Woodland Hills, UT

The seller of the property is the person who sets the price of the property (especially residential property), and not an appraiser. This is because sellers normally do not order an appraisal when selling their homes. Sellers wish to obtain the highest selling price possible for their homes and hence do not want to be bound by the appraiser's assessment of their home. The real estate agent, who receives a percentage of the price as compensation and often represents the seller in the transaction, normally assists the seller in setting the sale price.

The real estate agent performs a comparative market analysis (CMA). The appraisal laws in most states allow real estate agents to perform CMAs without an appraiser's license or certification. A CMA is a necessary part of the agent's preparation for a listing and consists of examining sales of properties in the area to arrive at a listing price. The reliability of the CMA depends upon the agent's experience and the characteristics of the property and the surrounding area. Typically, the agent will suggest a selling price to the seller based upon the analysis. However, the seller may not accept that price and choose to list the property for a higher price.

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When looking for homes for my buyer clients, I have found that the Seller's Motivation can have a dramatic affect on the price of the home. The most common "Motivated Seller" is someone who has already bought his or her next home or is relocating to a new area. They will be under the gun to sell the home quickly or face the prospect of making two mortgage payments at the same time. Since that can drain a bank quickly, most sellers want to avoid such a situation and may be willing to give up thousands of dollars to avoid the possibility.

Family crises can be a motivation for a seller to make a quick deal. However, when you see a real estate ad that mentions, divorce, motivated seller, relocation, or something to that affect, beware. Many times this kind of ad is designed to generate phone calls and leads rather than sell the home.

There are times when the seller truly is distressed, willing to make a quick sale and sacrifice thousands of dollars. With the seller's permission, the listing agent will post this information on the Multiple Listing Service. They may also inform other agents during office meetings or by flyer sent to other real estate agents. Provided this information has been made generally available to Realtors, your agent should know when a seller is truly motivated and when it is just "puffing" designed to elicit interest in the property.

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By: Robert A. Hulme - Realtor - Loan Officer -Utah County, Including Provo, Orem, Pleasant Grove, American Fork, Lehi, Highland, Alpine and Cedar Hills, Eagle Mountain, Payson, Saratoga Springs, Spanish Fork, Springville, Mortgage Xpress, Agent

The Real Estate transaction is considered "closed" once the deeds have been recorded with the County. You then own the home. However, it is not always possible for you to occupy it immediately. It is customary to allow the seller up to a maximum of three days to turn over actual possession and keys to the home. When the transfer of possession actually occurs should be clearly laid out in your offer to purchase to prevent confusion later.