http://millionairemommynextdoor.com/2009/07/realtors-might-not-have-your-best-interests-at-heart/ A self-made millionaire shares her recipe for success, happiness and financial freedom Tue, 09 Mar 2010 00:59:54 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://millionairemommynextdoor.com/2009/07/realtors-might-not-have-your-best-interests-at-heart/comment-page-2/#comment-2977 Melanie W. Fri, 29 Jan 2010 03:30:58 +0000 http://millionairemommynextdoor.com/?p=686#comment-2977 A good piece of info : Use www.zillow.com to get a better idea of what the homes "should" be going for. A good piece of info : Use http://www.zillow.com to get a better idea of what the homes “should” be going for.

]]> http://millionairemommynextdoor.com/2009/07/realtors-might-not-have-your-best-interests-at-heart/comment-page-2/#comment-2708 KMR Tue, 27 Oct 2009 21:34:02 +0000 http://millionairemommynextdoor.com/?p=686#comment-2708 Boston, I highly doubt that a Realtor priced the house too high on purpose. A Realtor does not get paid one penny if a house does not sell, so they would not purposely price a house for more than it is worth because that would inevitably make it fall out of escrow. No one is going to pay over what the bank will lend. I don't know your area but within the 8 months the price of the house could have gone down or not (it all depends on your area.) If your Realtor was experience she should have lowered it according to the market, plus lowering the price is based on how desperate you are to sell. What often happens that causes situations like that in my area is the banks appraiser doesn't know the area and almost always appraises the house wrong, due to that. We can choose are own appraisers in my area, but on occasion a bank requires us to use their appraiser and it often ends up being an appraiser that doesn't know the area. Sometimes a Realtor can depute the appraisers appraisal to the bank with their own comps and appraisal. It all depends. It all comes back to the fact that a Realtor does not get paid if a house does not close escrow. Realtors can be working with the same people for a year or more (driving them around or paying to advertise their house) and if they never close an escrow all the Realtor gets are memories and an empty pocket book. Boston, I highly doubt that a Realtor priced the house too high on purpose. A Realtor does not get paid one penny if a house does not sell, so they would not purposely price a house for more than it is worth because that would inevitably make it fall out of escrow. No one is going to pay over what the bank will lend.
I don’t know your area but within the 8 months the price of the house could have gone down or not (it all depends on your area.) If your Realtor was experience she should have lowered it according to the market, plus lowering the price is based on how desperate you are to sell.
What often happens that causes situations like that in my area is the banks appraiser doesn’t know the area and almost always appraises the house wrong, due to that. We can choose are own appraisers in my area, but on occasion a bank requires us to use their appraiser and it often ends up being an appraiser that doesn’t know the area.
Sometimes a Realtor can depute the appraisers appraisal to the bank with their own comps and appraisal. It all depends.
It all comes back to the fact that a Realtor does not get paid if a house does not close escrow. Realtors can be working with the same people for a year or more (driving them around or paying to advertise their house) and if they never close an escrow all the Realtor gets are memories and an empty pocket book.

]]> http://millionairemommynextdoor.com/2009/07/realtors-might-not-have-your-best-interests-at-heart/comment-page-2/#comment-2706 Boston Tue, 27 Oct 2009 05:30:29 +0000 http://millionairemommynextdoor.com/?p=686#comment-2706 So you know, the lender used two different appraisers and appraisers are assigned to cases here so you can't just go use any old appraiser, but I'm sure you knew that, right Steve-o. Apparently the listing broker used colonials to comp out a split level. So yeah I was pretty pissed when I found out that I just spent $1,000 to tell the buyers that the offer we agreed to was off by $24,000......... So you know, the lender used two different appraisers and appraisers are assigned to cases here so you can’t just go use any old appraiser, but I’m sure you knew that, right Steve-o. Apparently the listing broker used colonials to comp out a split level. So yeah I was pretty pissed when I found out that I just spent $1,000 to tell the buyers that the offer we agreed to was off by $24,000………

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