Knowing which real estate agent's suggested price to use to sell your home has always been a challenge. Did the agent price the home too high to show she could get the best price for the home and thereby get chosen to list the property? Did the Realtor price the home too low to insure it would be sold very quickly with little expense or effort?
Just how good is that "Comparable Market Analysis" anyway?
Well, banks need to sell loans to FANNIE MAE and FREDDIE MAC and they generally use their rules when making a loan to a borrower. And you house is probably going to sell for the amount the bank will loan on it based on the price the bank's appraiser puts on it plus the minimum down payment percentage they require. I think "Overpriced Turkey" listings will disappear from the marketplace.
Check out info from this article about accurate bank appraisals just sent out to Realtors:
"...Recognizing a problem, Fannie Mae instituted a new rule that becomes effective on Sept. 1. "...Fannie Mae told its participating lenders that they must contact the appraiser to resolve disagreement" (about whether they agree the bank's appraisal is accurate). "If that fails, banks must order a second appraisal."
As a Buyers Agent, I have been suggesting to all my customers that they have me get them an appraisal from a bank-certified appraiser to use when making their offer to purchase a property. When advising someone who is listing their property, I suggest the same thing.
Also, some real estate agents doing BPA's are being pressured to give high priced, BPA's or "Broker Price Opinions" to qualify Short Sale offers. These price estimates are very similar to the "Comparable Market Analysis" agents use for listing presentations to suggest "Market Value". Agent BPA's are much cheaper than Fee-Paid Appraisals from professional appraisers and are used to get short sale offers approved by cooperating banks. I think these BPA's are now less likely to be affected by what the homeowner wants to have the BPA come in at.
All told, the new regulation will probably do two things; tend to lower amount banks will loan so they will be sure Fannie and Freddie will back them; and provide more uniformity to house pricing so comparable houses for sale will tend more to be listed at about the same prices.
You can read the full article at
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=243247
Looking to buy a condo or a house in Palm Coast?
Talk To Ted !
Broker Associate, Sunburst Realty Group Inc.
386-503-1101
No comments:
Post a Comment