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1110 Amostown Rd, West Springfield, MA 01089
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2010 Aug 4, 10:58am 1,376 views 2 comments
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EastCoastBubbleBoy
2010 Aug 4, 12:00pm
Go to the county office for real property and see if they have any morgatges recorded. If they do, the terms of the morgatge may well be there in the documentation.
Yes its some leg-work, and can be a pain, but my thinking is this. The owner bought in 2005 they may have taken out a 5 year ARM, and are looking to get out before it adjusts. (Then again, their rate may very well adjust DOWN given the low rates, so take my line of thinking with a few grains of salt)
The final selling price depends on the sellers desperation. A low ball offer now may not do much today, but who knows 6 months from now. If you can afford what you are offering (have your pre-approvals in order) low ball at $200k and see if they make a counter. My guess is its to fresh on the market, and they are still holding out for list price, but if your analysis is correct - who would buy at the price it is listed at. In short, from what you have told us, time is on your side.
Go to the county office for real property and see if they have any morgatges recorded. If they do, the terms of the morgatge may well be there in the documentation.
Yes its some leg-work, and can be a pain, but my thinking is this. The owner bought in 2005 they may have taken out a 5 year ARM, and are looking to get out before it adjusts. (Then again, their rate may very well adjust DOWN given the low rates, so take my line of thinking with a few grains of salt)
The final selling price depends on the sellers desperation. A low ball offer now may not do much today, but who knows 6 months from now. If you can afford what you are offering (have your pre-approvals in order) low ball at $200k and see if they make a counter. My guess is its to fresh on the market, and they are still holding out for list price, but if your analysis is correct - who would buy at the price it is listed at. In short, from what you have told us, time is on your side.
That's great advice, thanks! I just looked at another home that was purchased 10/24/08 in Longmeadow, MA for $285,000 and it just went up for sale 7 days ago at $315,000. Nice little mark up in the current market. It is very discouraging out here and I may just sit tight for a while, as you are suggesting, as so many others here have commented re other homes. Seems like the reality still has not set in or perhaps the WMass market is insulated from what other markets are experiencing??
This home was purchased by the current owner on 11/22/2005 for $269,900. The sellers realtor made no mention of upgrades and now expects to sell it for $285,000!!! It was stated the sellers are motivated and I was invited to make an offer. I did a sqft analysis of properties on that street that are currently on the market vs ones that recently sold. Many have larger lots with an additional bedroom and bathrooms but went for significantly less on a sqft basis. Based on those numbers I come up with a figure closer to $215 or so, but feel the door would be slam shut as it is so far removed from the asking price. It has been on the market for less than a month.
Zillow has a zEstimate on this house of $253,000 and says it has gained $2500 of value in the last 30 days! What? I guess the bubble didn’t affect the Northeast very much, lol.
#housing