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Real Estate: Agents, Assessing Property Value PDF Print E-mail
Written by Beverly Corsmeier   
Sunday, 27 January 2013 13:25

Real Estate: Agents, Assessing Property Value 
Our real estate columnist explains agent pitfalls to avoid and gives the top four tips for determining the most accurate property value.



I tend to write my columns with information or situations through experience. Recently, I have had several requests to list homes purchased within the last couple of years. The problem is that the buyer over-paid substantially for the property. A good buyer's agent will not let this happen. Personally, I will argue with the buyer if they are being unrealistic about the price they are willing to pay for a property. Here is a basic checklist for you as a buyer to ask your agent to provide to you to help determine property value on a numbers basis only:

 

1) A ¼ mile and a ½ mile radius search of all property types, current active, pending and properties sold within the past 6 months but no further back than 1 year.
2) A report from the auditor that gives the property information for the subject property street. If the street is extremely long, at a minimum 20 houses on both sides of the address.
3) The auditor information about the property itself.
4) Listing history if any.

 

These are not fool-proof but they help to indicate property values in the area.

 

It is important that you understand the role of agents and brokers with whom you are working. A buyer's agent must follow the buyer's lawful instructions, be loyal to the buyer, promote the buyer's best interests, disclose material facts to the buyer, maintain confidential information and, account for any money they handle in the transaction. What happens when a buyer contacts the listing agent directly about a property? This is fine and actually thrills us as agents (we make extra money!) Problem is that the buyer usually doesn't understand the role of the listing agent who entered into contract with the seller to represent the seller's interest and sell the home for the highest possible price.

 

Where does this leave the buyer? The listing agent can write an offer for you on the property. That agent is acting either as a "dual agent" which means they are nothing more than a facilitator between buyer and seller or they remain the listing agent only representing one of the parties. Please be sure you understand the agent's role and what if any representation you are getting.

 

If you do not feel comfortable with the agent you are working with, choose another one! You are never stuck and this is too important to not be happy with who you are working with. Depending on the situation, you may need to contact the Realtor's manager or broker and ask for a different agent to be assigned to you. If you are not yet under contract to purchase a home and you did not sign a contract guaranteeing the agent your business, just walk away and contact a new agent. Referrals are a wonderful way to find someone who will take great care of you.

 

Beverly Corsmeier - bCorsmeier

 

Beverly Corsmeier is a real estate agent for Coldwell Banker West Shell Real Estate, and the Real Estate Columnist for Cincy Chic. Contact her at This e-mail address is being protected from spambots. You need JavaScript enabled to view it or visit her website, www.LiveandPlayCincinnati.com.

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