Need Help !!!

[darsh999]

I have recently divorced, and WAS planning on buying a home. Though I have always owned my own home, I wasn't responsible for making the final decisions, and knowing how to go about purchasing a home. I have found a home I'm interested in, but the estimate value is 80,000. The selling price is 125,000. This seems a bit high to me. I haven't seen the home yet, but is there a rule or formula in comparing the estimate value to the selling price?

thaks

[Malok]

but the estimate value is 80,000. The selling price is 125,000. This seems a bit high to me.

Who is providing you this "estimate value"?

Most online auto-valuations are complete garbage.



Find a COMPETENT REALTOR that does deals in that area. They should be able to provide guidance for a more accurate representation regarding value.

[Steve Didier]

I second Malok on that - get a COMPETENT Realtor and they can find out the true market value, not to mention help you with negotiations, get the right paperwork and disclosures, aid with inspections/appraisals/loans, and help the sale go smoothly. Since it does not cost anything for you to have an agent represent you as a Buyer, it makes sense to use one.

Good luck on your purchase!

[darrenwoodard]

I'm with you on that. Get a buyer's agent and ask him to conduct a CMA for you.

[Steve Donovan]

In October of 2007 if you are a buyer and you have cash (not a contingent requirement that you must sell first), you will not in this lifetime get a better deal. Who has determined the value at $80,000, tax records? If yes, they are usually below Market Value. In this market, with cash in hand, get three recently SOLD comps for the neighborhood and write an offer about 10% below that number... forget the $125,000 askgin price... our Annapolis home WAS listed for $725,000 last year and its still on at $600,000 now... the only number that works for us is CASH in HAND with a sale so IGNORE the $125,000 number... good luck!

[ryan01]

If you are financing, a bank will not allow you to pay too much for a home. The banks have become very tight with their appraisers wanting to protect the borrower and their pocket book. The tax records in the Houston area are typically 5%-20% off of real value. Good Luck!

[ericbadgley]

Talk to real realtor in your area they should help

[Dallas Broker]

Let me know city/state you are focusing search and I'll send you a dozen realtors that would be happy to draw CMA for you and provide an accurate estimate of value on home you are considering.

Good luck with your search!