U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-23-2010, 09:54 PM
 
Location: Charlotte
46 posts, read 114,331 times
Reputation: 67

Advertisements

I find it impossible to believe there is no CMA available for Skybrook. You don't have to just use comps in the same subdivision. Also, it's not your concern what the sellers paid for the house.
Reply With Quote Quick reply to this message

 
Old 03-23-2010, 10:00 PM
 
Location: Charlotte
46 posts, read 114,331 times
Reputation: 67
I did a quick search and 12 homes have sold in Skybrook since Dec, which is plenty to do a CMA. There are 5 more if you include Skybrook North.
Reply With Quote Quick reply to this message
 
Old 03-23-2010, 10:09 PM
 
2,828 posts, read 4,135,372 times
Reputation: 6836
I thought you said you wanted to get a 'deal' on a house? If you offer full listing price my guess is it won't be much of deal . Don't even consider what Zillow says or try to determine the value by the price per square foot - there are too many variables.

If no homes have recently sold in that section of Skybrook, a good agent will find recent sales in similar areas to compare. I would also look at the comparable active and pending listings. Determine what you think a 'deal' would be and then heavily discount that. Remember - next year it may be worth much less and you need to be o.k. with that!

BTW - I would want to know what the sellers paid for the home - it's public record and I would be curious.
Reply With Quote Quick reply to this message
 
Old 03-24-2010, 04:56 AM
 
7,105 posts, read 9,699,824 times
Reputation: 2564
Quote:
Originally Posted by harry72 View Post
Thanks all. Here is the thing...We liked a house in Skybrook n the realtor says there's no CMA for that area in Skybrook. She asking us to bid full price cause she says the seller owes that much to the bank and won't sell otherwise. We checked on zillow and it said that the fairvalue should be about 70-75 dollars sqft n the house is listed at 120 dollars a sqft. I am frustrated with the realtor,she my agent and I have an exclusive deal with her but I can't help but wonder whose side she is on ?
Harry--if you do only one thing to improve you life today and put money in your pocket----------------FIRE your RE agent at 9AM.
Reply With Quote Quick reply to this message
 
Old 03-24-2010, 05:07 AM
 
Location: Fort Mill
103 posts, read 216,516 times
Reputation: 70
[quote=Charlotteborn;13425345]I thought you said you wanted to get a 'deal' on a house? If you offer full listing price my guess is it won't be much of deal . Don't even consider what Zillow says or try to determine the value by the price per square foot - there are too many variables.

If no homes have recently sold in that section of Skybrook, a good agent will find recent sales in similar areas to compare. I would also look at the comparable active and pending listings. Determine what you think a 'deal' would be and then heavily discount that. Remember - next year it may be worth much less and you need to be o.k. with that!

BTW - I would want to know what the sellers paid for the home - it's public record and I would be curious.[/quote)

Full price may be a good deal if the full price is less than the home's current value. This market is about the only time when a full price purchase might be OK.

I agree with Charlotteborn--never consider what Zillow says. Their numbers are all over the place. Do not rely on their valuations. Same for Trulia.

Yes, current owner's price paid for the house is public record. It can be found through Charlotte GIS at : Real Estate Lookup

You can search by owner name, address, tax map ID and property values. Once you've pulled up the subject property, you can see current owner, price paid, tax value, previous sales, etc. At the top of that screen, you can click on 'polaris map,' and then 'layers' (on the right), then select 'sales by deed year' (on the left) and then click 'refresh' on the bottom left. Then click 'legend' on the right. You'll then be able to see, color-coded by year, the sales price of each property around the subject property. You can zoom in and out and pan around, too. Now, of course, the houses right around your subject property might not be good comparables, but it's a start.

Keep in mind, the price the current owner paid may have nothing to do with what they owe. If they bought it a while ago and put a large downpayment on it, they might owe less; on the other hand, he may have subsequently gotten an equity line on the place. So you never know.
Reply With Quote Quick reply to this message
 
Old 03-24-2010, 05:34 AM
 
595 posts, read 1,401,111 times
Reputation: 387
Quote:
Originally Posted by pink caddy View Post
This is incorrect information. I know that TOS of this forum state that all opinions are welcome, but, this is a unstantiatiated opinion, and I would ask this poster to back up his statement.
I can backup my statement with lots of experience.

The 10% below asking doesn't always apply for short sales, foreclosures & REOs. Those are a different beast.
Reply With Quote Quick reply to this message
 
Old 03-24-2010, 05:36 AM
 
595 posts, read 1,401,111 times
Reputation: 387
Quote:
Originally Posted by harry72 View Post
Thanks all. Here is the thing...We liked a house in Skybrook n the realtor says there's no CMA for that area in Skybrook. She asking us to bid full price cause she says the seller owes that much to the bank and won't sell otherwise. We checked on zillow and it said that the fairvalue should be about 70-75 dollars sqft n the house is listed at 120 dollars a sqft. I am frustrated with the realtor,she my agent and I have an exclusive deal with her but I can't help but wonder whose side she is on ?

Your agent might be right about how much the owner owes, but if you still want to put in a low bid, that is your right. If your agent won't put in a bid for you at the price you want, then find an agent that will.

Agents are a dime a dozen. Get another one!
Reply With Quote Quick reply to this message
 
Old 03-24-2010, 07:39 AM
 
Location: East Lansing, MI
8,723 posts, read 7,929,523 times
Reputation: 3698
Quote:
Originally Posted by pink caddy View Post
Harry--if you do only one thing to improve you life today and put money in your pocket----------------FIRE your RE agent at 9AM.
Couldn't rep you again, Caddy, but this is rock-solid advice. Harry, your agent sounds terrible. Why should YOU overpay for a house vs the current market just because the owner is underwater? There are plenty of other houses out there if this particular seller can't/won't sell at the price you want.
Reply With Quote Quick reply to this message
 
Old 03-24-2010, 07:42 AM
 
Location: Charlotte
46 posts, read 114,331 times
Reputation: 67
Ditto! When I say it's not your concern what the sellers paid, I meant you shouldn't feel like you have to pay full price because that's what they owe the bank. Unless full price is what the home is worth. Good luck!
Reply With Quote Quick reply to this message
 
Old 03-24-2010, 08:25 AM
 
7,105 posts, read 9,699,824 times
Reputation: 2564
Quote:
Originally Posted by DipDog3 View Post

The 10% below asking doesn't always apply for short sales, foreclosures & REOs. Those are a different beast.
I will agree with this now that you qualified your statement with "doesn't always appy for short sale, etc." Reason being is that asset managers need to stay with their plan of price reductions.

HOWEVER, OP asked about low ball offers and how to make them. Knowing that an asset manager can't lower a price without their plan or approval of the Asset Gods should not prevent anyone from making a low ball offer because they (ASSet Manager make mistakes.) Case in point:
In August of 2008 I submitted a bid for a property in Charlotte to HUD. Several weeks later, after dozens of phone call as to "what happen?" I was told they had no record of receiving my paperwork. Hog wash! I had a half-dozen names of who we spoke to and there was never a mention of "missing paperwork". Well, they relisted the property. So, I thought let me see how dumb they really are. I submitted a price $7000 lower.
Do I need to tell you if I got it? Yep. Dumbbells. Nine months later I sold the property with an extra seven large in my pocket.

Point of story--OFFER WHAT YOU WANT without regard to comps, stomps, or anything other than what you need to buy the damn house at.
Plenty of houses. Plenty of opportunties.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 11:42 AM.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top