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marabout
- Senior Member
posted: Jun. 11, 2007 @ 11:54p
And ask yourself, who gave those awards to the agent? Something tells me it wasn't buyers! |
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Mulligan
- Senior Member - 1K
posted: Jun. 12, 2007 @ 10:44a
90% of real estate agents are maybe a step above a car salesmen, in other words, they don't make a DIME if they don't "help" you buy a house. On that note, if they do extra "work" for you, for free, like research comps they are working for nothing.
"She is apparently award winning etc etc." I'd bet she has a few classes and maybe is a certified "realtor"
"But when I asked for comparisons and price of the house She said this house is so charming that it cannot really be compared with others." Oh yeah she can, but will it mean extra work and if it comes back low, she either has to renegotiate your deal which increases risk of the sale going through, and the lower the sales price, the lower her commision.
"She has 18yrs of experience and her gut feeling is it is fabulous and if I do not buy the house it will be sold this weekend." Something tells me her gut is counting her $430k x 3% = $12,900
"This makes me hard to believe my agent." If I was paying $430k for something, I would verify ever word that came out of the used car salesman's mouth.
"Specially since the estimate of zillow is so much lower. I have talked to mortgage companies and they will do the appraisal." Mortgage company doesn't make money (some fees) either (and do work) unless you buy the house, and like insurance agents, they are paid differently on different programs. Sometimes a conflict, like 80/20 means more money for them, wrong deal for you perhaps. |
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accumulator
- Senior Member
posted: Jun. 12, 2007 @ 2:09p
Look, if your real estate agent isn't going to bother pulling comps, then you shouldn't be bothered signing away nearly a half million dollars of your money. You should feel free to use those words.
Your agent wants you to buy the house, because if someone else buys it this weekend (when it will "surely sell"), she doesn't get any money. She's counting on your emotional attachment to this property that YOU DON'T OWN to get you to pony up your dollars - and, by the way, pay her salary.
If the best comps she can pull are low, then she needs to explain to you how you're going to get an appraisal to support a loan at that value. The uniform appraisal sheet in use in my neck of the woods doesn't have a box for "Charming".
There's one last point that bears mentioning - if she's paid by the seller (the traditional arrangement), she has a fiduciary responsibility to the SELLER, not to you. If you say "I'd be willing to pay $430,000, but I'm hoping they'll take $410,000" she's obligated to report that to the seller - and she'd be a fool not to, because her slice just increased by 3% of 20,000 = $600 - for doing nothing but selling you out. Remember that when you think about "what a nice person" your real estate agent is. |
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caonima
- Senior Member
posted: Jun. 12, 2007 @ 2:24p
zillow always overpirces properties at least 10%~20% |
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SUCKISSTAPLES
- Charter Member
posted: Jun. 12, 2007 @ 2:39p
caonima said:zillow always overpirces properties at least 10%~20%like with your thread on not buying old homes, please stop posting this nonsense. you dont have a clue. |
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bopc1996
- Senior Member
posted: Jun. 12, 2007 @ 3:38p
As a previous post said, no mortgage company will finance your home unless it is worth about what you are paying. (unless of course you are putting 90% down. Do not let zillow influence you positively or negatively. If you like the house go for it. I would rather pay a little more than a house might be valued if I really liked it, than pay less than valued for I house I do not like as much. If you have loked around and this is what you like, than you made a good decesion. |
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xplay
- Member
posted: Jun. 12, 2007 @ 4:09p
Help I have buyer's remorse! |
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davidzillow
- New Member
posted: Jun. 13, 2007 @ 10:20a
Hi, it's David from Zillow,
Tough room but some good advice here.
I want to reiterate what bopc1996 said; the Zestimate value is by no means the final word on house values - it's a starting point for doing your research but your final decision should be based on your physical inspection of the property and the advice of local experts who know the market well.
If it makes you feel any better, I just bought a house for $25K more than the Zestimate value.
It's critical that you work with a Realtor you trust. If your Realtor can't make a convincing, logical case for the value of the house it is appropriate to have doubts. It sounds like it may be too late for this, but you should also ask the seller/sellers agent to talk you through their pricing assumptions. If you're not convinced, say so. @caonima - Both internal and independent analysis has shown that inaccurate Zestimates have an equal chance of being high as they do of being low. |
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Marquess
- Cranky Member
posted: Jun. 13, 2007 @ 3:04p
davidzillow said:Hi, it's David from Zillow,
Both internal and independent analysis has shown that inaccurate Zestimates have an equal chance of being high as they do of being low.
Sounds like betting on red or black at the tables. Perhaps similar to the outcome of this transaction. |
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familyhomes
- Senior Member
posted: Jun. 14, 2007 @ 10:42a
People who would make a huge financial decision about the purchase of a home based on something like Zillow amaze me.
Zillow does not go in houses so they do not factor condition in to their zestimates. Zillow does not have access to complete sales and public record data in many markets.
There is a $14 million dollar home in my area that was purchased a bit over a year ago for that price. The Zestimate is $1.4 million dollars. The current owner must feel like a fool for overpaying by so much. Or Zillow is just plain wrong.
Zillow is an interesting and entertaining site, but it is dangerous that consumers would make decisions based on data they get from Zillow. |
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ajooba
- Member
posted: Jul. 7, 2007 @ 7:01a
Thanks everybody for their valuable comments. I got out of the deal, as I found out the house did not have certificate of occupancy for 200sq ft out of their advertised 1460 sqft. Thank again. |
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