supply demand thing in action.

When a bank kicks an appraisal back several times til it gets where it wants to go....call this anything you want, but controlling the market comes to mind with me. One bank says....go, and another says...."are you nuts?"

Anyone who is in the home loan business right now, knows absolutely that the appraisal is EVERYTHING...and is a deal maker, or breaker.

The days of a willing buyer and a willing seller coming to terms with a deal and then heading off to the bank to go thru the motions are over. The banking industry controls....and they are NOT going to be caught with their pants down again if they can help it at all.

I fear it will be a long time before this all goes back to normal...as we used to know normal.

 

[whitedust]

You were going good til I read this one. Clearly you mean that it costs more to build...assuming the builder can make a minor profit, than it will appraise for. If you can't build and make money, why do it?

I find nothing wrong with values increasing and a party paying what the property is worth to HIM....that is a good thing and a supply demand thing in action.

When a bank kicks an appraisal back several times til it gets where it wants to go....call this anything you want, but controlling the market comes to mind with me. One bank says....go, and another says...."are you nuts?"

Anyone who is in the home loan business right now, knows absolutely that the appraisal is EVERYTHING...and is a deal maker, or breaker.

The days of a willing buyer and a willing seller coming to terms with a deal and then heading off to the bank to go thru the motions are over. The banking industry controls....and they are NOT going to be caught with their pants down again if they can help it at all.

I fear it will be a long time before this all goes back to normal...as we used to know normal.

X2 Spot On! Total mess & no path out.

 

[revman]

Do it yourself...

I sold my house in one day, and our used car in 10 minutes...want the secret? Facebook and a lot of luck and timing. I posted we were going to sell our house on Facebook, and one of my "friends" came over that night and went through it with us, negotiated a price, and the next day agreed to terms.

Same thing happened with our 99 Taurus. Posted it, and in no more than 10 minutes, I had a call and it was a done deal.

I guess my point is, you might as well give it a shot.

REVman

 

[98panther]

I may not have wrote it correctly, but I not sure I follow you either. I think we both mean the same thing.

I meant... try to build something new, price it out, minimal profit for anyone involved. Go try to get a mortgage, appraisel comes back, decline - it's not worth that.

The buyer has to be willing to pay enough up front to get the mortgage below todays appraisel.

Of course there are still some neighborhoods with few foreclosed houses where this is not the case, demand is still high. But those are small areas where people with money are still willing to spend.

If I still don't make sense, remember it's just my free internet opinion.

 

[Dave_B]

All of the appraisal points brought up just means it's better, not always easier, to sell your home on your own. Reators mark up the price, as do car dealers, so they can some down if they have to. Example: That Town and Country I just traded in, they gave me $6,700 for it. It's now on their lot for $10,775.

Price your home accordingly and it will sell. Price it to high, it will sit. In the proper range, someone will want to buy it, but the appraiser may cut the value thus giving you room to renegotiate, especialy if the buyer has cash to bring to the table to make up the difference.

Dave

 

[whitedust]

Lower appraisal than agreed contract price sticks it to the seller big time. As a buyer I would walk on lower appraisal than agreed upon price since the appraisal is supposed to define real market value. Sure the buyer can throw in more of his cash to make up shortfall of appraised price but bank does not agree to higer value which in turn means insurance company will not cover cost or another buyer & keeps snowballing from there. Low appraisal is can of worms for everyone involved & is a broken part of the over all problem. New Fed laws about to make it even worse.

 

[Dave_B]

That's pretty much what I said earlier. It sticks it too everybody! But, this is what we're stuck with for the time being.

I do not even want to estimate how much money this BS system has cost me!!!

Dave

 

[Dave_B]

The hot chick at the right helps. A little

 

[Dave_B]

My luck, she's gone...

 

[local897]

First off Thanks for all the good input! We have been on the market now for 5 days today 8/8 and really nothing. I am having a hard time keeping someone from taken my sign from the street over I am on a low used one way 2 houses down from a School. I have talked to realtors about taken on my house for a fee but I get nothing! what sucks is I am looking to buy out of state and my buying realtor/Friend isn't licenced in IL... we have had 50 lookers on or forsalebyower.com listing and 8 flyers out or box. Not the over night sale you hear of but its a start. It just odd that someone will turn down money! yes it isnt your 3.5 % cut but its better then nothing. My glass is half full! Thanks Again for all your's input.

Here is the link to my listing what do you all think? http://www.facebook.com/l.php?u=htt...QChtPegAQDsGgUYUvpRKJybBtX7UKti4Lxot-6r1M-KpQ

 

[cuzzinolaf]

You could always offer some sort of intensive to buy your house. Include a $2000 Home Depot card if they close before 10/1, offer to assist with closing costs, you could look into a home warranty.... etc.

It is a tough market out there so the last thing you need to do is get your hopes up right away. Also, ALWAY prep the house for any showing regardless of how tired, busy, or whatever you are. I almost blew off the realtor of the people who bought my house because of their timing. I also thought I had no chance when they said they looked at 65 houses when I was showing them mine.

Lastly, keep it in tip top shape and clean. If there are any simple or cheap fixes... DO THEM. If you didn't paint and need to touch stuff up DO IT.

Good luck.

 

[anonomoose]

Suggestion: Retake the pictures without waste baskets, remove the picture of the kitchen since it looks like a long hallway, and take a shot of the home from the other corner of the front yard NOT overlooking the driveway.

Also find a wide angle lens and shoot that patio, since that is a big selling point.

Put in your info section, taxes, whether your 1950's home has been re-insulated, age of furnace unless it is older (can you point out cheap heat bills??), and NOBODY takes the drapes and curtains, so leave them and add something else about schools, or how close the grocery store is, etc. Also if your appliances are more than 4 years old, enhance your ad with "appliances included" so that a first time buyer can figure the house comes all set.

If your gunna do this, offer payment of some closing costs, because THAT is what your competition is doing.

Good luck...hope you get it done.

(mortgage rates are super right now....maybe you can compute a "theoretical payment" with 20% down.)