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Old 08-28-2008, 05:18 PM
 
251 posts, read 1,531,888 times
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Im on the verge of buying a newly built home and I used www.realestate.aol.com to value my house in wylie and it said it was only worth $120,000 when I agreed to $170,000.I really hope this calculator is not accurate or im going to knock my agent upside his head!
Thoughts anyone?
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Old 08-28-2008, 05:21 PM
 
6,578 posts, read 25,462,012 times
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I did my house and it said $247,000. It's appraised by the city for about $195,000 and we could probably get $225,000.
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Old 08-28-2008, 06:02 PM
 
2,231 posts, read 6,067,546 times
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I'd have a similar doubt about the reality of the number.

The market price of anything is what people are willing to pay. If you want to pay $170,000 for the house, then it's worth $170,000, at least to you.

Actually, there may be options and extras that raise the price, things that are not reflected in the website's programming. That's the case with my house which, coincidentally, also cost $170,000.
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Old 08-28-2008, 06:35 PM
 
Location: Plano, Texas
1,673 posts, read 7,018,083 times
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Quote:
Originally Posted by jerzstyle00 View Post
Im on the verge of buying a newly built home and I used www.realestate.aol.com to value my house in wylie and it said it was only worth $120,000 when I agreed to $170,000.I really hope this calculator is not accurate or im going to knock my agent upside his head!
Thoughts anyone?

Most of these types of sites are pretty unreliable so dont put much stock in what they say. Since you are buying, you should have had an appraisal done. If you havent, you will have to have one. If one hasnt been done, I would suggest that you use an appraiser that the loan officer suggests and not one the realtor suggests. I am only saying this as it seems you may not trust your realtor to much. Also, the lender doing the loan would never approve the loan if your home didnt appraise for at least purchase price. The lender will thoroughly review the appraisal to make sure it is accurate.
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Old 08-28-2008, 06:36 PM
 
6,818 posts, read 14,029,650 times
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Seeing the comps in the neighborhood is the only real way to find the value of your home. Online sites have my house worth 20k more or less than the same house with the same floorplan on my street.
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Old 08-28-2008, 08:33 PM
 
303 posts, read 1,011,740 times
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I checked my house's value on that website - it's about 200k more than I think it's worth!
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Old 08-28-2008, 10:49 PM
 
251 posts, read 1,531,888 times
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Quote:
Originally Posted by VictorBurek View Post
Most of these types of sites are pretty unreliable so dont put much stock in what they say. Since you are buying, you should have had an appraisal done. If you havent, you will have to have one. If one hasnt been done, I would suggest that you use an appraiser that the loan officer suggests and not one the realtor suggests. I am only saying this as it seems you may not trust your realtor to much. Also, the lender doing the loan would never approve the loan if your home didnt appraise for at least purchase price. The lender will thoroughly review the appraisal to make sure it is accurate.
Well my mortgage lender is affiliated with the builder so do i still use there appraiser?Also when do i get that person to appraise my home?My closing is in 1 week.
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Old 08-29-2008, 01:32 AM
 
Location: Dallas/Fort Worth, Texas
4,207 posts, read 15,254,649 times
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Even if the appraiser is affiliated with the builder, you have the right to see the appraisal before closing. It will have all the comparables used. If you have any doubt... then you can make a decision. Your Realtor should be able to give you comps too. How did you come up with the offer price?

Also, these type of sites are just for lead generations. If they gave accurate value of homes, don't you think that appraisers would be out of business?

Naima
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