Richard Carlsen
Elite Member
- Joined
- Jan 15, 2002
- Professional Status
- Licensed Appraiser
- State
- Michigan
Steve wrote above:
"This month (for a client that comprises 10 - 20% of my income on any given month) I appraised a home with 8 offers all of them over the list price in multiple overbidding - here we are with 7 extremely motivated buyers overbidding on a home that was aggressively overpriced in the first place. Along with myself, I'll try to be open minded on sales especially when the market is a seller/demand market - always try to make a "Market Sale" if the data exists. So in the final analysis the agent has 7 lower offers than the clients, along with "his" appraiser saying the price is over the data. The bottom line is this agent is not trained, he very well may not be representing his customers best interest."
Steve, I would think that 8 buyers willing to put out their hard-earned money and making written offers on a house would just about in itself constitute a market! If your value is not in the range of the offers, you are not listening to "The Market".
It also looks like you might have had a little preconceived opinion on this property when you stated, (they were) " ...overbidding on a home that was aggressively overpriced in the first place." How do you know it was overpriced? Did you do an appraisal on it? Remember that when you are licensed, and you make a statement like that, you are doing an appraisal. It seems the market is telling you something different. It looks like the broker is doing his job for the seller in getting the most money he can for the property. You had better reevaluate the market because if you "kill" that deal, you have, IMNSHO, missed the boat completely in your appraisal.
"This month (for a client that comprises 10 - 20% of my income on any given month) I appraised a home with 8 offers all of them over the list price in multiple overbidding - here we are with 7 extremely motivated buyers overbidding on a home that was aggressively overpriced in the first place. Along with myself, I'll try to be open minded on sales especially when the market is a seller/demand market - always try to make a "Market Sale" if the data exists. So in the final analysis the agent has 7 lower offers than the clients, along with "his" appraiser saying the price is over the data. The bottom line is this agent is not trained, he very well may not be representing his customers best interest."
Steve, I would think that 8 buyers willing to put out their hard-earned money and making written offers on a house would just about in itself constitute a market! If your value is not in the range of the offers, you are not listening to "The Market".
It also looks like you might have had a little preconceived opinion on this property when you stated, (they were) " ...overbidding on a home that was aggressively overpriced in the first place." How do you know it was overpriced? Did you do an appraisal on it? Remember that when you are licensed, and you make a statement like that, you are doing an appraisal. It seems the market is telling you something different. It looks like the broker is doing his job for the seller in getting the most money he can for the property. You had better reevaluate the market because if you "kill" that deal, you have, IMNSHO, missed the boat completely in your appraisal.
