Here is an excellent question asked regarding our blog post on LinkedIn:

Hi Jim:

Since many appraisals were inflated, I’m wondering how much of a “fudge factor” there might be in that $107,000 swing?   How about in other homes for sale that refer to a figure that’s under the appraisal?   What would be a conservative approach to looking at those figures?

Tim, Cleveland State University

Here is our answer:

Tim,You have a terrific question based on the information that was provided to you. Here are some additional facts that might help you in substantiating the value for this property.First, this 15 year old home has had only one owner. The appraisal was not done by a bank trying to sell a mortgage note, it was done by the county. Other homes in the area are selling near or above county appraised value.While looking at figures is one part of determining a “fair market value” for a property, viewing similar properties in the immediate area is essential in establishing an offer for a property. My clients and I have covered this thoroughly.In my opinion, what we have here is a more motivated seller than your average seller in this area. There are a few sellers who have determined that moving on is more important than making a profit, but not very many. Since this house was built 15 years ago, the asking price may be slightly above or at the original purchase price.

This home is stone on all sides. I can’t begin to tell you what the stone alone would cost today, but I’m guessing in the $100,000 range.

SOMEONE IS GOING TO GET A VERY GOOD BUY HERE….

Does this answer your question?

Many Blessings,

Jim

 

OUR ORIGINAL POST FOLLOWS:

 

NO, we are not trying to sell one of our own listings….it is not bank-owned or a short sale (to the best of our knowledge). It located in a small development of fine homes on a private lot, less than 5 minutes from the highway.

We recently showed this home in the Bainbridge/Chagrin Falls/Aurora area that far surpassed others available in this price range. Our clients decided to buy another property, even though we all agreed that this was, by far, the best value. It was their 2nd choice for reasons we can explain.

If you are searching anywhere near this area in the $400-600,000 price range, call us to see this home. You will be amazed.

Jim Norbuta, Realtor®
website: http://www.findingclevelandhomes.com

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