I was searching the Chicago MLS (“NIMLS”) this morning for three bedroom, two bath condo units for one of my clients. I recognized a property address as a girlfriend, who used to be in real estate, converted this building and added a top floor to it back in 2006. I am familiar with the building and so when I saw the new listed price of $337,500 and I knew that this unit closed out at $470,000 in 2007 (which, btw, I thought was high and knew we were in trouble financially with that type of selling price) was back on the market. Fresh as a daisy – kind of ….
Fannie Mae is the owner of this condominium unit now. The utility of this condo reminds me of a bowling alley and I was surprised that when I saw the price, I thought some flipper or investor had his/her hands on this unit. Not the case.
Colors are “dark diaper poop” as I have always defined it and for good reason. There is no balance in the unit itself, which is critical for obtaining a good resale price. There is basically a living room (with no closet space for coats, my pet peeve) where the kitchen opens up to and the remaining just under 2/3s is basically bedrooms and bathrooms.
This condo unit was on the market for 490 days before the bank took it over. It started at $429,900 and ended at just below $270,000.
Several reasons could have sent this property into foreclosure:
1. Non-cooperating sellers
2. Inexperienced Short Sale Agent
3. Location
4. Utility
5. and the colors in the unit; and/or
6. Non-cooperating Lender
So, now Fannie is coming in overpriced and wants to be your competition. How you compete is by neutralizing your home, pricing it in the bracketed selling price area that you really know it should be placed, and making the home easy to show.
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