I got a call the other day from a prospective buyer. The conversation started with him saying that he was looking at foreclosure homes for sale in Fort Wayne, and that he wanted to find the deal of the century.
I was honored that he called me and wanted my help. I asked him to explain to me what the "deal of the century" looked like.
60 cents on the dollar was his reply. He wanted a home in Southwest Fort Wayne that he could buy, do a little cosmetic work to, and have a TON of equity. He said that he wanted to offer 50 cents on the dollar (half of list price) in hopes that the bank will counter at 60 cents on the dollar. "You can help me with this, right?" he asked.
"Yes! I can help you with this!! Meet me at my Century 21 office on Dupont Rd. tonight at exactly 6:38 pm. At that time, we will get into my time machine, fire that baby up, jump on to Interstate 69, hit 88 mph, and we'll head back to 2005!"
Thankfully he laughed.
I went on to explain that even foreclosures in Fort Wayne are selling for 95% of list price on average in today's real estate market. Banks are wising up on their list prices and actually doing their homework before listing the homes.
Are there still deals to be had in the Fort Wayne real estate market? Yes! But the days of low balling foreclosures and getting it for 50 - 60% of list price are long gone.
If you are looking for a good deal on a home in Fort Wayne and are realistic about your expectations, please call me at 260.704.0842. If you are looking for the deal of the century and have completely unrealistic expectations, I would be happy to give you a competitor's information. :)