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The forclosures weren't listed at that low of a price they were listed similiarly to ours, they just sold for a lot less than what they were listed for. That's why it confuses me. Now that we know what they sold for if we price ours to match, will the buyers still offer less?
This is even more troubling for you. If your regular sale house can't compete with similar priced foreclosed house, then you are in a real trouble. Why do you think the buyer purchased the foreclosed house instead of your house? If you know the answer, then do something about it. If you don't know the answer, find it out now before it's too late. A normal buyer would not buy a foreclosed home over a regular house, if all the other factors are the same.
I am wondering if the buyers only make the offers on forclosures because they figure the bank will take way less than the listed amount, and they don't bother with ours because maybe they figure we won't take much less than the listed price. I can't say we would take 20k less than the listed price but any offer would at least make us feel a little better.
I am wondering if the buyers only make the offers on forclosures because they figure the bank will take way less than the listed amount, and they don't bother with ours because maybe they figure we won't take much less than the listed price. I can't say we would take 20k less than the listed price but any offer would at least make us feel a little better.
It's certainly possible but not likely.
Suppose the two houses have identical listing price, specs. But one is a foreclosed and another is a regular sale. It's safe to assume that the foreclosed property is riskier because most of them are sold AS IS. Who knows what the previous owner did to the house before they got evicted?
In this case, most buyers will first make a low ball offer on a regular sale. If rejected, they may make the same offer on the foreclosed. They would not make an offer on a riskier property first. I don't see your logic will hold here.
I don't know anything about you or the foreclosed house that you are comparing with. But just by looking at the results, I think there must be another reason why the buyers didn't pick yours. My friend, you need to find out the real reason. Otherwise, you may have hard time selling yours.
Don't need pics. Your home is overpriced if it hasn't sold in 2 years. You either need to fix the condition or reduce the price. You aren't getting lowball offers because buyers feel your price is too unrealistic to waste time on.
What has your agent advised you to do? Did you do it? Is it clean, free of clutter and overly personal items, and attractively staged? I agree that you must price your home near or below the last sale price on a similar home. You have a lot of competition in your area so you must offer something that the others do not have; an agressively priced property, and NOT a short sale or REO. Best wishes.
p.s. Remember the other agents and buyers are not out there to make you feel better! This is business. Approach it as such.
The forclosures weren't listed at that low of a price they were listed similiarly to ours, they just sold for a lot less than what they were listed for. That's why it confuses me. Now that we know what they sold for if we price ours to match, will the buyers still offer less?
Buyers will more readily low-ball a bank because the bank will more readily accept the offer. If you price just as low as the bank accepted, buyers may well ask for a further discount. I'd still price just as low and just don't accept a lower offer for at least 2 weeks.
Competing with REO's is difficult - banks will sell at what ever price it takes to sell the house. You must be in the same ballpark price or your not even on the market - then make sure your house is in superior condition - most REO's are dirty! Some buyers will pay a small premium for your house, if it's in perfect condition - this is the only way in today's market to compete with an REO. Offer the buyer a move-in ready home!
I'm an investor buying several houses a week and reselling them!
Don't need pics. Your home is overpriced if it hasn't sold in 2 years. You either need to fix the condition or reduce the price. You aren't getting lowball offers because buyers feel your price is too unrealistic to waste time on.
Yeah, I wouldn't choose to move to Florida in the first place. It's karma, maybe.
I believe the OP is in Michigan.
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