1,323 Days on Market...and Counting...
House has been on market 1,323 Days---189 Weeks---or over 3 and a half years.
0.36 Acres, built in 1985, 3 beds, 2.5 baths, 1600-1700 sq. ft.
03/2009 Listed for sale $289,000.
06/2009 Price change $265,000
06/2011 Price change $249,000
08/2011 Price change $219,000
01/2012 Price change $209,000
10/30/2012 Price change $199,000
Property was purchased for $295,000 on 11/2007.
Lot was split in half, and a 1841 square foot, 3 bed, 2 bath spec house was built that sold for $217,500 in August 2009.
Seller says the bank has agreed to release the property for 199k, and is firm.
Said the same thing in January 2012 when price was reduced to 209k.
Is it a waste of time making a lower cash offer, and if not, what percentage off 199k would you make a cash offer for?
THANK YOU SUPERSTARS!
Replies to This Discussion
-
Permalink Reply by Bryant Tutas on
-
I would submit any offer that's in line with true market value no matter how much the bank thinks it's worth. Obviously the current price is too high.
-
Permalink Reply by C. Chase on
-
Thank you for your response Bryant.
The house on street behind about 3 doors down sold June 6, 2012 for $155,000 --- through Freddie Mac.
5 Beds, 2 Baths, 1,936 sqft, built In 1989
Were I to make a cash offer for $155,000 for this--- that is 22% off of the list price of $199,000
My understanding from the Superstars is that "anything more than 10% is not going to get you anywhere."
10% off the list price of $199,000 is $179,100!
-
-
The list price really has nothing to do with the value of the property. The properties value is based on recent sales or similar properties in the same area. The list price could be more or it could be less than the value of the home. Base you price on the true current value of the home in as is condition.
-
Permalink Reply by ivan diaz ikon capital group on
-
Take the lowest comparable in consideration from your CMA, if you do not have one; ask to a Realtor friend to provide you with one; then offer 65%. Every day that goes by, the bank is losing capital.
Ivan Diaz Ikon Capital Group
-
-
Thank you for your help, Bryant and Ivan.
Realtor just emailed and says there are only two comps this year:
1. $165,500.00
Year built: 1991
3 bed, 2 bath
Two car attached garage
Sqft: 1,710
2. $174,500.00
Year Built 1996
3 bed, 2 bath
Two car attached garage
Sqft: 1547
These two comps are not distressed sales, are both much newer construction,, and each has an attached garage. In other words, this short sale does not compare favorably to either.
The lowest comp is $165,500.
Ivan, are you saying to offer 65% of $165,500 or $107,575?
That would be 46% off of the list price.
Or do you mean 65% off of the list price of $199,000 or $129,935?
That would be 35% off of the list price.
-
-
Thank you Harry for your comment on a price per square foot analysis.
The house I am looking at is 1650 heated sq ft.
Comp 1 is 1,710 heated sq ft., Comp 2 is 1547 heated sq ft.
Do you use heated square feet or total square feet under roof in your analysis?
The house I am looking at was built in 1983, so 8 years older than comp 1, and 13 years older than comp 2, and it has no attached 2 car garage. These comps are not of similiar age or condition.
How do you adjust the square footage price for an older house in poorer condition than the comps? What would be a reasonable amount to subtract per square foot based on condition?
I think besides the listing prices, there is a reason this house has been on the market for so long.
However it is hard to see how offering 46% or 35% off of the list price is going to get us anywhere.
Other SUPERSTARS have said anything over 10% off of list price will get you nowhere.
Yet that would equal $179,100---higher than the highest, newest comp.
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons