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!
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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.
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.
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
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