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What is wrong with this picture? Short sale turned into foreclosure.
2010 Oct 25, 3:52am 3,514 views 11 comments
by a4adam follow (0)
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bubblesitter
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2010 Oct 25, 4:05am
"Houses were selling for closer to $250k" Why don't you get one for 250K and why you want to pay 300K for that? Is there any specific reason?
a4adam
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2010 Oct 25, 5:17am
Not too many houses arebubblesitter says
“Houses were selling for closer to $250k†Why don’t you get one for 250K and why you want to pay 300K for that? Is there any specific reason?
Not many houses in that neighborhood are for sale to begin with, just a few. We like the house and this one has been improved. Nothing super fancy, but improved so we don't have to do it. Simple 3/2 ranch built in 1974.
That's the whole point, we won't pay $300k for it, that is why we offered less. Just wanted to give it one more try since the short sale was a no-go.
The truth is that most houses in Vacaville have not been improved much, they are mostly OE and need improvement. So we are taking our time and being a little picky which is why we were willing to pay a little more for this place. $275 is pretty much our ceiling, even though we can afford more we don't want it to be a stretch.
Done!
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2010 Oct 25, 7:26am
That way the banks get to show the Gubbermint auditors "See they just don't want these beat up old houses" as they sell them to their straw companies for pennies on your rejected offer.
banks generally get on a pretty regular price reduction routine, if the home doesn’t sell in a month or two. They WILL find the market price.
The REO's in the area I'm living at now will reduce prices only so much before they withdraw it from the market. It comes back 8+ months later as a new listing, with the original price before any reductions.
a4adam
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2010 Nov 1, 4:40am
No way. We are not playing games with the bank. We walked after they gave us a form that indicated multiple offers and they wanted us to bid up our offer. The wife agreed too, we set our highest price for the place and stuck to our guns.
Lucky for us, the very same day we found another house and made an offer. Life goes on.
Comments 1 - 6 of 11 Next » Last » Search these comments
Wife and I tried to buy a home in Vacaville, CA many months ago. Was listed in May of 2010 for $299,900. For that area, the listing price was quite high. Houses were selling for closer to $250k. We made an offer at $275k on the short sale. Seller accepted, long story short the short sale fell through, bank foreclosed.
Now after foreclosure and a new BPO at around $258k. Onewest (formerly Indymac) relists the house again at $299,900. New listing agent says they won't consider offers unless very close to their asking price. We offer $270k this time but no response yet.
Why are they asking so much more on this house when it's valued at so much less, and houses in the area are not selling for this much? Is it just wishful thinking on their part?
#housing