Anybody have comment on agent assessment on property value, how realistic the price quoted by agent compared to the offer? thanks
I would depend on your own homework. My parents bought their house for $200K more than the agent suggested vendors would accept. We just bought a house for $200K less than it was first listed at.
Much depends on how well you know and trust the agent, but it comes down to knowing your area and your prices.
Listen to the agent, but don’t forget they have a vested interest in the sale.
My thoughts, Wylie.
Hi, there,
I do agree with Wylie’s comment. At the end of the day, the RE agents only look after themselves. Most of them would pump up the selling price in order to get the listing and would tell the potential buyers a lower figure so that they would turn up at auction to create such competitive environment.
To me, I came across so many RE agents that were stupid enough to ask an unrealistic price for the property and ended up losing the sales. Mind you, most of the buyers would have a gut feel of how much a property is worth after searching for so long.
Today, I refuse to deal with those agents that have no ethics as they only want to get the sale and move on to next deal.
The most important thing for a buyer to do is to make sure you know your target areas well. Without such knowledge, you may end up paying too much or buying a lemon.
Never ever trust a RE agent. Do your own research and talk to the locals before committing yourself.
Regards
RaymondThere is a big difference between an APPRAISAL done by a real estate sales person and a REGISTERED valuation done by a valuer.
It is illegal to call an appraisal a valuation, and that is because it is only the sales persons OPINION of a probable selling price.
You can’t take a real estate sales person to court because your house didn’t sell at the appraised value, but a registered valuation DOES stand up in a court of law!
Many agents do use different baiting techniques based on purposely false appraisals to attract purchasers and win over vendors.
These are currently being looked into (in SA anyway) and phased out by new legislation. You will find in the future that agents must disclose comparatable sales, and give an appraisal that is within 10% of the actual selling price, otherwise they would be breaching the trade practices act under their duty of care and could be up for litigation!
We buy properties in Adelaide. No Agent Fees.
[email protected]
INCREASE THE CASH FLOW FROM YOUR INVESTMENT PROPERTIES!
http://www.renttoownau.com/ http://www.vendorfinanceau.com/
You must be logged in to reply to this topic. If you don't have an account, you can register here.
