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  #1  
Old 10-31-2009, 02:51 PM
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jmarch305 jmarch305 is offline
 
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Default Re Max Commercial

Just saw a ReMax Commercial.

"...wondering what your home may be worth...ask a ReMax agent today."

No wonder the public doesn't understand what appraisers do.
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  #2  
Old 10-31-2009, 04:11 PM
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Some agents have a better grasp than appraisers. I enjoy talking to agents who are active in their special areas or fields. I know warehouses like the back of my hand, and have done many office buildings. But when I got an order for a converted warehouse into "creative lofts", I started talking to agents who sell and lease them. Learned a lot in the past week, and am even looking at a couple investments myself as I was so impressed with this particular company's perspective.
  #3  
Old 10-31-2009, 06:29 PM
DonRico DonRico is offline
 
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They're really not talking about "Creative Lofts" in the Re-Max commercial, they're talking Single Family Homes.

And who would give a better estimate of value.....a Realtor trying to get a listing by promising a nice, high value ?? Or a Licensed Appraiser, who studied recent sales of similar homes ??

These Realtors always remind me of the HGTV show "My Home is Worth WHAT !?!?!"
  #4  
Old 10-31-2009, 06:57 PM
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Lobo Fan Lobo Fan is offline
 
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I got into this topic on another thread. I did a review of an appraisal that came in at $608,000. 6 days later it was listed at $425,000. It has since been reduced to $399,000. I was wondering what was going through the mind of the seller as he/she was holding a new full appraisal in one hand and a CMA for almost $200K less in the other and choosing to go with the CMA. FWIW, my review value was closer to $425,000 than the $609,000. As it was pointed out, a good Realtor can have a better handle on a neighborhood's market value than an appraiser.
  #5  
Old 10-31-2009, 07:10 PM
DonRico DonRico is offline
 
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The key word is "Good" Appraiser, or Good Realtor.

I've seen Realtor's CMA with no Closed Sales, just Active Listings, Expired (Overpriced) Listings and Withdrawn Listings to support their Listing Appointment. "Sure Mr. Seller, the Listing Price of your Ranch is supported by all these unsold Colonials in my fancy Listing Presentation."

The Appraiser in your example missed it by a mile.
  #6  
Old 10-31-2009, 09:00 PM
smackodu smackodu is offline
 
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[quote=DonRico;1895490]And who would give a better estimate of value.....a Realtor trying to get a listing by promising a nice, high value ?? Or a Licensed Appraiser, who studied recent sales of similar homes ??quote]

You ASSume too much. You ASSume the realtor is bad. Good realtors do not want over priced listings. They are a time drain. They want properties they can sell. You also ASSume appraisers study recent sales of similar homes.
  #7  
Old 10-31-2009, 09:24 PM
Tres Kirkland Tres Kirkland is offline
 
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I think a good agent that works in your area, should be able to tell you what your house is worth. Most agents work relatively small areas compared to appraisers and they have probably actually been inside most of the active listings and the sold comps. The key is if they are a good agent.
  #8  
Old 11-01-2009, 07:13 AM
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In some instances, the Seller believes there home still holds a greater value than the market indicates. That makes it difficult for everyone; Agents largest expense is in the advertising end of the business and make take a Listing to tempt the market and if no reaction happens within 30 days (Seller) agree to reduce the price.
Sellers are caught between, history and current events, which makes the process more difficult than it should be. In a typical market, normalities happen; in todays market abnormalities take place. Even the appraiser finds it difficult working in this market at this time....so those who advertise; "Want To know What Your House Is Worth" are decieving the public at large and are ignorant to market changes and what affects the market. Market averages & statistics do not support economic impacts that are prevailing in this market.

just a thought or two
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Old 11-01-2009, 08:17 AM
leelansford leelansford is offline
 
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As an attorney once told me:

"Opinions are like a*******: everyone has one and most of 'em stink!"

Well, when it comes to opinions of value, most may not "stink", but quite a few are not well-supported or credible.
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  #10  
Old 11-01-2009, 09:02 AM
DonRico DonRico is offline
 
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Smack-

I'm going to give you the benefit of doubt and ASSume that the Shift Key is sticking on your keyboard.

I have a Realtor's License also, and I can ASSure you that I've seen enough of the wide spectrum of talent in both fields. I make no assumptions about anyone until after I've seen the quality of their work.
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