Investor · MO · Member since 2016 · 35 posts · 4 votes
Even though we haven't moved yet, we check daily to see what's going on in the Pensacola area. I saw that this house was reduced $5,000 today. It's on the MLS for $160,000, it's been 80 days. It looks clean, albeit a little bland. If you're familiar with this area, is there a reason it hasn't sold yet?
Since they just lowered the price today I would assume they haven't gotten any recent offers. I did a search for homes in that subdivision that have recently sold and the range was about $205k to $225.
Looks like there may some decent margin here: 3770 Landon Ct. Gulf Breeze, FL
Is there something I'm missing? Or does it take that long to sell homes there?
Investor · Fort Walton Beach, FL · Member since 2015 · 568 posts · 966 votes
9y
@Jennifer Ross The main reason it hasn't sold yet is because there are foundation issues. They have a quote for 20k to repair. Most homeowners (and investors) walk away from any mention of foundation issues.
On top of that, it is a short sale. They really should have put those info in the public comments. I had to look at the agent only comments to find out.
On top of both of those, they also only listed it on par mls which limits exposure. For all my gulf breeze and navarre listings, I list both on par mls (pensacola and surrounding areas) and ecar mls (navarre, destin, surrounding areas). Most agents only check one regularly.
Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
9y
Sometimes sellers are delusional about value and will not listen to their agent.
So they will insist on listing on the high end, where folks on zillow/redfin/mls/etc will not even see it and know that there's an opportunity to lowball.
And then by the time they come to their senses, the property has a stigma - "well, there must be something wrong with it, it's been listed for X months!"
@Wes Blackwell has written about the phenomenon and how it can play out even in "zomg hot market Northern California," if you want to lurk his post history.
You can work this to your advantage, like anything else mis-priced in any marketplace.
Investor · Fort Walton Beach, FL · Member since 2015 · 568 posts · 966 votes
9y
@Jennifer Ross The main reason it hasn't sold yet is because there are foundation issues. They have a quote for 20k to repair. Most homeowners (and investors) walk away from any mention of foundation issues.
On top of that, it is a short sale. They really should have put those info in the public comments. I had to look at the agent only comments to find out.
On top of both of those, they also only listed it on par mls which limits exposure. For all my gulf breeze and navarre listings, I list both on par mls (pensacola and surrounding areas) and ecar mls (navarre, destin, surrounding areas). Most agents only check one regularly.
Real Estate Agent · Buena Park, CA · Member since 2016 · 743 posts · 424 votes
9y
I looked at it on Zillow and boy is it ugly and out of date inside.The home is only twelve years old but looks 25 years out of date.The kitchen and bathrooms are cheap and ugly,it needs better paint choices,laminate flooring and nice tile for the kitchen and bathrooms,new appliances,tiled shower instead of plastic,and new landscaping.Combine that with a bad foundation and too many nearby homes for sale in better shape and it's easy to see why this turkey is rotting.The bank is calling the shots so I would make out a laundry list of repairs and upgrades it needs and present it to the bank with an offer of maybe 110k and challenge them to argue otherwise.