What is wrong with this picture? Short sale turned into foreclosure.
2010 Oct 25, 3:52am 3,510 views 11 comments
by a4adam follow (0)
« First « Previous Comments 10 - 11 of 11 Search these comments
bubblesitter
@
2010 Nov 2, 4:33am
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.
Denial.
a4adam
@
2010 Nov 3, 6:41am
So, pelase don’t fall for the look and check hard if whatever upgrade w/ the home you were seeing is worth paying for.
I hear you. We saw one house that was a disaster, dressed up to look nice. Still waiting to hear on the final but we accepted the seller's counter yesterday. Of course, we're doing full inspections and I will be there for all the inspections.
We accepted a slightly higher price because the house was move-in ready and it had nice things like a new roof (concrete tile), all new double pain vinyl windows (not the cheap ones either), new kitchen (all new) and lots of other smaller upgrades. The bottom line is we don't have to sink our life savings into the house, we can pay the mortgage on one salary, and it's in line with rents in the area and what we are paying for rent now. All that and the house is in a nice neighborhood too.
The thing I learned is even with all that has happened, the banks are still engaging in monkey business. At least that was my impression dealing with them on the short sale and then the REO.
Sometimes you just have to take a step back, it's so easy to get lost in the particulars.
« First « Previous Comments 10 - 11 of 11 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