[quote=CA renter]
She said, “even if this offer doesn’t work out, the bank will NOT lower their price, as they would rather sit on it.”
This seems to be something new — not even trying to negotiate or see if the bank would be willing to consider offers that are below list price.
I wonder if there’s some kind of new deal where the banks are giving agents bonuses if they get a bid over $XXX amount, and maybe penalize them if they go below a certain amount.
Just thought it was interesting that the bank would want to “sit” on even more inventory. It’s like they’re waiting for the Magic Appreciation Fairy to show up.[/quote]
LOL. Appreciation Fairy. Good one. Well, I’m glad to hear I’m not the only one w/this experience. But it is baffling. Why sit on it if it’s not moving – and in my case, not even appraising? Sell the damn thing, take the loss and move on.
[quote=newcomer]
jpinpb, which zip code – would you mind to share?[/quote]
That particular example was 92117. But there are so many I’m seeing that aren’t moving at the LP. Usually I would see properties get reduced, certainly w/in 30 days. But for some reason, lately they are NOT budging. I mean, there’s not even that 8k tax credit incentive.
Oh, and on the example I gave you, the rents don’t come even close to justifying the LP. One more reason, I imagine, that it’s not selling. Maybe they’re hoping for a summer shopping fool that doesn’t know how to do math and is ignorant of comps. Maybe by fall they’ll reconsider.
In any case, frustrating to watch this. Like watching molasses.
UCGal – that is a good point. I wonder if there’s some kind of bonus to agent for trying to sell at LP. You’d think the realtor would want to sell at whatever price and get the commission. Heck, when approached by the buyer, the whole 6% is theirs, even if the offer is less, bird in hand. I don’t understand.
