"Formal" Home Market Evaluation

[anonymuse]

I've been corresponding with a realtor over email for a home market evaluation.

First, he sent me a simple list of 4 comps--2 active and 2 sold. Then I asked him to send me all the details and he sent me the whole background stuff (actually for 12 units) from IRES with initial price, final sold price, days to offer, days on market, terms, points paid, seller assistance, etc..

Do I need something more formal than this? Or will the emails do for the home market evaluation?

[Minnymouth]

Are you asking if this will work the same as an appraisal???
Maybe not to the Court....... check with your attorney.....

Minny

[Bobby'sGirl]

My lawyer took that online comp from me along with the two year old walk through appraisal (they tend to run high anyway) for lender on my refinance in 2004. He thought the court would be OK with the value we set, and can get their own appraisal if they question mine. It is coming out a little high on my equity vs exemptions + court costs of a sale, so if trustee seems TOO interested, we can do a discloure list of defects (as required for a sale) to knock down the value more.

[SinkingFast]

You might actually want to get 2 or 3 Real Estate Agent to run a Competitive Market Analysis for you. That's where they pull the comps like you've already gotten, then come and do a physical walk thru of your house. When the REA sits down to do the presentation, they take into account the +'s and -'s of your property compared to the comps before they give you a market estimate.

If you can, get Brokers to do the CMA's.

When we've had Corporate Buy-Outs before, the company will bring in an appraiser or 2 and a Broker or 2. The Brokers have always been very close. We've never had more than a $100 variance either way.

[anonymuse]

I'd be so embarassed to have someone do a walkthrough---my place is a mess! Not dirty, but I'm a packrat.

I'm just trying to avoid the whole appraisals costs since I can't even figure out where my money is going to come from for filing fees and an attorney.

I'm in a townhouse so at least I have nearly identical comparisons with the exception of year built and that others have finished their basement. The guy next to me just sold his place last weekend and his appraisal 3 years ago was $185K, but his place only sold for $155K.

[Minnymouth]

Entering Bankruptcy is like checking into a hospital-

LEAVE YOUR PRIDE AND EMBARRASSMENT AT THE DOOR!!!!

Works for me!!!

[SinkingFast]

Don't worry about that Anon.

Our house was a wreck when the Realtors looked at it too. We had furniture moved around for painting and floor work that was going on. And our kids were pack rats too. So the basement was a big mess. The whole while, we were in the midst of sorting and trashing.

It didn't bother the Realtors one bit. They could see we were working to get the house ready to "Show". And, not many people actually live in a "Show" ready house. Realtors know that too.

In fact that would be one thing you could "chat" with them about as they do the walk thru. What does each one recommend you do to get "Show" ready. People love to talk about themselves and their ideas. So it will take the focus off of you and onto what they think or would do. You can also pick up some amazingly cheap decorating ideas that way too!