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Best advice, Three separate and un-biased opinions. "BPO's"
Broker Price Opinions are extremely popular, banks use these instead of
an appraisal. Real Estate Brokers or Associate Brokers are the
only persons allowed to complete these. Cost of a BPO is around
$75. while an appraisal can cost around $400.
Contacting a local real estate agent for a free market
analysis is o.k., however there may be some underlying ulterior motive
when it comes to giving you a fair market opinion of value.
Many
online services can be as far off as much as 25%, it's a nice toy
but do you really want to play around with your investment? No WEB
SITE regardless of size or appearance can perform an accurate opinion of
value. When determining a value on an item as important as your
home, physically reviewing the home is step one.
Appraisal's are an opinion of value, it is not a guaranteed selling price.
Depending on their local knowledge will determine their accuracy.
True Value of any home or property is what a ready, willing and able
home buyer is willing to pay for your home.
Overpricing and
working your way down with price reductions is a popular practice with
home owners, however this will extend your market time. Too many price
reductions will make your appearance to the market to be disorganized and simply
unaware of the true value of your home.
Remember you have one
chance to make a first impression to the market, show them you have
done your research, leave a copy of the appraisal or BPO out to review
during showings. We prefer for you to find an independent
opinion of value to avoid any conflicts of interests.
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