Love this halarious video from Home Crisis Investigation with Jon Stewart .
All of us have been involved in asking our home owners for a price reduction or have seen listings that have sat on the market for what seems to be an eternity.
One of my clients who moved from Florida wanted to rent here in Virginia until their Florida home sold. Within 3 months of their lease ending, they were told by the landlord the home was soon going to be placed on the market as a short sale. The landlord for gave them an opportunity to purchase it....
how easy this would have been for them to remain in the home and for the seller to get their home sold without facing foreclosure or the hassle of a short sale.
Problem is, my client was smart enough to seek advice and representation before making an offer that would have been clearly too high.
The owner first offered to sell my client the home for in the high $700,000. They were being so considerate to offer it to my client first. After all, they had a prospective buyer who was going to make an offer. The home went under contract before ever going into the MLS.
When the seller actually came on the market as a short sale, they listed it in the mid $600,000 and under contract. After months of waiting, the bank rejected this offer; the listing agent relisted the home at $699,000.
It will be interesting to see what this home will finally sell for or if it will become a REO (Bank owned, after foreclosure.) The bank had an appraisal done; they feel this is market value. We will see, location is one problem since not too many homes are selling in this neighborhood and in this price range.
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