Need CP expertise - Selling a home: Do you get an appraisal before listing your home?

[xbarretx]

Originally Posted by IowaHawkeyeChief

If you are selling it on your own, I found they are valuable to have. I got an appraisal on a foreclosure after it was finished that I sold. I listed on Zillow. I shared the appraisal with the interested buyers and told them what a real estate commission 7% would be and that I would give them 3% off the appraisal if they bought direct. I ended up selling it this way. The new appraisal for the loan came back $500 higher. It was a win win for both and I sold the house very quickly this way. You can use zillow comps and have the same strategy, however, an appraisal done within 30 days for $395 turned out to be a good investment as it added immediate credibility to the value.

FYI - Zillow can be incorrect. so if you using it as a VERY lose ballpark then yes. Otherwise, go by a market analysis.

Also, if a house doesn't appraise high enough theres wording in the contract for renegotiation. There can also be wording in the contract that says if it appraises higher, the seller cant negotiate a higher price.

Unless your fronting the bill for your own appraisal, you most likely will never know what your home appraised for. You would only know something was up if the amount was way low. Since the buyer is technically paying for that appraisal.

So unless your talking about an expensive piece of real estate i dont think its worth your money and effort. A proper market analysis will be more valuable. Just my $.02

[Halfcan]

Originally Posted by IowaHawkeyeChief

If you are selling it on your own, I found they are valuable to have. I got an appraisal on a foreclosure after it was finished that I sold. I listed on Zillow. I shared the appraisal with the interested buyers and told them what a real estate commission 7% would be and that I would give them 3% off the appraisal if they bought direct. I ended up selling it this way. The new appraisal for the loan came back $500 higher. It was a win win for both and I sold the house very quickly this way. You can use zillow comps and have the same strategy, however, an appraisal done within 30 days for $395 turned out to be a good investment as it added immediate credibility to the value.

Zillow is shady as ****. Their values fluctuate worse than bitcoin. When you list your house on there- all buyer calls get funneled to an agent that is paying them for advertising. Then the agent pushes them to their own listings.

[IowaHawkeyeChief]

Originally Posted by Halfcan

Zillow is shady as ****. Their values fluctuate worse than bitcoin. When you list your house on there- all buyer calls get funneled to an agent that is paying them for advertising. Then the agent pushes them to their own listings.

This is not true. I have sold 3 properties on Zillow. I had them respond by email, and I had a sign in the front yard with my number and a flyer. Most who use Zillow drive by first and then get a flyer and serious buyers call you direct. I've sold the properties all in less than a month. Others disagree, but I used an appraisal and discounted 2-3% if they had no realtor. The appraisal cost between $350 and $450 and give immediate credibility to the price. Selling a property on your own is not very hard these days if you have an financial background and have an excellent handout that walks a buyer through the process with their lender. Lender's don't mind because they know the customer has more room for LTV.