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Post by Deleted on Apr 18, 2011 10:23:29 GMT -5
2kids, I doubt you've followed some of my other posts but I was a licensed CA realtor from 1981-1985. A licensed realtor in VA from 1988-1990. Then back to CA with another license from 1994-1998. So I am familar with the MLS. My last experience selling a house was as the Trustee of my mother's estate. I sold her little investment property in a retirement community in Oceanside CA (near Camp Pendelton) for $229k (full price) to a % down VA buyer and paid cc. Net would have been the same as if it were sold for $220k to a conventional buyer. No way could we have raised the salesprice over the original listing price. Perhaps half of the sales are to VA purchasers, so that IS the market. The issue we were having at the time and for the next year were appraisers coming in lower than sales prices due to "declining market conditions". My husband and I own a large family home about 3 miles away and were treated to a lowball appraisal on a refi (about 10% below market). It didn't matter because we have close to 50% equity in the house but it was still a nasty surprise. Glad I wasn't trying to sell it! But in the spirit of making lemonade out of a lemon I did turn around and sucessfully protest our property tax assessment.
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2kids10horses
Senior Member
Joined: Dec 20, 2010 20:15:09 GMT -5
Posts: 2,759
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Post by 2kids10horses on Apr 18, 2011 10:45:22 GMT -5
bonnap,
I didn't know of your RE licencing, but I'm not surprised. Our local MLS systems have new fields that have been added in the past couple of years that are named "Seller concessions". They show what sellers are paying.
We don't do many VA loans around here. FHA loans predominate. Especially now. We do a lot of Rural Development loans out here in the country.
But, Selling Price > List Price happens. Especially on aggressively priced foreclosures where Multiple Offers occur! As a matter of fact, I was listening to a financial radio talk show yesterday where the guest was an agent specializing in foreclosures and short sales, and he specificly said that if a multi offer situation occured on a property you want to buy, to bid above list. Now, he was speaking to potential home owners, not investors.
But, back to point, back a couple of years ago, when normal resales were stronger, I wrote up contracts for over list, price with the Seller paying closing, so my buyers would not have to come out of pocket for closing costs. As long as the house would appraise for the higher contract price, it was no problem.
Today, the problem is to get the house to appraise anything, much less the contract price! The appraisers have swung from being really generous to really stingy.
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