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Old 07-03-2008, 07:43 PM
 
34 posts, read 137,014 times
Reputation: 22

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Ok so the house in Harris county is out- my SIL went to look at it today and it was scary in person and across the street from a deliquent school of some kind- so I am back to looking at Montgomery county.

We really like a house in Montgomery CO but according to the comps it is $90,000 more than any property has ever sold for- is it crazy to even consider that or are folks just trying to rip buyers off?
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Old 07-03-2008, 07:53 PM
 
Location: Austin, TX
4,760 posts, read 13,830,745 times
Reputation: 3280
Quote:
Originally Posted by whitegoldens View Post
We really like a house in Montgomery CO but according to the comps it is $90,000 more than any property has ever sold for- is it crazy to even consider that or are folks just trying to rip buyers off?
That seems out of line with the current real estate market. If the sellers upgraded the house way above the typical house in the neighborhood, they made a mistake and you shouldn't have to pay for that.
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Old 07-03-2008, 07:55 PM
 
34 posts, read 137,014 times
Reputation: 22
We asked the listing agents Realtor what improvments the sellers made and she replied with... "too many to list" No very informative huh?
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Old 07-03-2008, 10:14 PM
 
Location: Houston, Texas
10,447 posts, read 49,668,993 times
Reputation: 10615
It is very hard for you the buyer to get ripped off.

Even if the seller was a nut job and listed the home $100K over its real value, if an unknowing buyer came along and agreed to pay that price, it would never appraise out anyway and the lender would reject the loan.

But I too love Montgomery County. You likely will get more house and land for your money.
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Old 07-04-2008, 11:24 AM
 
Location: Lake Conroe, Tx
637 posts, read 3,237,641 times
Reputation: 421
Quote:
Originally Posted by Topaz View Post
That seems out of line with the current real estate market. If the sellers upgraded the house way above the typical house in the neighborhood, they made a mistake and you shouldn't have to pay for that.



That's correct; though on the flip side of that the property obviously had great desirability about it otherwise they wouldn't have wanted it and been so angry that it was priced way over the comps. Unfortunately there is no desirability box on an appraisers sheet to check that will add value to the appraisal. It comes down to they have it and you want it, so unless your willing to walk and find something else you have to pay their price. The sellers are probably just fish'n but if somebody bites they will sell, otherwise it sounds as if they really don't want to sell that bad or have been misguided by an unknowledgeable source. Like someone else said, it really doesn't matter unless the buyers are paying cash because the property won't appraise. No appraise no loan, no loan no closing.
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Old 07-04-2008, 01:26 PM
 
34 posts, read 137,014 times
Reputation: 22
Good tips although I never said I was angry that it was priced high. I walked away and just watch it sit there on the market month after month....
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