I need immediate help. I have made a bid for a home and it has been accepted and now I am having all sorts of worries. Please help me.
1) The square footage is 1260sqft +200 sqft finished basement 2) The price of a house in the town this house is is $429,000 3) But zillow.com shows the zestimate as $340,000. The offer has been finalised at $430000. But I am really worried now. I am waiting for home inspection. I need to take a final decision before that!
Do you think zillow is taking into the following facts? Do you think this is a fair price?
1) The house is absolutely charming 2) 0.73 acre land and absolutely beautiful back yard. 3) Professionally done land scaping 4) New roof in 2004 5) 200sqft of porch with mahogany floor, not included in total sqft 6) 4 buildongs away from the middel school, and the school system is very good. 7) New paint and very nice colors chosen 8) 20 homes away a plaza with grocery and all, which I love. I like to walk to stores. 9) Not a very busy street except probably for school. 10) Kitchen has custom cherry cabinets.
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Zillow has no solid way of accounting for custom work done inside the house or recent improvements. Get an appraiser and you'll know how much the house is worth. You're spending 430K and can't spend $400 for a professional appraisal?
Zillow has all the house in my neighborhood about 50k - 75k below market value. I hope you made your offer contigent on getting a mortgage. That way if the appraisal comes in too high, most lenders won't offer a mortgage for more that the house is worth. That should nullify your offer.
Take a closer look at the comps Zillow is using. They might not be appropriate. Zillow used to compare my house to the horse properties across the ridge -- now it's comparing my house to condos.
Shane & other experts: Since the appraiser will be hired by the lender, is there a way to make sure s/he actually goes inside? Or do they just do computer searches these days?
Do you have a realtor? If so, they should be able to pull comps (comparable sales) from around the area. In fact, I'm surprised they didn't when you made the offer.
Zillow can depend where it pulls data from - where I am, it uses recent sales, so they are pretty accurate. I've looked up people's in other states, and they often used only assesed tax value, which isn't always useful.
I need immediate help. I have made a bid for a home and it has been accepted and now I am having all sorts of worries. Please help me.
1) The square footage is 1260sqft +200 sqft finished basement 2) The price of a house in the town this house is is $429,000 3) But zillow.com shows the zestimate as $340,000. The offer has been finalised at $430000. But I am really worried now. I am waiting for home inspection. I need to take a final decision before that!
Do you think zillow is taking into the following facts? Do you think this is a fair price?
1) The house is absolutely charming 2) 0.73 acre land and absolutely beautiful back yard. 3) Professionally done land scaping 4) New roof in 2004 5) 200sqft of porch with mahogany floor, not included in total sqft 6) 4 buildongs away from the middel school, and the school system is very good. 7) New paint and very nice colors chosen 8) 20 homes away a plaza with grocery and all, which I love. I like to walk to stores. 9) Not a very busy street except probably for school. 10) Kitchen has custom cherry cabinets.
Please help!!!!!!!!!!!!!
Ajooba
OP, I think you are vastly overpaying and trying to justify it any way possible. THIS FORUM IS NOT FOR AFFIRMATION OF BAD DECISIONS.
Also please keep all your homebuying questions in one thread. you asked about insurance here
and are now asking about RE offers and values. Separate threads for each issue clutters the forum. Also, you need to talk to local experts vs. people on the internet.
I'd definitely get the comps, appraisal, and maybe advice of a local agent. Based on your coments, if it is reasonable price, you are already sold on this property. This might be a bit off topic, but if you are buying it as an investment (depending on where you live) RE is not a sector to jump into if you don't want to worry. If you can afford it, and plan on living there for a long time, and are happy with the surroundings etc, then you are buying a house (not necessarily an investment) and over dozens of years the current downturn "should" be minimilized in the very long run. 1300sqft for $430,000 kind of sounds like you are in one of those volatile markets right now, where prices are dropping. I do read some serious rationalizing in your "argument", so good luck.
ThursdaysChild said:Shane & other experts: Since the appraiser will be hired by the lender, is there a way to make sure s/he actually goes inside? Or do they just do computer searches these days?
Usually on purchase transactions the lender requires an interior inspection be done as well as an exterior, if it's an automated underwriting approval from Fannie Mae/Freddie Mac it'll spell out what type of appraisal (1004, 2055, etc.) is needed in the approval.
ajooba, like others have said, your best indicator will be to get a full appraisal on the home. These days a lot of appraisers are hurting for business so it should be a quick turnaround.
OK. I have a real estate agent. She is apparently award winning etc etc. 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. 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. This makes me hard to believe my agent. Specially since the estimate of zillow is so much lower. I have talked to mortgage companies and they will do the appraisal.But till then i have to keep my fingers crossed. Thanks for all the info.
You should still ask for comps for houses with similar configuration/specs. You can decide how much more the "charming" factor is worth.
ajooba said:OK. I have a real estate agent. She is apparently award winning etc etc. 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. 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. This makes me hard to believe my agent. Specially since the estimate of zillow is so much lower. I have talked to mortgage companies and they will do the appraisal.But till then i have to keep my fingers crossed. Thanks for all the info.
This might be the funniest thing I have read on FWF in a LONG time.
anthonyu said:You should still ask for comps for houses with similar configuration/specs. You can decide how much more the "charming" factor is worth.
ajooba said:OK. I have a real estate agent. She is apparently award winning etc etc. 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. 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. This makes me hard to believe my agent. Specially since the estimate of zillow is so much lower. I have talked to mortgage companies and they will do the appraisal.But till then i have to keep my fingers crossed. Thanks for all the info.
Mulligan said:This might be the funniest thing I have read on FWF in a LONG time.
anthonyu said:You should still ask for comps for houses with similar configuration/specs. You can decide how much more the "charming" factor is worth.
ajooba said:OK. I have a real estate agent. She is apparently award winning etc etc. 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. 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. This makes me hard to believe my agent. Specially since the estimate of zillow is so much lower. I have talked to mortgage companies and they will do the appraisal.But till then i have to keep my fingers crossed. Thanks for all the info.
agreed. too bad there's no 'mulligans' in real estate transactions.
ajooba said:OK. I have a real estate agent. She is apparently award winning etc etc. 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. In OTHER WORDS, a house like this has NEVER SOLD FOR THAT MUCH
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