Lately, my mind will not let me sleep. Will the Bank take less? Will they accept Ameridream? Should I really go THAT low? And will they remember my name so that the next offer I submit they will toss it before reading? Arrgg!
It seems in the foreclosure driven market, buyers do NOT want a GOOD deal....they want a good STEAL!
I given them the comps, I tell them that Banks really are at bare bones. I research that particular subdivsion and even give them the % of forgiveness typical for Bank Owned Properties. (And here in Phoenix, I am seeing that most REO Props are going for full price or even above. The low prices are creating somewhat of a reverse frenzy!)
But the buyers STILL want to go lower. Here's an example.
Actives in a townhome subdivison are from $87,000 to $125,000 (bank owned and short sales). Average DOM is 103.
My client is interested in a property listed for $104,900. We view it, then we find out from the neighbors that the reason part of the wall is missing, and the carpet has a huge hole cut out is.....the poor fellow comitted suicide in there.
Frankly, this doesnt bother my client much as long as he can get a good STEAL. I figure...carpet, baseboards, paint, new sliding door and Stigmatized property. At this point I'm thinking Hmmm.....offer $80,000 they will counter at $85,000 fair deal both sides. But NO...my client wants to offer $75,000 and asked for Ameridream AND Closing costs. I HAVE NO NAILS LEFT AND I CAN'T SLEEP!
Ok what is YOUR opinion? Let's have a no money betting pool here! lol I would love to hear what you all think will happen!
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