How do you get a home for $50,000 under market value?

    Fair Market Value or FMV as it relates to any home is understood to be, “the price someone is willing to pay for a home, condo or town-home.”  This is totally independent of the “appraisal” which is spoken about at this link.

    Where this “working” definition lacks is that it does not take into account the Buyers of the world that have gotten bad information.

    The Buyer that got the bad scoop:
    We talk to buyers that have been told by someone that they work with, “I bought a home for $50,000 less than list price…”  So, their expectations are validated about wanting to write all of their offers for $50K less than current Real Estate list prices.

    A good Realtor will advise you about the market before you look at home 1 in person.  They will give you current numbers of closings and where the list prices are versus the offering prices.  That is why it is important to work with a Local Area Expert.

    Qualifications: There are homes on the market that are over priced.  There are great deals to be had.  Remember, your friend or work associate might be showing off, they might want to get into your “circle of trust”.  They also might not be remembering accurately.  But, they could have purchased a home for $50k less. Maybe, the home was put onto the market for $50K more than FMV?  Bottom Line with regard to the story of getting a home for 50K less – ask more questions, you will soon find out it was not as it sounded on the surface.

    A good Real Estate Agent wants their clients to get the best deal possible.   Comparables are very important to establish value of Real Estate. A Real Estate agents needs to weigh the Days on the Market for sale versus buyer activity with the specific property for sale.

    Your Realtor will also want to analyze what type of sale it is – Regular(equity), Foreclosure, Investment Owned, Bank Owned, Short Sale – etc. Your representative will also want to speak “agent lingo” with the agent representing the seller.   A quality Realtor will also want to contact a lender to see if the specific property restricts or prohibits any particular type of financing.  All of these things will give you, as a savvy real estate consumer, an edge when it comes to writing an offer for less than list price.

    After gathering this data – it will be time to approach the seller with an offer and according to Realtors that is when the real work starts 🙂

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    Paris and Connor MacIvor

    Connor and Paris MacIvor are in the Top 1% of Realtors Nationwide, starting their real estate business in 1998 with RE/MAX Gateway - Santa Clarita Valley and Valencia CA. Their becoming licensed real estate consultants and representatives came from the horrible experience they had when they bought their first home. There were many things that the agent they had hired did not explain and disclose, which per law he should have. Getting that agent on the phone after they closed escrow and after he had gotten paid was impossible. Paris and Connor called the broker, the board of realtors, the office manager and all they received was the promise of a phone call back. The remedy did come, but not as fast and in the way they wanted. That act - that bad agent was the reason why Paris and Connor became Realtors. That was all they needed to vow to never let the same fate befall anyone else, that befell them. Today Connor and Paris are focused on client service. Protection and top-shelf service with regard to their real estate clientele. They primarily work within the Santa Clarita Valley and Valencia CA. However, for a referral, where 80+ of their business is referrals they have License and Will Travel to other parts of Ventura County, Los Angeles County, and Orange County to handle real estate transactions for those who trust their real estate operation. Writing on their Real Estate Blog is a passion. SCVnest.com/blog is where you will find over 10,000 real estate articles. Go to SCVnest.com/radio to listen to their latest real estate radio broadcast.

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