Results 1 to 10 of 29

Hybrid View

  1. #1
    Join Date
    Sep 2017
    Posts
    16

    Default Any Way to Find Out if I Am Paying Fair Market Value for a Property

    My question involves real estate located in the State of: CT

    Hi

    I am looking at some condos in various areas in CT. I saw two that I liked, which were listed with a realtor, that I made offers on. The seller wound up accepting other offers on both - ok.

    Is there a way to find out if the listing price is in the area of fair market value? The easy way, is look at other condos in the complex. Which might might work sometimes, but not always. Like the two I mentioned above. The others in the complex that are on the market, and that have sold recently, are different sq ftg, and diff bed/bath amounts. The other similar condos in the complex that would be good for comps, sold 6+ yrs ago.

    Of course the realtor is going to tell me that the listing price is in the area of fair market value - they are working for the seller. Any place I can start to do research to see if I am potentially going to pay too much?

    Thanks!

  2. #2
    Join Date
    Sep 2020
    Posts
    178

    Default Re: Any Way to Find Out if I Am Paying Fair Market Value for a Property

    Quote Quoting CharWorks
    View Post
    My question involves real estate located in the State of: CT

    Hi

    I am looking at some condos in various areas in CT. I saw two that I liked, which were listed with a realtor, that I made offers on. The seller wound up accepting other offers on both - ok.

    Is there a way to find out if the listing price is in the area of fair market value? The easy way, is look at other condos in the complex. Which might might work sometimes, but not always. Like the two I mentioned above. The others in the complex that are on the market, and that have sold recently, are different sq ftg, and diff bed/bath amounts. The other similar condos in the complex that would be good for comps, sold 6+ yrs ago.

    Of course the realtor is going to tell me that the listing price is in the area of fair market value - they are working for the seller. Any place I can start to do research to see if I am potentially going to pay too much?

    Thanks!
    If you don't trust your real estate agent, then speak to a different real estate agent.
    Beyond that...did you have a legal question?

    I will say, though, that figuring out if you're ok with the price is something that should happen BEFORE you make an offer. After is, generally, too late.

  3. #3
    Join Date
    Sep 2017
    Posts
    16

    Default Re: Any Way to Find Out if I Am Paying Fair Market Value for a Property

    Quote Quoting Zigner
    View Post
    If you don't trust your real estate agent,
    MY real estate agent? Why would I have one?

    The best way is to look at recent sales of nearby comparable units.

    As I said, sq ftg, different sizes and bed/bath combos, outdoor space, garage port vs. garage vs. no garage, two levels vs three, etc. makes that impossible.

    You can even wait 30-45 days for the two sold units to close escrow

    That would only apply to the complexes I looked at. I am asking for anything and everything, anywhere.

    Will keep the appraisal contingency idea in mind, thank you.

  4. #4
    Join Date
    Sep 2020
    Posts
    178

    Default Re: Any Way to Find Out if I Am Paying Fair Market Value for a Property

    Quote Quoting CharWorks
    View Post
    MY real estate agent? Why would I have one?
    Why wouldn't you?

  5. #5
    Join Date
    Oct 2016
    Posts
    4,301

    Default Re: Any Way to Find Out if I Am Paying Fair Market Value for a Property

    Quote Quoting CharWorks
    View Post
    MY real estate agent? Why would I have one?


    As I said, sq ftg, different sizes and bed/bath combos, outdoor space, garage port vs. garage vs. no garage, two levels vs three, etc. makes that impossible.
    Clearly, because you don't know how to do comps. All of the things you mentioned above can be taken into account when creating a comp.

  6. #6
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Any Way to Find Out if I Am Paying Fair Market Value for a Property

    Quote Quoting CharWorks
    View Post

    As I said, sq ftg, different sizes and bed/bath combos, outdoor space, garage port vs. garage vs. no garage, two levels vs three, etc. makes that impossible.
    No, it doesn't. If it did, appraisers would be out of business. They make those adjustments all the time.

  7. #7
    Join Date
    Feb 2008
    Posts
    1,179

    Default Re: Any Way to Find Out if I Am Paying Fair Market Value for a Property

    and this my friend is why you hire a real estate agent, who is most likely being paid by the seller. They have the knowledge that you seek. Look for one that has been involved with a lot of condo sales/purchases. Look for one that has enough experience. What you are asking is their job!

  8. #8
    Join Date
    Dec 2009
    Location
    Lake Chapala
    Posts
    3,043

    Default Re: Any Way to Find Out if I Am Paying Fair Market Value for a Property

    Quote Quoting hr for me
    View Post
    and this my friend is why you hire a real estate agent, who is most likely being paid by the seller. They have the knowledge that you seek. Look for one that has been involved with a lot of condo sales/purchases. Look for one that has enough experience. What you are asking is their job!
    like button

  9. #9
    Join Date
    Feb 2020
    Posts
    750

    Default Re: Any Way to Find Out if I Am Paying Fair Market Value for a Property

    Quote Quoting hr for me
    View Post
    and this my friend is why you hire a real estate agent, who is most likely being paid by the seller. They have the knowledge that you seek. Look for one that has been involved with a lot of condo sales/purchases. Look for one that has enough experience. What you are asking is their job!
    That is a fallacy perpetrated by real estate agents.

    The buyer brings the money to the table which is then used to pay the additional 5-6% tacked onto the real value of the house.

    When you buy a TV from Best Buy and mark-up and overhead is figured into the price, who just paid those additional charges? And if Biden is elected, it won't be the businesses that will pay the additional taxes.

  10. #10
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Any Way to Find Out if I Am Paying Fair Market Value for a Property

    Quote Quoting CharWorks
    View Post

    Is there a way to find out if the listing price is in the area of fair market value? The easy way, is look at other condos in the complex. Which might might work sometimes, but not always.
    The best way is to look at recent sales of nearby comparable units. That they are different sizes isn't a problem. You can adjust for that by figuring the price per square foot. Then adjust for beds, baths, condition, upgrades, amenities, etc.

    You can even wait 30-45 days for the two sold units to close escrow and then their sale prices will appear on sites like Zillow and Redfin or in county records. Compare the sale prices to your offers and see how close you came.

    If you need financing, your purchase contract should be written with an appraisal contingency anyway. You can do that with a cash offer too.

    1. Sponsored Links
       

Similar Threads

  1. Auto Insurance: Can You Recover More than the Fair Market Value of a Totaled Car
    By jtop in forum Insurance Law
    Replies: 10
    Last Post: 05-30-2015, 03:28 PM
  2. Foreclosure: Foreclosure and Fair Market Value
    By ballmich in forum Buying, Selling and Conveying Real Estate
    Replies: 1
    Last Post: 03-15-2010, 03:53 PM
  3. Foreclosure: 1099a and Fair Market Value
    By hyflyn in forum Buying, Selling and Conveying Real Estate
    Replies: 2
    Last Post: 02-09-2010, 08:27 AM
  4. Fair Market Value for ROW Easement
    By mudpie in forum Real Estate Ownership and Title
    Replies: 8
    Last Post: 03-19-2009, 09:29 AM
  5. Spousal Support and Alimony: Fair Market Value For Alimony Pay Off
    By coloradodad08 in forum Divorce, Annulment and Separation
    Replies: 2
    Last Post: 02-16-2008, 11:30 AM
 
 
Sponsored Links

Legal Help, Information and Resources