Housing market is too far gone.

[kwhitelaw]

Bank came back at full asking price

How much under asking did you come?

 

[Bill The Butcher]

How much under asking did you come?

319 asking

Our agent said 265 after doing her research

We thought it was low but rolled with it since she's the expert.

 

[kwhitelaw]

319 asking

Our agent said 265 after doing her research

We thought it was low but rolled with it since she's the expert.

Whew big spread with how most markets have been.. does your agent not think it would appraise at their ask? Are you good with your payment at their ask? If so, and you truly love it, use your appraisal language to back up against so atleast if it doesn't appraise you're covered. If it doesn't appraise, Fannie would be the first I'd bet to cut price and be done with it so you might get lucky

 

[Bill The Butcher]

Whew big spread with how most markets have been.. does your agent not think it would appraise at their ask? Are you good with your payment at their ask? If so, and you truly love it, use your appraisal language to back up against so atleast if it doesn't appraise you're covered. If it doesn't appraise, Fannie would be the first I'd bet to cut price and be done with it so you might get lucky

We didn't get into a big discussion over text on why she suggested that # but she mentioned it has been sitting for over a month now and only having one bathroom on the main floor when the bedrooms are upstairs is the main reason why.
We're willing to go up to 295 that is our max.
They did originally have it listed at 329 so it already dropped 10k.

 

[kwhitelaw]

We didn't get into a big discussion over text on why she suggested that # but she mentioned it has been sitting for over a month now and only having one bathroom on the main floor when the bedrooms are upstairs is the main reason why.
We're willing to go up to 295 that is our max.
They did originally have it listed at 329 so it already dropped 10k.

How fast are you saying you'll close on it?

 

[kwhitelaw]

Also, not knowing your market etc given how things have been.. seeing something 20-30,000 over your max comfort might be setting you up for disappointment when the seller doesn't see fit to come down.

 

[Bill The Butcher]

How fast are you saying you'll close on it?

45

Also, not knowing your market etc given how things have been.. seeing something 20-30,000 over your max comfort might be setting you up for disappointment when the seller doesn't see fit to come down.

Well we asked her yesterday since it was in foreclosure if they would entertain 290-95 and she said absolutely.
The fuck do we know so we went and saw it last night.
She said usually the first 30 days they want families to buy it then after 30 days they are open to businesses and corporations. Yesterday was day 35.

It's whatever at this point. Only got excited because of her optimism. If she was wrong then so be it. Not like she has a crystal ball.

 

[kwhitelaw]

45



Well we asked her yesterday since it was in foreclosure if they would entertain 290-95 and she said absolutely.
The fuck do we know so we went and saw it last night.
She said usually the first 30 days they want families to buy it then after 30 days they are open to businesses and corporations. Yesterday was day 35.

It's whatever at this point. Only got excited because of her optimism. If she was wrong then so be it. Not like she has a crystal ball.

Haven't sold a Fannie Mae owned property in years cause of course no inventory (around here) but can't remember requirements for owner occupants up front (HUD would do it on their site tho for like a week or two iirc)

Hate to trash another agent but she honestly has no idea if the seller would entertain an offer 20-30,000 below their ask unless she has a direct pipeline with the listing agent. Which clearly she doesn't hence their counter at full ask.

Separately not sure if Fannie cares truly about escrow windows but 45 days is long right now.. what's your reason? If your lender is requesting that then shop around, @saabguy could likely get you done <20 days to make an offer sweeter possibly

 

[Bill The Butcher]

Haven't sold a Fannie Mae owned property in years cause of course no inventory (around here) but can't remember requirements for owner occupants up front (HUD would do it on their site tho for like a week or two iirc)

Hate to trash another agent but she honestly has no idea if the seller would entertain an offer 20-30,000 below their ask unless she has a direct pipeline with the listing agent. Which clearly she doesn't hence their counter at full ask.

Separately not sure if Fannie cares truly about escrow windows but 45 days is long right now.. what's your reason? If your lender is requesting that then shop around, @saabguy could likely get you done <20 days to make an offer sweeter possibly

We are renting and have to give 60 days notice. We are trying to avoid paying double one month since we're already having to pay 2 months rent to break the lease.

 

[kwhitelaw]

We are renting and have to give 60 days notice. We are trying to avoid paying double one month since we're already having to pay 2 months rent to break the lease.

Makes sense. You'll atleast jump out two calendar months to make that first mortgage payment so write up a strong settlement, get it under contract and get past inspection if you're wanting one and then give notice. Might be able to swing it to where you're only making one double payment

That said, for the perfect house for you, is it worth a double payment to get it all done and over with..

 

[Mejnoon]

We didn't get into a big discussion over text on why she suggested that # but she mentioned it has been sitting for over a month now and only having one bathroom on the main floor when the bedrooms are upstairs is the main reason why.
We're willing to go up to 295 that is our max.
They did originally have it listed at 329 so it already dropped 10k.

How long since the price reduction? The asset managers who make these decisions typically have pretty well defined guidelines governing what they can accept, and the allowable discount increases with time on market. If you made that offer right after a price reduction the asset manager may not be authorized to go any lower…yet.

 

[The Grand Inquisitor]

Yeah eventually, maybe from the grave

Very hard to find an older house in this shape + it is in a very desirable city, walkable to that city's downtown.

Will depend how low Fannie Mae wants to go on it. There was another couple there before us last night, maybe they will offer more if they liked it. Not getting our hopes up.

that’s fine and you do you

just be careful

I’ve been involved in real estate for decades and you never know. I bought houses I fucking loved only to hate them and sell them a year later. Shit happens.

 

[Weapon X]

We didn't get into a big discussion over text on why she suggested that # but she mentioned it has been sitting for over a month now and only having one bathroom on the main floor when the bedrooms are upstairs is the main reason why.
We're willing to go up to 295 that is our max.
They did originally have it listed at 329 so it already dropped 10k.

Imagine having to go downstairs to piss in the middle of the night.

There's always the window I guess

 

[Bill The Butcher]

How long since the price reduction? The asset managers who make these decisions typically have pretty well defined guidelines governing what they can accept, and the allowable discount increases with time on market. If you made that offer right after a price reduction the asset manager may not be authorized to go any lower…yet.

2/22 it went down 10k

I forgot to add (probably important ) that our agent found out the bank is into the house for 188. So maybe that was another reason she thought they would take 265 as they would still make a nice chunk on it.

 

[Bill The Butcher]

Imagine having to go downstairs to piss in the middle of the night.

There's always the window I guess

I'll just start taking this no worries.

 

[Menger]

2/22 it went down 10k

I forgot to add (probably important ) that our agent found out the bank is into the house for 188. So maybe that was another reason she thought they would take 265 as they would still make a nice chunk on it.

How does a house worth 300 end up in foreclosure if the people owe the bank 188?

 

[Bill The Butcher]

How does a house worth 300 end up in foreclosure if the people owe the bank 188?

If anyone has access to this shit feel free

 

[Downset]

How does a house worth 300 end up in foreclosure if the people owe the bank 188?

Wat? They stopped making payments. Bank wants their money back. Previous "owners" get remaining amount towards any built equity.

 

[Bill The Butcher]

Rejected 270 and didn't counter.

ooph

 

[stevezissou]

Rejected 270 and didn't counter.

ooph

What that tells me is bank is taking an L already, I'd pass brother.

$300K for 1 bathroom and mismatching lattice? OUT

 

[Bill The Butcher]

What that tells me is bank is taking an L already, I'd pass brother.

$300K for 1 bathroom and mismatching lattice? OUT

My wife LOVES this house. I like it a lot. The area is going to be hard to beat. We're going back in at 290 with a max of 295.

Hopefully our shitty beginning offers don't skew things with them but don't know how that works.

 

[stevezissou]

My wife LOVES this house. I like it a lot. The area is going to be hard to beat. We're going back in at 290 with a max of 295.

Hopefully our shitty beginning offers don't skew things with them but don't know how that works.

At least you will have a new mayor, so you got that going for you which is nice.

 

[Bill The Butcher]

At least you will have a new mayor, so you got that going for you which is nice.

well that's Chicago and this is 45 miles away in the suburbs but yeah, I'm glad Beetlejuice is out

 

[stevezissou]

well that's Chicago and this is 45 miles away in the suburbs but yeah, I'm glad Beetlejuice is out

Chicago(land)

 

[Bill The Butcher]

Chicago(land)

It is a point of contention out here saying you are from Chicago but you live in the suburbs. that's why I did that.