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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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disappointed
My house has been on the market for almost 4 months now. I've dropped the price $30K and I honestly think it is very competitively priced - I've seen some of my competition first hand. Thus far, I had one accepted offer that fell through when my house was priced 30K higher and another offer come in that is really low - way too low to accept.
A month ago, our agent said he feels confident that our house will sell close to our asking price. Now, just one month later he is suggesting a short sale??!! This doesn't seem right to me and I have a feeling it is because he wants me to accept the lowball offer. Am I crazy or was that a bad suggestion that is coming from a broker who sounds like he's giving up?
I don't think my house has been on the market for a ridiculous amount of time - I think 4 months is fairly quick for making this suggestion. We aren't desperate. And, since lowering our house the 30K, we've been having more showings than ever and our open houses are drawing in lots of people.
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Posted 7/26/10 2:37 PM  |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: disappointed
4 months is not a long time in this market. I would say 1 year is when you really need to starting thinking a bit differently.
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| Posted 7/26/10 2:39 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: disappointed
I think 4 months is too soon to make that call
unless you are behind on your mortgage- a short sale is not good advice at this point
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| Posted 7/26/10 2:45 PM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: disappointed
i agree, i think 4 months is still too little especially if you dont NEED to get out right away...
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| Posted 7/26/10 2:57 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: disappointed
Posted by Beth
I think 4 months is too soon to make that call
unless you are behind on your mortgage- a short sale is not good advice at this point
Agreed, and also you might be putting off some prospective buyers. I know that after a couple attempts at looking and bidding on short sales and foreclosures, I finally wouldn't even consider looking at them once I found out they were a short sale.
4 months is not a long time.
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| Posted 7/26/10 3:00 PM |
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Re: disappointed
The market is very confusing to many Realtors. Patients is not one of our best virtues. We make money only when we sell.
But from reports on the RE market many believe we are in for another 5 to 10 percent decline. We do not have a crystal ball so our information comes from industry leaders and economist.
He also can be covering his you know what if the market does go south.
My suggestion is review all sales and listings in your area and have a face to face with your Realtor. Tell him to educate you on the market, so you can make the best decision.
I also agree if you do not need to move and you can afford your home short selling is not an option.
Good Luck,
Arthur
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| Posted 7/26/10 10:06 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: disappointed
4 months isn't long. That was 2005 time.
do you have a listing book account? go to your listing and click on area sales. sort by sale date and you can get an idea of what houses have been selling for.
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| Posted 7/27/10 1:11 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: disappointed
Posted by Erica
4 months isn't long. That was 2005 time.
do you have a listing book account? go to your listing and click on area sales. sort by sale date and you can get an idea of what houses have been selling for.
Yes, I do. The other recently sold 3 bed 2 bath in my area went for 390-440K. My house is listed at 399K.
My realtor suddenly suggested a short sale when an offer came in at 355K which we didn't accept - and the buyer didn't respond to our counter. So I think the timing is kind of ironic. I am not desperate to sell or facing financial strain...if we can't get our price, we'll stay in our home.
I am disappointed nevertheless that he would even suggest that after less than 4 months. Is he lazy do you think??
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| Posted 7/28/10 3:20 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: disappointed
honestly your Realtor doesn't know enough about short sales to even suggest one
someone in your situation would most likely be denied a short sale by the bank
why would the bank take a loss if you are on time and able to make the payments with no hardship? they wouldn't
If you were late- after 4 months on the market that would be a completely different story
(I just spent 2 days in classes learning about short sales so if anyone has any questions feel free to ask)
Message edited 7/28/2010 3:30:11 PM.
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| Posted 7/28/10 3:29 PM |
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