Archive for October 5th, 2009

St. Augustine Real Estate: Does Anyone Want to Sell Anything Here?

Monday, October 5th, 2009

by Sean

I am working with a couple who this weekend put an offer in for the third time, all on homes in the same neighborhood. 

The first offer was on a short sale.  We offered a good price, but not full price.  The bank countered at a high price.  My buyers walked.

We put a verbal offer in on a second property.  Again, a good price but not full price. The listing agent refused to present it because she did not like the price and “did not like verbal offers.”  I prepared a written offer to force the listing agent’s hand, but after thinking about it for a few days while this was going on, the buyers decided that maybe the first house was the best one anyway.  So they agreed to meet the bank’s price on the short sale.

But the bank had closed the file and it would need to be re-processed all over again.

A week later another house came on the market that my buyers liked.  Since the bank was dragging their feet on the short sale, my buyers took a look at this new house.  They liked the new house so much they made another good offer.  What did the seller do? Countered the offer by $7,000.

Does anyone want to sell anything here?

Note to sellers, this is the worst real estate market since the Great Depression.  Unemployment is the highest its been since the Reagan administration.  And if you need financing to buy a property, it better be residential because the banks aren’t even lending on condos.  So if a buyer comes to you with an offer is within 8% of list price (the market average is 7%-9% for list-to-sale price), in this market, take the f***ing offer!