Realtor prices vs Borough appraised price (Wasilla: lawyer, real estate, insurance)

[Delaneyland]

I am looking at a place that a realtor has priced almost double what the Borough has it assessed at. That is the norm here in MN, but after speaking to two long time AK residents yesterday, they tell me the price is insane. One of the folks I spoke to said one should never pay more than 20% over the borough appraisal. The other (who worked for the borough) said basicly the same thing. Of course, the Realtor defends the price, telling me I don't need to tell the Borough what I pay for it as my taxes would certainly increase. What is considered fair as far as real estate pricing goes? There is nothing special about it, its about two miles off a main highway, 20 miles from the closest town, no power.

[Rance]

Well...I bought some waterfront island property last week, that is appraised at 5200 by the borough. I paid 9 grand cash and got a steal. Vacant property with no improvements. But my taxes will be like 50 bucks a year because of the appraised value. Not sure with a house on property.

[Alaskan454]

D-land

Most of the problem here is BS realtors and attempting to install their blue-sky prices to their customers Listings....ie, larger commissions

Thats the typical California realtor attitude, which by-the-way is all over Alaska.

Make your offer in writting and make damn sure you get a signed response from the property owner....(so you know he actually saw your offer)

These realtors are famous for trickery....like not actually presenting your offer to the seller and then coming back to you to tell you your offer has been refused....

Ya gotta never forget they get paid a percentage of the selling price.....and they were all used-car salesmen prior to being realtors...

Do anything you can to avoid dealing with a realtor in Alaska.....except maybe allowing him to lead you to a seller thats willing to "do what it takes" to make the sale w/o the friendly little car salesman.......

[Alaskagrl]

AK 454...good timing for this post...This is my first time even looking at buying property, so I am pretty nervous. What can you do if the property in AK u are looking at is only sold through realty...can u basically expect to get totally screwed or what? Are there any safeguards? Sounds like the best way is to try to go direct through the seller but don't they have an obligation to the realtor if they've advertised with them? Any way to get out of that?

[CL99]

I'm not too worried my husbands grandpa's best friend until recently owned his own real estate firm.. We are actually living with him until we find a place that we like. He's up in Wasilla. I don't think all of them are bad, but i'm sure like anywhere it's hard to find a decent one. I would just talk around I'm sure someone can recommend a good agent.. The point of having the owner sign the offer though is a good idea!

Cynthia

[RAMFEB31]

CL99 is right. Not all R.E agents are bad. You should not compare them to car saleman. They must take a battery of test and pass before the the state license them. And most of the sales people work for a broker who get a percentage of the sale. Yes, it is true, since they base their price on what the owner ask, it could be unrealistic price in our eyes. But, unlike P.T Barnum, in R.E., there are not a lot of suckers around with the exception of boom time. They have their function just like we have w/our line of work. No, I am not nor wish to be a R.E. agent.

[Delaneyland]

Lawyers, insurance sales, opps....anyway, I spoke to a realtor last night who is a friend of my wifeys best friend in Wasilla, while we were on the phone, the realtor pulled 6 comps that confirmed my suspicions that the place is listed at about double what the comps say it should be at. DOUBLE...and the listing agent wonders why it has been on the market 300+ days. Let the negotiating begin!!

[Alaskan454]

Make your offers and require that they come back to you signed by the owner....take the realtor games out the process.

Realtors being required to pass a "battery of test and pass before the the state license them " hardly makes them outstanding individuals....they're working for the seller not you the buyer don't forget....and then of coarse there is that nice commission based on the selling price, that you are paying..

The real estate markets gonna take a big hit this year.....its going to be buyers market for at least a couple years.

Simply be an intelligent & informed buyer.

[Delaneyland]

Originally Posted by Alaskan454

Make your offers and require that they come back to you signed by the owner....take the realtor games out the process.

Realtors being required to pass a "battery of test and pass before the the state license them " hardly makes them outstanding individuals....they're working for the seller not you the buyer don't forget....and then of coarse there is that nice commission based on the selling price, that you are paying..

The real estate markets gonna take a big hit this year.....its going to be buyers market for at least a couple years.

Simply be an intelligent & informed buyer.

Right on AK454, I always have and always will get my own agent instead of using the listing agent, one would be foolish to use the selling agent in negotiations. After all, it is a business deal and my backside is what I need to cover first. I realize it frustrates the "Selling Agent" when folks like me get their own (Cuts their commission in half) but like you pointed out, I'm paying the commission, and I need to do what is in my best interest. Thanks for all the input everyone...

[RAMFEB31]

Originally Posted by Alaskan454

Make your offers and require that they come back to you signed by the owner....take the realtor games out the process.

Realtors being required to pass a "battery of test and pass before the the state license them " hardly makes them outstanding individuals....they're working for the seller not you the buyer don't forget....and then of coarse there is that nice commission based on the selling price, that you are paying..

The real estate markets gonna take a big hit this year.....its going to be buyers market for at least a couple years.

Simply be an intelligent & informed buyer.

All I am trying to say is it is unfair to compare them to a car salesman who requires no test or even a rudimentary education nor a personal backgrd check. The market normally will root out the over priced property. True, the listing agent normally do work for the seller. But U, as a potential buyer, is not obliged to offer the listed price nor accept any conditions related to the sale. That is what the offer sheet is for. The buyer with the cash almost always have the upper hand if they have any negotiating ability. There are always other similar property and the seller w/any brain nos that. Otherwise, his property will sit til hell freezes over.