How do square footage comps work? (contingencies, 2014, negotiation, agents)
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The Realtor knows you are being unreasonable and is smart for not indulging you in this no-win situation. You clearly have your mind made up, and nothing anyone says or does will change that. Reminder: Tomorrow is Thanksgiving.
Ok I know What you guys all think of me and I do still appreciate the advice. Trying hard to accept and deal with this but what would you do if realtor lied to you? I called mine to ask him why he comped the house the way he did because everyone is telling me the way it was done was wrong( wasn't supposed to be comped the same as updated house) he said put it in the past and let's sell it. I said I bought it based on you saying we got a deal and he said it doesn't matter now. I asked him to show me the comps again and he won't. He avoids it and also then yesterday said it comped at what you paid and then that's when I got upset because he had comped it for 23,000 more then we paid. I am sorry I keep bringing this up but we would never had paid the price. my husband is very upset also with how realtor did this for us. we were told by another realtor to ofer list priced or a tad below so we switched to the current realtor who now really messed up, he is new also. how do I let this go since it clearly is bothering me about the price we paid.
Real estate values fluctuate. What it comped at 2-3 months ago when you were making an offer will be a different price than it comps today vs 6 months from now vs 6 months ago. Just because you paid a specific price doesn't mean the house will ever be worth exactly that much ever again. That is how real estate works.
If you want a commodity that you buy and sell based on daily price fluctuations, you need to be in the stock market, not the real estate market.
You have to put this behind you. Please. Tomorrow is Thanksgiving. Be thankful for the house which you were able to afford, which is in a nice part of a nice city in a free country. 98% people around the world don't have all the riches you do. Think about that this Thanksgiving and find a little joy in your heart.
Yes he comped it with a house totally updated that sold for 1500 more that's why I am so upset and e won't answer me how that's comparable. It's hard to let go since I would have never bought the house if that's the case
I am thankful and would rather be in a more simple cheaper house now
I am an appraiser (31 years). First of all, I have not read all 130+ posts in this thread, but I have read enough to the point where I can make the following observations:
1) Realtors are not appraisers, and are not truly qualified to give you a reliable estimate of market value. You keep saying that they "comped" it at this value, etc.. Most realtors give free market analysis based on comparables but they do should not be relied on like an appraisal. That's why mortgage companies and banks use certified appraisers. You get what you pay for there, and I think one realtor telling you that you paid too much has you in a tizzy over this
2) You are second guessing yourself way too much and making yourself miserable
3) No opinions of value are perfect; they are one person's opinion based on an imperfect market as of that exact date
4) No one can make a blanket statement about whether or not this method was correct or that method was correct in the appraisal. Asking for opinions here is a waste of time with respect to if an appraisal or value opinion is right or wrong.
5) You need to move on for your own sake as well as your family's sake.
Yes he comped it with a house totally updated that sold for 1500 more that's why I am so upset and e won't answer me how that's comparable. It's hard to let go since I would have never bought the house if that's the case
I am thankful and would rather be in a more simple cheaper house now
Ok I know What you guys all think of me and I do still appreciate the advice. Trying hard to accept and deal with this but what would you do if realtor lied to you? I called mine to ask him why he comped the house the way he did because everyone is telling me the way it was done was wrong( wasn't supposed to be comped the same as updated house) he said put it in the past and let's sell it. I said I bought it based on you saying we got a deal and he said it doesn't matter now. I asked him to show me the comps again and he won't. He avoids it and also then yesterday said it comped at what you paid and then that's when I got upset because he had comped it for 23,000 more then we paid. I am sorry I keep bringing this up but we would never had paid the price. my husband is very upset also with how realtor did this for us. we were told by another realtor to ofer list priced or a tad below so we switched to the current realtor who now really messed up, he is new also. how do I let this go since it clearly is bothering me about the price we paid.
STOP MAKING PHONE CALLS! LET IT GO! End of story. Go to Home Depot and buy some paint and rollers. Get decorating your house instead of dwelling on stupid crap you can't fix. And be thankful you're not homeless. My god you just don't stop.
Realtors are NOT appraisers!!!! Realtors are NOT qualified to appraise the value of a house. They give you rough ideas based on what other houses in the area have sold for. That is NOTHING like an appraisal.
Actually, I have to disagree with some of the posters. Putting all the rest aside, if the OP made her offer based on the agent's flawed research (or deliberate misrepresentation) of comps, and if the agent did not include an appraisal contingency (or the equivalent) in the offer such that the buyer was unable to back out of the contract once the appraisal came through, IMO that is a problem for the agent and his broker. In other words, if the OP was led to believe by her agent that her offer was $23K under the market value for the property and, upon learning that the appraisal was only $1500 more than the offer amount, she wanted out but couldn't get out without losing her deposit (or whatever was at stake at that point), then I can see her point.
Maybe I missed it before but this is a different issue, I think.
I can see that the OP is upset because her realtor thought the place was worth $23,000 more than her offer. I understand that. Chances are I would be upset as well. The truth is that they had an offer that was under appraisal by $1,500. Wouldn't that make their offer a fair an honest offer for the home? Realizing that location does matter, around here it seems that things are going up. I was amazed to find that a house on my street had multiple offers within a week. The sales price was $35,000 above the asking price. Maybe that kind of thing is not happening where the OP is living but I have seen it happen here. Although I think it has slowed down again as we have 3 homes near us that are still on the market. I have a striking point on one of them depending where the market goes. I guess that just shows you that the market can swing up or down all the time. Maybe the OP wanted a better deal and she mentioned that things have changed with a family member living with them. I understand that. Still, was buying at close to the appraised value all that bad?
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