Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 03-17-2009, 03:10 PM
 
73 posts, read 457,796 times
Reputation: 73

Advertisements

Seller bought ten years ago. Has listed this property for sale off and on for four of those years, always overpriced. He received, I believe, one valid offer back in 2006, which he turned down...we have never made an offer but made several visits - it's a nice little income property but nothing terribly appealing. And, as I said, overpriced.

At some point he re-financed and took out cash. So he is probably now upside down or close to it. In fact, I know he needs some cash to pay the capital gains - his agent told us that.

He listed last week for $325k (down from $550k at its high.) We offered $275k cash, closing in five days. He countered with 312k. We offered $290k, firm, End of Story. He wants $300k...

The tax value on this is $276k (recently updated) and no broker will touch it - nor will the local banks. It's too odd a property and comps are non-existent.

So now his strategy is to take it off the market and price it up, because he thinks we talked him down only because of the initial price. Sigh.

I'm sorry we offered the $290k, quite frankly, and think $280 would have been more appropriate, or even back to $275.

What you need does not equate to what people will pay!
Reply With Quote Quick reply to this message

 
Old 03-17-2009, 03:42 PM
 
Location: Elkhart, IN
311 posts, read 914,657 times
Reputation: 269
Quote:
Originally Posted by home*sweet*home View Post

What you need does not equate to what people will pay!
So true and one thing that agents fight against all the time with sellers. Everyone wants to buy a bargain, at rock bottom price, but when it comes time to sell, they want pie in the sky prices for that same property!

Human nature? I guess so. The "golden" window is between 30-45 days after listing. Sometimes though the sellers are willing to wait, this sounds like someone who is not dealing with reality or does not care to really sell his property.

There are plenty of good deals out there with lots of sellers who are ready to sell, go find one, good luck!
Reply With Quote Quick reply to this message
 
Old 03-17-2009, 03:48 PM
 
73 posts, read 457,796 times
Reputation: 73
Actually, not. We are looking for a multi-family. The last comp they can find on a multi-family was OUR last purchase back in 2004!!! I'm setting my own comps, for goodness sakes!!
Reply With Quote Quick reply to this message
 
Old 03-17-2009, 04:15 PM
 
Location: Barrington
63,919 posts, read 46,608,492 times
Reputation: 20674
It sounds to me like this serial seller wants his price more than he wants to sell.
Reply With Quote Quick reply to this message
 
Old 03-17-2009, 04:40 PM
 
Location: Great State of Texas
86,052 posts, read 84,321,515 times
Reputation: 27718
Quote:
Originally Posted by middle-aged mom View Post
It sounds to me like this serial seller wants his price more than he wants to sell.
ROFL..I love that .."serial seller". Good one
Reply With Quote Quick reply to this message
 
Old 03-17-2009, 05:05 PM
 
73 posts, read 457,796 times
Reputation: 73
LOL at Serial Seller! I mean COME ON. The property has been listed for FOUR YEARS (although of course it only shows up as four DAYS on MLS right now...) I called the city to get some code questions answered and they did not even have to look it up - he knew the address! For all I know, though, he could be the BIL of the Seller, it's a small place down here.

He's now had TWO offers in FOUR years...
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6. The time now is 03:16 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top