Private Home Sales.

Re: Private Home Sales.

Postby Jonrox » Jan 26th, 2021, 2:59 pm

Sparki55 wrote:I don't get the point of an appraiser for homes?

For me, I do the following:

Step 1: Find 5 homes in your town with the same specifications (sqft, #of rooms, lot size, amenities) that recently sold. Write down the average.
Step 2: Next, find 5 homes in your immediate neighboorhood with recent sales history and compare their prices to similar homes near the houses you found in step 1.
Step 3: Balance the relationship between the same specifications to the location, i.e. get an inferred price by combing the data.
Step 4: See what price homes are currently listed for in your immediate area and compare the price you came up with from step 3.
Step 5: Add in extra $$$ for anything that isn't included from above. Is your kitchen brand new, did you just landscape the entire yard, etc.

I understand that the appraiser is a "pro" but if they are anything like the home inspectors I've hired then they are more talk than they are really worth.

Hmmm... no mention of costs? Are you suggesting pricing isn't dependent upon costs? Say it isn't so... lol.
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Re: Private Home Sales.

Postby stuphoto » Jan 26th, 2021, 3:17 pm

I just ask for 10 Million Dollars and if they are foolish enough to pay it I RUN before they come to their senses :biggrin:

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Re: Private Home Sales.

Postby Sparki55 » Jan 26th, 2021, 5:24 pm

Jonrox wrote:Hmmm... no mention of costs? Are you suggesting pricing isn't dependent upon costs? Say it isn't so... lol.


Land cannot be created and therefore the price of it will rise forever. Since land costs nothing to make it can't be based on a cost. We're not talking about something that can be manufactured. The building itself has value but it is the land driving the need to assess.
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Re: Private Home Sales.

Postby Noisy Boater » Jan 26th, 2021, 5:39 pm

stuphoto wrote:I just ask for 10 Million Dollars and if they are foolish enough to pay it I RUN before they come to their senses :biggrin:

I am drawing up papers for you this second!!!
Did You Have A Big Bowl Of Stupid For Breakfast ?

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Re: Private Home Sales.

Postby Noisy Boater » Jan 26th, 2021, 5:50 pm

Sparki55 wrote:I don't get the point of an appraiser for homes?

For me, I do the following:

Step 1: Find 5 homes in your town with the same specifications (sqft, #of rooms, lot size, amenities) that recently sold. Write down the average.
Step 2: Next, find 5 homes in your immediate neighboorhood with recent sales history and compare their prices to similar homes near the houses you found in step 1.
Step 3: Balance the relationship between the same specifications to the location, i.e. get an inferred price by combing the data.
Step 4: See what price homes are currently listed for in your immediate area and compare the price you came up with from step 3.
Step 5: Add in extra $$$ for anything that isn't included from above. Is your kitchen brand new, did you just landscape the entire yard, etc.

I understand that the appraiser is a "pro" but if they are anything like the home inspectors I've hired then they are more talk than they are really worth.

I get where your coming from but your method requires a lot of work and involves a lot of computer time . I have little to no patience for either. We did search out 8 houses near the price we guessed ours at by using our assessment and adding 15% just for fun. There were 8 in the range. None in our hood. We drove past all 8 and only 2 were close to ours. We used 3 of your 5 steps.
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Re: Private Home Sales.

Postby Sparki55 » Jan 26th, 2021, 6:04 pm

Now that you mention it, it is quite a bit of work. Such is the burden I place on myself often, I need to know the answers and do the work myself.

I also do all my own investing when I could pay someone to do that too I suppose...

Anyways, I hope you get a good appraiser and the info you need!
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Re: Private Home Sales.

Postby Noisy Boater » Jan 26th, 2021, 6:22 pm

I also do a lot of investigation but usually when its something fun like a new E bike or a Southern Vacation!! Maybe a new RV or a well deserved home reno tool!!
Did You Have A Big Bowl Of Stupid For Breakfast ?

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Re: Private Home Sales.

Postby BC Landlord » Jan 26th, 2021, 6:38 pm

A good realtor is worth gold, especially if you are into investments. However, so many of them are just clowns nowadays. They are easy to tell. Unless they have something to offer, other than what you could already find online, ... move on.
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Re: Private Home Sales.

Postby 60-YEARS-in-Ktown » Jan 26th, 2021, 10:57 pm

I am suspecting that private sales see less bidding wars..
Like how many people even know its for sale... how much exposure can you generate ?
But if you are happy with what you get it's all that matters..
I'd like to help You OUT,
Which way did You come in??

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Re: Private Home Sales.

Postby normaM » Jan 27th, 2021, 7:07 am

or, you could wait until a neighbour lists - then a hand lettered cardboard sign in YOUR yard will do the job. When my neighbours sold I had realtors hanging over my back fence to see if we wanted to sell. Funny - I would be working in the front, and they would ask - did you live here? Like I'm the effing hired help. Granted I was wearing work clothing but still
I don’t care what they’re going to say. Let the storm rage on.
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Re: Private Home Sales.

Postby marshp0 » Jan 27th, 2021, 7:14 am

We sold our house in November in 1-day in Old Glenmore by regular sale method (realtor).
We purchased our new house by private sale. Got a good deal on it because the seller didn't have to pay commission.

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Re: Private Home Sales.

Postby Jonrox » Jan 28th, 2021, 11:56 am

Sparki55 wrote:
Jonrox wrote:Hmmm... no mention of costs? Are you suggesting pricing isn't dependent upon costs? Say it isn't so... lol.


Land cannot be created and therefore the price of it will rise forever. Since land costs nothing to make it can't be based on a cost. We're not talking about something that can be manufactured. The building itself has value but it is the land driving the need to assess.

None of this is true. Your fundamental knowledge of pricing is seriously lacking. Keep trying.
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Re: Private Home Sales.

Postby Ken7 » Jan 31st, 2021, 10:12 am

BC Landlord wrote:From what I've learned, you would still get a bunch of realtors offering you buyers, for a commission of course. Hardly any independent buyer.


You are not committed to the realtor as you have no contract or agreement. Realtors usually discourage FSBO as they get nothing for their efforts.

IF you know someone in the gig, a close friend ask them about it. We had a relative and she actually guided us, as she lived in another City.
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Re: Private Home Sales.

Postby Ken7 » Jan 31st, 2021, 10:31 am

Sparki55 wrote:I don't get the point of an appraiser for homes?


I understand that the appraiser is a "pro" but if they are anything like the home inspectors I've hired then they are more talk than they are really worth.



I totally agree with you. If you are a buyer you look at all you posted.

As for a inspection, crawl around yourself. Our current home the inspector, did it without us present. When we looked at it, I felt something was wrong. I later found it, the pony wall was high and caused a bump I felt in the floor. Apparently the inspector did not do a great job, and I let my guard down as he was "a paid inspector".

Further if you can speak to the neighbors, about the hood.

We once bought a home and later found out next door was government housing or low income. The agent did not disclose that, and if you ask people how long have you owned your home. Most will say, we are renting. Open ended questions, ask about children in the area. If they have can they walk to school without concerns. Put together some and bang on a few doors if serious.

You might be surprised what you can learn...
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Re: Private Home Sales.

Postby cv23 » Jan 31st, 2021, 11:16 am

Apparently the inspector did not do a great job, and I let my guard down as he was "a paid inspector".


There are huge differences between a self inspection, a $500 out of the phone book inspection and a $2500 Mike Holmes type inspection. Like many things in life you get what you pay for.
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