Ss: Idiotic sellers

[ufcrusher]

As everyone knows, the housing market is in a major slump with the end not anticipated (at least here) until at least 2008. We were negotiating on a house that we really wanted to buy.

Without getting into too many specifics, I will say the house was on the market for over 270 days yet the owner only lowered the price 1 time during that period. (should have been a red flag in hind sight) Although the prices on homes have dropped lowered than their sales price several years ago (over $100k in some instances), the owner kept insisting the home was worth more than $40k more than she paid! Everyone we spoke with told us the home was worth less than what the woman paid in 2004. Since my wife really wanted the house, we decided we were willing to offer the woman what she paid for the house. The lady kept insisting the house was worth more than she paid and said her lowest number was 20k above what she paid. This is despite the fact no homes have sold in the development in over a year, other similar homes have dropped by $60k+ (across the street), the other homes in the area have experienced similar drops, and the entire landscaping on the house had to be redone!

All I can say is sometimes people are so out of touch with reality its sad! :disa:

[mcs328]

Did you tell your wife to wait or are you going to buy it because on your wifes eagerness? I would wait.

[brainsmile]

trying to hold on to past gains. very sad indeed

[ufcrusher]

We passed on it even though it was in our price range. It wasnt worth what the seller wanted.

As to BS - I cant tell if you are being sarcastic or not. I dont have a problem with the fact she would like to make a profit. However, she has vacated the property, lives in another city and is paying rent on a place, the house been on the market for over 270 days, and you have to take into account the market.

[YellowCoffee]

When was the last time the property was apraised?

[mcs328]

She's losing money paying rent on a empty vacated property. If she can afford to do so then fine. It's not your problem. Other fish in the sea.

[beatbox32]

As everyone knows, the housing market is in a major slump with the end not anticipated (at least here) until at least 2008. We were negotiating on a house that we really wanted to buy.

Without getting into too many specifics, I will say the house was on the market for over 270 days yet the owner only lowered the price 1 time during that period. (should have been a red flag in hind sight) Although the prices on homes have dropped lowered than their sales price several years ago (over $100k in some instances), the owner kept insisting the home was worth more than $40k more than she paid! Everyone we spoke with told us the home was worth less than what the woman paid in 2004. Since my wife really wanted the house, we decided we were willing to offer the woman what she paid for the house. The lady kept insisting the house was worth more than she paid and said her lowest number was 20k above what she paid. This is despite the fact no homes have sold in the development in over a year, other similar homes have dropped by $60k+ (across the street), the other homes in the area have experienced similar drops, and the entire landscaping on the house had to be redone!

All I can say is sometimes people are so out of touch with reality its sad! :disa:

The fact that this lady left her house on the market for over 270 days was a red flag. She is really out of touch with reality. Many people thought the housing market would keep flying irrationally high forever and couldn't see a bubble about to deflate in their face.

I'm almost 1 year in to a 2 year lease and am looking forward to some deals when my time is up! :cheers:

-beatbox32

[yippiekiyeh]

At least you didn't go crayzay and give the lady what she wanted for some overpriced property.

[Prngr44]

If she's got a realtor I'm shocked the agent didn't push her to accept the price.

You never know... you might get a callback; or she might keep her head in the sand until some dumbass gives her what she wants.

[inmountains]

Reminds me of back in 2001. I offered $130,000 for a house that the seller was asking $139,000 for. Seller had left, house was vacant. They turned me down, not even a counter offer. Six months later, house still vacant, seller sells it for..................$130,000. I still laugh about it today. I bought another house for $133,000 in 2001 and sold it for $199,000 in 2004. Today, that house goes for $225,000.

Life is good!