Buying or Selling a Home/Artificial Inflation

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Expert: - 7/1/2006


Question
I was wondering if you could tell me how legal artificial inflation is and also how to come to the seller and make an offer that will not harm either of us.

Answer
Hello Dennis;
If I understand your question, you are asking about Sellers asking higher prices on their properties.  This is perfectly okay as long as there are buyers willing to pay for the property at the higher price.  Sometimes, lenders are hesitant to give higher loans than the real value of the property and that helps control runaway pricing. However, for the most part, appraisers are inclined to view value as whatever the market will bear as long as there are other comparable properties to support the price.

As for presenting a lower offer; go ahead and present it to the seller with the comment that you have been researching the market and felt that this offer was a fair one.  If the Sellers are smart, they already know the fair market value. The whole idea behind presenting an offer lower than the asking price is to have an amicable negotiation resulting in both sides feeling like it was an acceptable conclusion.

I hope that this helps you.
Sincerely,
Jessica Bryan

Buying or Selling a Home

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Jessica Bryan

Expertise

buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.

Experience

Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.

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