I am a first time home buyer and I’m trying to educate myself as much as I can on the process so I’d appreciate any help you could offer.
I went to look at two houses in the same development in Murrieta. The first house was a foreclosure and was priced at 290k but it needed a lot of work. The second house was a short sale and it was not only 150 sq ft bigger but 10k cheaper at 280k and it needed no work done.
I chose the second house, the short sale.
Originally, the short sale house had been on the market for about a month at the price 350k with no offers. Then a few days ago, the price was lowered 70k to 280k. And then today, the house went up 10k to 290k. What’s up with that?
The first house, the foreclosed fixer upper has multiple offers on it. And the second had no offers at all.
Well, It began to sound fishy to me. So I began to wonder whether or not the short sale house was really a viable option.
I began to think that the seller’s agent listed the house cheaper to draw people in and that the bank didn’t approve the price beforehand.
Well I was absolutely right.
Should it bother me that my realtor didn’t do her homework on this? Were those things that I have to request my realtor to do? Shouldn’t she be the one looking into whether or not this house is a viable option?
My realtor didn’t find out beforehand whether or not the price the seller’s agent listed the house at was a bank approved price. I think this was lazy on her part because she knows I only want to spend a specific amount on the house and I won’t budge on that.
My realtor tells me she’s been trying for several days to get a hold of the listing agent so I make ONE PHONE CALL and the seller’s agent answers and tells me that she set the price based on comps, and not the bank. Why am I doing my relator’s job for her? How hard was it to find that out?
My realtor didn’t even look into whether or not this was a “true” short sale. I had to ask her to find out for me whether or not the seller’s were even in default. That’s when I learn that the sellers haven’t recieved a notice of default yet!
I’m not trying to say that my realtor should read my mind, but in my career, my clients don’t need to tell me how to do my job. Aren’t those things my realtor should look into for me, without me telling her to?
Would you find another realtor? Do you think my realtor was being lazy? Do you think she was acting in my best interests?
Why would a bigger, nicer short sale house be less expensive than a foreclosed fixer upper? It’s not likely right? My understanding is that the further you are in the process of foreclosure the cheaper a house becomes, am I right or wrong?
My agent reassures me that it “wouldn’t hurt to just submit an offer” and I ask you fellow Piggies, what do you think? Would it hurt? Is it pointless to do when my heart is telling me that the bank is going to come back and counter much more than my offer?
The owners owe 425k to the bank, would the bank really accept 290k from me?
If you were in my position, would you make an offer on the house?
