The house my husband and I are renting has gone through foreclosure proceedings, went to auction and was essentially repossessed by the bank, which in this case was Fannie Mae. We’ve been very cooperative with the listing agent and the agent working for the property management company. We have a For Sale sign in our front yard and have been available to open the house for prospective buyers to look at it with their agent.
Our hope was that we would be able to buy the house once it was no longer encumbered in the foreclosure process. The listing agent listed the house at a price way above any comparable sale in the area. I honestly don’t know what they’re thinking. They started out at $279,900 when the highest recent sale was $275,000 for a property that was completely updated. This house needs updating to two bathrooms and the kitchen, as well as a new A/C and screening the back patio, to compete in this price range.
The first month we only showed a handful of people. This is an obvious result of overpricing, considering how quickly properties sell in this neighborhood and this market. After 30 days they lowered the price $10,000 and we figured it’s time for us to put in an offer. After consulting with a contractor, we justified our relatively low offer of $230,000 with the fact that the home needs about $45,000 in repairs and updates. They countered with $269,000. (The house across the street sold for that and is also completely updated.) We countered back with a final offer of $240,000. They countered back at $260,000. We rescinded our offer and went looking for something else.
We’re happy to announce we are under contract at $260,000 on a fabulous house in Altamonte Springs that is fully updated and only needs new windows! The lesson here? Don’t be afraid to walk away! Something better is probably out there!