People who brag about how quickly their home sold

[Zippyman]

In a hot market especially, you can sell for top dollar on the first day - I’ve been both the buyer and the seller in those situations, and I’ve previously held a real estate license..

I knew the market well enough to know what a property will appraise at, and, plus or minus a few grand, that’s all you’re gonna get as a seller. I’ve also quite confidently bid over asking (and appraised value) and happily paid that out.. the later sales in the neighborhood showed I wasn’t wrong.

That said, I tried a couple times to hire other brokers to market my properties - (even an awesome highly-skilled surgeon probably shouldn’t be operating on themselves.).. My last attempt to let someone else take the reins resulted in a market “analysis” suggesting a list price of $30k less than I ultimately got by listing myself (on a $200k property) I think that one did take a couple days or so to sell..

You really can’t expect someone else to watch out for your money like you will - and that’s just life..

[Peregrine]

Originally Posted by Hemlock140

Your friends have nothing to brag about, because all homes are selling fast, and if they got "their asking price" they should be ashamed or at least unhappy, because homes are all selling for well over the asking price.

I doubt they were 'bragging'.

[BoBromhal]

Originally Posted by City Guy997S

Normally I'd agree with you 100%

This market isn't normal...............and realtors play games with listings, like showing it before it hits the MLS so it appears it sold in one day. Pulling the listing, then relisting it a week later and then "oh it sold on the first day"

A house down the street listed for 950K, buyer signed at 986K.........the glitch is now it has to appraise or the renegotiating starts all over again.

unless you're a party in the transaction, how do you know whether it has to appraise or not?

[BoBromhal]

Originally Posted by ukiyo-e

You forget that if they're borrowing to purchase, the house has to appraise or the lender won't offer a loan. When I sold my house in San Francisco in a seller's market, I had an offer that was 15% above asking, so before we accepted the offer, my realtor asked the buyers' realtor to provide proof that they could come up with a higher down payment if needed, and they did. But not all buyers can do that.

Also, when a home sits and the price drops, people start perceiving that there are problems with it - or that the seller is unrealistic and will be hard to work with. Neither may be true, but in a fast seller's market, it make sense that there would be suspicion about a house sitting for any length of time.

no, if they're borrowing to purchase, the lender will only base their loan on the appraised value. Certainly, if the Buyer doesn't have sufficient "excess" funds or payment ability, that may terminate the deal.

But lenders can go up a little on LTV, they can get a 2nd D/T lender in, they can go to 95% depending on the loan limit, or the Buyer can cover the cash shortfall. All or viable options that mean the deal doesn't necessarily terminate just because appraisal < purchase price.