Michael Fitzpatrick, ABR, GRI

Recently I priced a property at 170,000 (estate sale) and the owners wanted to list for 225,000. Took me 2 hrs but I convinced her what the market was selling for. Within an hr her siblings said no way and she called me back and asked if we can meet half way and list it for 199,900. I agreed with the condition of if there is no traffic we lower back to my price. First day of showing we had 5, an offer the next day. Siblings were freaking out, "Raise the price!" They decided to order their own appraisal. It came in at 164,500, of course I smiled...from the inside. With permission I lowered the price and posted the appraisal. We now had 25 showing and 7 offers, 4 over asking.

My question is....is that appraisal etched in stone? Say I did not disclose that we had one done. Can't the mortgage company see our appraisal when they do their own? I thought they could. I think I did the right thing by disclosing it. (Full Disclosure)

If you plan on living in your home for atleast the next 5 years you might want to just sit back and wait it out. Unless your interest rates are 6% and above. If you are thinking of refinancing please make sure you do the following.

• Get a good faith estimate and go over the figures BEFORE you pay a dime. Some companies will not do this, shop around. This is the time to even look at mortgage brokers, they have access to a lot more loans than your typical lender. After going over the nubmers..
• Is my monthly payment any better
• what are my closing costs....some credit unions are under $1,000 in fees.

After talking to your financial advisor about this you should be on the right path.

Okay now for the people who have to sell a home and buy a home. This pertains to the family who has to do both. Whether it's a buyers market or a sellers market its a "wash". What I mean is right now we are in a buyers market. Which means that the buyers are getting great deals now. So the sellers will be getting a lot less for their homes, but in return they will be gettin a great deal on their new one. But you need to concentrate on selling that home.

• There is an 8 month inventory out there. Which means that you need to price your home accordingly and make sure its in showable condition.
• Signs, open houses, sellers assist, home warranties, and what is the other properties (the competition) doing?
• do your homework. Interview your agent. What will they do for you? What are their credentials?

Now for the people who want to buy that DO NOT have a home to sell.

IT'S CHRISTMAS!!!!!!!!

Make any offer you want, you have nothing to lose. These sellers are hurting right now, but remember one thing. If you do find a property that you really like and you don't want to lose it, play it smart. Don't insult them with too low an offer, they might not accept another offer from you.

Tell me what you think......