Why is it still in the market?

Question

I went to see a house that I'm thinking about purchasing. The house is more or less in great shape. It's priced 20k below comps. I was wondering why it's still on the market after 90 dad. Here are the only things I can see to deter buyers.

It's a short sale

The 2nd bath has a shower and no tub(family neighborhood)

Small kitchen(but in great shape)

Some crazy paint jobs

The double vainity in the master bath isn't actually in the bathroom. It's just outside in the bedroom(but easily fixed)

I realize that all these things COULD play a part, but which do you guys think is the biggest reasons?

Brent Coombs · Answer

@Dustin Benton, you likely answered your own question. Why is it still for sale? It owes the Bank more than the Bank can get back! Does the Bank want to take $1.00 less than fair market value for it? ...

At the end of the day, none of that should matter to you. You can put in Offers for ANY property, so long as you know your Offered price will lead you to the success that you desire.

Here's something I read on BP:- For every 100 properties you analyze, you might make Offers on 10, after which you might average ONE accepted Offer.

One per year, or per month, or per week, or per day, well, that's up to YOU!

Dustin Benton · Answer

I'm thinking about flipping

Dustin Benton · Answer

well, I'm not sure how difficult it will be. I was hoping it's a mess because I'm trying to get cheap all I have to do is replace the tub, put up a door and paint. It should turn out pretty nice if I get the deal. I'll just work on something else until the bank responds

Dustin Benton · Answer

thanks!  I've never done a short sale, but I heard they were a mess

Lisa Kohl · Answer

@Dustin Benton Without knowing the deal I would say it depends on where they're at in the short sale process. Just because it has a price listed doesn't mean that's what the bank will accept unless the price listed is bank approved. There may be some other issues with the place but ultimately if the numbers work- I wouldn't worry too much about days on market.

Russell Brazil · Answer

It is a short sale....so that list price has absolutely nothing to do with the amount you will actually pay for the house.  It is listed $20k below the comps to entice someone to make an offer. Then they will spend the next 6-12 months negotiating a price with the bank, and if they are lucky they will close the deal. But what is realistically going to happen, they will waste 6-12 months and not be able to get the deal done.