A Funny Thing Happened The Other Nite...

A Funny Thing Happened The Other Nite

Sounds like the beginning of a joke right? Only it’s not a joke, it’s what happened the other evening. As with many other agents & offices we have our share of short sale properties in our inventory. I’ll try and keep this obscure to protect the people involved.

The listing agents have had this home for a while and done the back and forth with the lender and have worked with several offers over that time. Now this isn’t going to be a rant about the length of time that the lenders take to negotiate offers etc. The listing agents have been very diligent and held open houses and the occupants have really been accommodating in getting the home shown. Recently one of the visitors to an open house contacted one of the listing agents regarding being interested in writing an offer on the property. They stated that “My spouse and I have researched the property & ran the numbers”, imagine the agents shock when the “buyer” proposed a number that was a couple of HUNDRED THOUSAND less than the short sale price, but it was $400-500 THOUSAND less than the property was purchased for just a few years ago.

I don’t know what numbers they ran, but I could get those numbers to work for me also. I’m sure the listing agents could get those numbers to work for themselves also. I wonder what sources the buyer was using for their assessment of the property’s value. What sources brought them to the idea that the bank was going to be giving away the property. If we lived in that world I’d get $10,000.00 together and head to the Rolls Royce/Bentley dealership and pick up one of their dream machines. The offer was presented with the advice that they shouldn’t hold out any hopes.

Perhaps it’s the mass medias reports of the dire circumstances of the economy & the attention given to the federal bailout and the pressure on lenders to work out the inventory problems? Perhaps it’s the internet or those late nite infomercials where people buy portfolios of properties for pennies on the dollar and become some sort of trailer park Donald Trump? It may be a buyer’s market out there but none of the data I’ve read have shown that the Greater Boston area had the bottom fall out from beneath it. Perhaps when I see marauding gangs patrolling the highways like outta the movie Mad Max then I might understand where those buyers were coming from.

There’s a lot of data out there, some positive, some negative, and yes there are some great deals to be had out there for buyers that have access to the necessary credit. Prices have definitely come down to much more affordable levels. People will always have a need for a primary residence and the amenities of the Greater Boston area are tough to ignore. I wish those buyers luck in their journey, I’ll definitely report back if that offer is accepted.


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