AN OPEN LETTER REGARDING PREDATORY PRACTICES
Dear Prospective HomeBuyer,
Yesterday, you learned that the elderly owners of the Queens house you toured were prematurely forced to move out of their home. A chronic illness has stolen some of their independence and they were faced with the difficult transition of moving in with their adult children. The homeowners are greatly motivated to sell and are willing to entertain all reasonable offers. The asking price is the lowest in the area and represents great value for that particular neighborhood.
While fresh paint throughout and resurfaced wood floors would brighten up the rooms tremendously, the current condition of the home is reflected in the listing price. A new roof and new windows may also be necessary in time but are not required immediately upon purchase.
What then would explain your offer of 200K less than asking? Taking advantage of a person's dire circumstances is a phenomenon we've seen recently usually in conjunction with short sales. Reveling in someone else's misfortune and using their bad luck to your extreme advantage is unfair but becoming more commonplace.
Searching for a good deal? You've found a good deal! The home prices have dropped 35% in this neighborhood since the peak years and have barely started to go up.
While you're out shopping for that "deal of a lifetime," try not lose sight of your moral compass.
Fair market value is all we desire.
Your friend in the business,