re: What I'd do different next time: A real estate agent/transaction story/rant

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Generally the sellers big mistake is not getting a certified appraisal done before hiring an agent and the buyers big mistake is not getting a survey prior to purchase. Real estate agents will give you their opinion of market price after looking at your property for 15 minutes. Many if not most agents are not appraisers. Their opinion of value is often based on getting an offer showing the house for a minimum # of times. Agents also give opinions on locations of property lines which are based on here say and quite often wrong by a large margin.

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Atrocious advice. An appraiser will NEVER give a random homeowner the same appraisal number he will give a lender that needs to hit a number to get a loan closed. To spend money for this outcome and handcuff yourself what is assuredly a low end estimate of fair market value is dumb. And that appraisal is public. Good luck getting another appraisers 30 days later to stick his neck out to get you 10k higher. You have 10 different appraisers appraise a property all 10 will have different amounts.

You push the market, you make buyer spend his money, and you make appraiser tell loan officer his loan package is in jeopardy because he couldn't find value in the appraisal. Even if buyer comes back with a lower amount and you renegotiate you can almost guarantee appraisal did all he could to squeeze every dollar of value in your home. And did it on buyers dime and in bank/mtg brokers best interest.