As most of you know my husband and I have been house hunting forever now, or so it seems. We started six years ago, watched the market explode, stopped, and then, recently, as housing prices have started to drop, we’ve begun the search again.
It has been frustrating, to say the least. Most of the starter homes are around half a million dollars, if even that-some, such as the one that sold on our block about six months ago, go for over $600,000. That’s a 3/2 in its mainly original-and yes, I mean original as in floors, ceiling and wallpaper-condition.
This past weekend my husband loaded us up in the car and, following breakfast, asked if I wanted to house hunt. My immediate answer was absolutely not.
However, we did go, and we pulled up outside of this house that was absolutely gorgeous. We got excited. It was close to our price range, and we figured we could make an offer that was under the asking price and maybe we would get lucky.
We talked about the house all weekend. About how it was the home we could see ourselves living in until the girls were in college and we were retired and free to travel. We hadn’t felt this way before. This was big. If you have ever purchased a home, you know what I mean when I say I felt it in my stomach.
I called our realtor, who was on vacation, and left a message. I gave her the address and asked her to send us some more information about the home and I also asked if she could walk my husband through the house when she returned.
And then today, this is what I learned: Several years ago the home was purchased for $1,089,000 and then it was put back on the market just a few months ago for $1.1. Now, just ten days ago, it was listed at just over $600K. The bank owes over $900K on the home.
Now you tell me: Do you think this realtor is hoping to get $630K for that home, or do you think he wants the over $900K that the bank actually owns?
I’ll tell you my thoughts, but I”m sure you know how I feel.
This happened another time just a few weeks ago when a home in the same neighborhood was placed in the MLS at a startling $375K. You can’t even get a 2/2 condo around here for that little of a price. Of course, being interested but knowing something was up we called our realtor and asked about the home. Turns out it was an auction. The bank or the previous owner was into that home for $560K. Do you really think they are going to take $375K?
Seems to be a push around here to put these lowball prices on the MLS in order to generate interest. In fact, we were told by a real estate agent that this is simply a way to enter into a bidding war.