Huh? (by Rangor [TN]) Dec 16, 2012 1:18 PM|
Huh? (by Joe [GA]) Dec 16, 2012 3:29 PM
Huh? (by Mike45 [NV]) Dec 16, 2012 3:50 PM
Huh? (by Rangor [TN]) Dec 16, 2012 4:30 PM
Huh? (by Rangor [TN]) Dec 16, 2012 4:35 PM
Huh? (by myles [MI]) Dec 16, 2012 7:37 PM
Huh? (by BRAD 20,000 [IN]) Dec 16, 2012 11:12 PM
Huh? (by Mike [TN]) Dec 17, 2012 11:44 AM
Huh? (by MikeAC [IN]) Dec 17, 2012 11:49 AM
Huh? (by Rangor [TN]) Posted on: Dec 16, 2012 1:18 PM
I just looked at a Fannie Mae 1958 (1 owner) house in which the listing price was just dropped from 100K to 70K. I toured it with the listing agent who talked about already having an offer on it that will be submitted tomorrow and then said, "they typically won't come down below listing price." Say again? Is she talking about once there is that big of a drop they won't move much for a certain period of time or what? Or was it just agent talk?
Huh? (by Joe [GA]) Posted on: Dec 16, 2012 3:29 PM
If it is a foreclosure it is tough to get Fannie Mae to move much off listing price in my experience. So, the houses usually sit until the listing price is reduced to someplace close to actual value. --98.66.xxx.xxx
Huh? (by Mike45 [NV]) Posted on: Dec 16, 2012 3:50 PM
I suspect that following a 25% listed price reduction, they might hold it at that price for a while to see how the market reacts. How long was it listed at $100K before they dropped the asking price to $75?
But words from the agent are just noise, to me.
Huh? (by Rangor [TN]) Posted on: Dec 16, 2012 4:30 PM
They dropped it from 100 to 70 on Friday, so you are probably right, Mike. It would not surprise me if they get a contract on it this week. It's an amazingly solid, well maintained home (even has what looks like the original stove which is beautiful), all brick on about an acre. A few things keep it from probably being the best option for a rental, so I've decided not to put in an offer. I just thought it was an interesting comment. --98.68.xxx.xxx
Huh? (by Rangor [TN]) Posted on: Dec 16, 2012 4:35 PM
I think it was listed for 100K over a hundred days. --98.68.xxx.xxx
Huh? (by myles [MI]) Posted on: Dec 16, 2012 7:37 PM
I worked with Fannie Mae in the past and they will work with you on the offer but considering the terms. If you plan to buy cash then they will work with you on price. Just my 2cents --75.80.xxx.xxx
Huh? (by BRAD 20,000 [IN]) Posted on: Dec 16, 2012 11:12 PM
Rangor, Shoot a low offer. Nothing to lose. --50.129.xxx.xxx
Huh? (by Mike [TN]) Posted on: Dec 17, 2012 11:44 AM
Ask your realtor to give you a listing history of the address. It can give you a lot of information you need to know. Any realtor in your MLS listing will have access to such information. Also ask your realtor to give you a price comp. for the house.
Since I'm licensed too and I always get that as a base to establish how much the house is worth. If the house has been sitting on the market for too many days, there is a reason for that. Either the price is too high or there are some issues with the house.
I would go for a low ball offer with cash, that will work if the seller wants to unload it quickly. Keep in mind that at least 50% (or much higher than that) contracts don't go through because of the loan issues. Cash offer is always considered first even if the price is lower. --198.51.xxx.xxx
Huh? (by MikeAC [IN]) Posted on: Dec 17, 2012 11:49 AM
I bought a SFH from FreddieMac. They held the house for almost a year. After 6 mos of no offers they lowered the asking price by $10k every month. Started out asking $160.. then $150k...then 140k...then $130k.
I offered them $120k...they countered and we settled on $125k. I probably should have low balled it more but felt it was way underpriced already. Most other buyers were turned off by the sale terms "As is".. or could not get financing. --192.158.xx.xx