House Limbo: How Low Can You Go | Milton Pre-Foreclosure Reduced Again
categories: Buyers, Foreclosures, Milton Real Estate
MILTON - Will someone please buy this house. It is too good of a deal to be still hanging around. The bank reduced the price yesterday to $450,000. The only thing wrong with the house is a little neglect and needs interior painting.
The house next door is on the market for $650,000 and there are solid sales in this neighborhood (White Columns Colonade) around $550.
I’ll grant you it is a crazy market, but this house should have been sold a couple of times over by now at this price. This is a deal looking you square in the eye. Remember what happened at the foreclosure auction on Mayfield Road last Saturday : the house sold for higher than the last list price. This deal needs to be taken off the table before it isn’t a deal any more. At an auction - or on the courthouse steps, there is competition. Right now, you can deal with the bank one on one.
By the way, the next lowest priced home in White Columns is in White Columns Oaks on Scarlet Oak Trail. It is also a foreclosure that has been under contract that fell through.
It has a finished basement that includes a second kitchen. In total, there are SIX full bathrooms in the house, which includes two in the basement and each secondary bedroom has its own full bath. It is listed at $515,000. You might be able to get that house for $500k or less.
Hello Kevin,
Read your blog, never posted. Question for you. Whats the deal with the Realtors “Buy this house I’ll buy yours” thing? It seems like its going to not go well for the buyer but Ive never contacted them about it? Any opinions or experience with these guys?
Thanks,
Dustin
Dustin: I love it: Just like “Long time listening, first time caller.” ;->
Here’s the deal with “Buy This House and I’ll Buy Yours” or the similar “If Your House Doesn’t Sell in 90 Days, We’ll Buy It.” Sounds good in this market, doesn’t it?
Those programs, particularly the later, work on a pre agreed to buy out price. It is typically 10% less than what the broker CONSERVATIVELY thinks your house is going to sell for.
Like everything that sounds too good to be true; it probably is.
Here’s the thing, though. They don’t really want to buy your house. If they have to buy your house, they have actually failed to get it sold. What they are really trying to do with this tactic is get you to realistically think of what your house is really going to sell for by telling you what they’d buy it for.
They get a lot of listing appointments this way and a certain number of listings I’m sure. It is a strategy to generate business for the broker.
I don’t use this program, so I’m on the outside looking in, but this is my understanding.
Long time listener, first time caller is right. Watching the market and looking at houses is like a hobby for my wife and I. It becomes very addictive and Atlanta is a great place to feed the need. Youve got a good niche going here as its hard to find info on developers and such. Keep it up.
So thanks for the answer, the 10% is what I think I was looking for as I knew the buyer would take a hit. The comps in our neighborhood are so funky that this type of gig would kill us. Coming up with the value of houses in our subdivision is harder than most I think. We have the equity in the house, been in it 8 years, but I couldnt afford losing that much. Tempting to mull over in these conditions though. Weve been listed since March…