Re: WOULD ANYONE DO THIS DEAL? - Posted by Frank Chin
Posted by Frank Chin on April 08, 2006 at 06:32:10:
Lets assume 430K is the appraied value, and true market value. In a normal market here, it’ll take at least 60 days to move. But if you’re wrong, it could take months.
BUT, in order FOR YOU to do this deal, there’s little flexibility on your part even if someone offered 400K. What do you say “sorry, my price is a firm 430K”
But some lady down the street who owned it for 40 years asked for 430K, but is willing to take 395K, or less. Why?? She bought it for 30K years ago, and couldn’t beleive her dumb luck that she’s even getting almost 400K.
Some guy next door to me some years back was told his house appraised for 89K. So for EIGHT LONG months, buyers and realtors came knocking on his door and he held firm for 89K. He finally got it, I met the buyers, and they were a bit “credit challenged”
Finally, I changed jobs, had to move, and listed the place with a realtor, I was worried, and I told the realtor I didn’t want to spend 8 months selling it. I was told it’ll move FAST if I listed the place for 85K.
The place was listed for 85K on a Saturday, a buyer came by Tuesday, offered 83K. We compromised on 84K.
I doubt that a seller would give you EIGHT months to fuss around for 430K.
Now, if you offered 350K CASH for it, close on it in two weeks, and spend several months trying to sell it for 400K or more, it’ll be a different story. If you own it, you have all the time in the world to get your price.