I've contacted several of the "We Buy Houses" types of sites and even though they advertise that they will give a fair price, no one even wants to give me what I owe. I owe less than appraisal.
2007-11-13 01:22:03 · 6 answers · asked by beachmtgal 2 in Business & Finance ➔ Renting & Real Estate
You need to go the traditional way if you are wanting a "fair price". "Fair" is market value, which can be well below appraised value.
2007-11-13 02:31:54 · answer #1 · answered by Landlord 7 · 2⤊ 0⤋
Sorry Charlie. The market is TERRIBLE and values have dropped a ton. Depending on where you live the value may have dropped a tad, or may have dropped a TON to where you owe more than it is worth in the present day market.
I purchased my home 4 years ago for 220K (my realitor said at the time if he had listed the house, he would have been able to sell it for 250K and that we got a deal) and now houses in my neighborhood MUCH larger than mine are going for around 200K after being on the market for SEVERAL months and some of them even over a year. I will not be moving anytime soon or I would be in trouble!!
2007-11-13 01:33:08 · answer #2 · answered by Therapist 5 · 0⤊ 0⤋
The "We Buy Houses" type of sites are there to make money. They're not going to make money by paying you market value for your house. They make profit by buying inexpensively and reselling the properties. These companies are not necessarily 'leeches'. They're there to snap up properties from sellers who are desperate to get out quickly, no matter what the seller might face in loss.
If you want a 'fair price', you're going to have to wait out the market like many others, until a buyer who wants your property offers to purchase it. The market is currently awash with properties available for purchase, and buyers have a LOT from which to choose. Insure that your property is the BEST available for the market price you are requesting.
2007-11-13 03:18:12 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
What the "we buy houses" sites consider fair is 50% - 70% of market value. That is how they make money.
Unfortunately, there are no investors (aka quick buyers) that will pay even close to market value, they are looking for steals and deals.
2007-11-13 03:43:39 · answer #4 · answered by godged 7 · 0⤊ 0⤋
Beachmat,
So Sorry, it is supply and demand in the market.
what u OWE is of no importance to the buyer nor is fair. appraised value is not market value.
suggest u visit daveramsey.com to learn the hard lessons coming ur way from others hard lessons.
the term 'quick buyer' and 'fair price' do not work in the market.
2007-11-13 01:29:15 · answer #5 · answered by Anonymous · 1⤊ 0⤋
not going to happen in this market - you may be upside down for a couple more years
2007-11-13 02:37:25 · answer #6 · answered by Anonymous · 0⤊ 0⤋