I just wanted to vent a little bit! Over the weekend, I put in two offers for real estate investment properties.
One of them was a 2 bd. condo listed at $41K. Except when my agent ran the comps...and there were a lot of comps available so I feel pretty solid with her analysis...the comps came back at $32K. So I offered $32K. The listing agent contacted mine and was like, "Hey look, I know my client's bottom line is $38K, or they lose money." I told my agent, I'd be willing to bump my offer up to $34K...even though I'd be overpaying...because it would still cash flow nicely. But the seller is out of their minds if they think anyone is going to pay 19% more than their condo is worth.
Nope. They won't sell for less than $38K. And that's why their property has been languishing on the MLS for three months, even though it is a hot seller's market right now.
Look, I get it. It sucks to have to sell at a loss. But facts are facts. The only thing I can think of is, if they need to bring money to the closing table, they don't have it. So they are hoping for some fairy godmother buyer to buy way over market AND have the funds to pay more if a bank's appraisal comes back short. Unfortunately, in the meantime, they are wasting a lot of money paying the HOA, mortgage, insurance, and taxes on a condo no one is living in.
I'm still waiting to hear back on my second offer. I offered their asking, but there was already an offer in. I REALLY want this second one. It would be an extra good monthly cash flow, for the price paid.