- This topic has 4 replies, 5 voices, and was last updated 17 years, 8 months ago by Reality.
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January 29, 2007 at 9:56 AM #8289January 29, 2007 at 2:24 PM #44350sdcellarParticipant
When I see a range listing like that, I’m still pretty sure they want the $649K and have the low range there just to attract offers (ahh the idiotic brilliance of range pricing).
Since it’s possible that they put down $30-120K in the first place (probably the lower of the two), they might have some room to avoid bringing cash to closing. Even so, a tough loss to swallow.
If they really had to come up with $100K, that would sound tough, but I guess it depends on their circumstances. They might or might not have that kind of cash (or equity) somewhere. This listing seems to have signs of RE “investor” idiocy, but there could be more to it.
January 29, 2007 at 3:54 PM #44357AndrastParticipantAnother thing to know about value range pricing is that it allows this listing to appear in a wider range of MLS searches. Technically, the asking price is still $649K but having the range allows the listing to appear when a maximum $$ search range is lower. In your scenario if someone searched for units between $500K and $600K this listing would not have appeared before the range was entered. Now that the lower end of their range is below $600K, this listing would show up in that same search. The idea being if someone is searching close to $600K, they may be interested to see something at $649K.
January 29, 2007 at 4:38 PM #44362no_such_realityParticipantAnd basically, if you have no intention of accepting an offer at the low end of the range, it’s deceitful.
January 29, 2007 at 8:13 PM #44371RealityParticipantIf they sell for $557,000? How about if they sell for $357,000 in a few years?
Who cares where they do or don’t come up with the money? Let them go bankrupt. They bought at the height of the bubble. They can stay put for many years or take their medicine, which will taste worse later.
And they won’t be alone.
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