House & Home

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by Tom Domin - Setting the price of an FSBO property...Reasons to be a professional appraisal...3. A written appraisal gives the FSBO some piece of mind and assurance that their asking price for the house is right where it should be. Now they have the facts when they are faced with a "Bargain Hunter" who is trying to steal their house at the lowest possible price and at the most favorable terms for himself.

OK...As a Mortgage Professional, here's your opportunity to step-up to the plate and help your FSBO with the pricing of their house. The following may help you...

For many years I have had an agreement with Bill that does a lot of appraisals for me. When my FSBO agrees, I have Bill do an abbreviated appraisal to set the value of the property and to give the owner documentation that shows that value.

Since this is less than a full appraisal he will do these for me all day long (and very quickly) for a heavily discounted rate that we previously negotiated. When the house sells and I originate the mortgage, Bill knows I will use him for the "buyers" full appraisal. Bill then charges his normal everyday full price...Read the rest of this article...