I have lowered the price to 875,000?

Question

This is the amt I owe the bank. I have to get at least this much. We will already have to pay the commisions out of pocket.
http://www.visualtour.com/applets/flashviewer/viewer.asp?t=933220&sk=30

The bank had the house appraised 2 wks ago and it appraised at 875,000 which is why we lowerd the price to 875. the county assessed value is 869,000.oo its also classified as agricultural so the taxes are much lower I think around 1700.00 for 43 acres

The bank had the house appraised 2 wks ago and it appraised at 875,000 which is why we lowerd the price to 875. the county assessed value is 869,000.oo its also classified as agricultural so the taxes are much lower I think around 1700.00 for 43 acres

Answer 1

no buyer gives a rat's behind about what you owe. You go in with that attitude be prepared to wait a long time to sell.

the only thing that counts is what a similar house to yours is SELLING for. Note the word selling not listing. Go to town hall and review the recent CLOSINGS on SALES of houses. My guess is they are going to be much lower than the 875k.

So if your listed and 875k, and noone is coming to look at the house. It doesn't make a bit of difference that your bathroom what tiles from [xxx] and that carpets are [yyy], No one is going to look at your 875k house when your neighbors is 800k...


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don't care what the bank says its worth. or the asssessed value (my house is assesssed at $52k. a guy knocked on my door this sunday and offered me $475k for the house.) those are all made up numbers. Like I said, if nobody is coming to look at the house, then your asking too much. It's not that hard to understand. Just a lot to swallow. Sorry reality sucks.

Answer 2

Sounds like your only hope is a short sale. Now is the time to have your Realtor provide you with a CMA w/ today's market value, develop a hardship letter (i.e. this home is worth less than I owe due to a decrease in the local market, I lost my job and cannot afford the payments, etc.), and contact the lender. There is a possibility they will let the sale go through even if they don't get paid in full if they think it would be advantageous (cost-effective) to do this instead of being forced to foreclose.

Answer 3

The buyers are in the driver's seat. There is SO much inventory for them to choose from, so they will only buy a house that has real value compared to the rest of the competition. Doesn't matter to them what you owe. What matters to them (buyers) is that they are buying the best house for the money and that means looking at everything in your area that's on the market.

I also agree that you may have to do a short sale.

Answer 4

One it's a jumbo loan which has become harder and more expensive to get. Next the market is just not there, and the credit availability. Now is the worst time in the last 50 years to sell a home, and it is only going to get worse, as homes continue to depreciate. CA, FL NV, MI at least another 25%

Answer 5

Then I guess you have some tough decisions to make, don't you? No buyer cares what you owe. They only care what the market value is. If it's less than you owe you either need to hang on to it or take the financial hit.

Answer 6

It sounds like your agent hasn’t explained to you one of the most basic rules of real estate: no buyer cares what you owe; they are only willing to pay what the property is worth to them.

Answer 7

what is house worth.

Answer 8

wHATS THE QUESTION?