When discussing a listing, this has got to come up. There is what I think the place is worth, what you think the place is worth, what the bank thinks it s worth, what the buyer thinks it worth, what the buyers agent thinks and whoever else gets invited to the party depending....
SHORT SALES AND FORECLOSURE VALUES
In today's market where short sales and foreclosures abound, more often than not, the BPO's, the banks and the investors along with the mortgage insurance people call the ball. My opinion is the least important in that arena. Of course I have to know the product and to be able to demonstrate the value by marketing the home and then watch everyone tell me how wrong I am while taking months to do it.
MOST SELLERS KNOW TODAY
Sellers know the house ain't worth what they paid for it with very little exceptions. There was a time when everyone used to monitor their wealth and inquire casually what their home was worth. I did it many years ago and there was a time when I had $200,000 in equity just sitting there. It makes you feel like a King...today, we are bond servants
JUST WHAT IS A HOME WORTH TODAY
Now, people doubt and honestly don't know what a home is worth. If there is no equity, they really don't care. If there is equity, they want it. That is understandable, but when the houses up and down the street are selling short, it becomes a problem of a sort.
ANYTHING CAN HAPPEN
You can do a lot of valuation up front. We know this via our CMA's and being current in market affairs in our neck of the woods. But we really wont know what to expect until we get out there. I have had multiple offers scenarios and I have had no response scenarios. On multiple offers, if we cannot get an appraisal to match the bidding, things wont fly. On the no response side, we have to lower the price until we do get a response..
AGENTS GET IT DONE
I am prepared to go wherever we have to go to get the home sold...However, not everyone is on that page at the same time...Real Estate agents remain crucial in successfully navigating through today's market....
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