An amazing story was posted yesterday by a commenter in the Bits Bucket section over at Ben's Housing Bubble Blog yesterday.
I wanted to highlight it here before it got lost in the hundreds of new posts that will be there today.
I called the post "amazing" because it was proof to me that getting out there and submitting low offers on foreclosures will be responded to by the bank. It was a refreshing antidote to this unbelievably pessimistic article by Elizabeth Razzi over at the Washington Post: Tortuous Short Sales: Cheaper Purchases That Aren't Always Worth It. (The title says it all). In Razzi's words: "Why volunteer for such a hassle [buying a short sale] when the local market is glutted with similar homes that you could purchase more easily?"
In this particular case, to be fair to Razzi, the house was a foreclosure rather than her dreaded short sale.
The house in this post (12850 Fleetwood Drive, Nokesville, VA 20181) was built in 2006 and sits on 10 acres in Nokesville in Prince William County. It was featured on this blog when it was first listed for $730,000 on 08/31/07 (13.5% less than its purchase price on 6/5/2006 for $843,920). It was subsequently reduced to $660,000 by 11/05/07, for a 22% reduction over its prior sales price.
Here's what Lost in Nova offered, and he actually got a response back:
"Comment by Lost in Nova
2007-11-05 05:00:50
Another story from NoVA….
We placed a bid on this place Address: 12850 FLEETWOOD DRIVE: NOKESVILLE, VA 20181. REO original owner in 06 purchased in June of 06 (Was brand new in June of 06) the bank has held it for about 8 months now, not a single bid on this 10 acre, 4000+ sqft + 2100 sqft unfinished basement home. The original owner paid 800k+, had some down payment because the note was for something like 620k, bank was asking 715.00..The comps killed this place a really nice home (in immaculate condition) on 24 acres with 3-4 useful outbuildings just had sold for 750.00k….Also this house is on a flag lot (with perhaps a 1000 ft gravel driveway) and you could tell the owner had stretched, no deck, no landscaping to speak of (a few straggly trees) the refrigerator was missing, some light fixtures missing, the kitchen island countertop was damaged (and oddly enouh seemed a few inches to short) when we looked at it there was crap in every toilet and they would not flush, the upstairs carpet was stained (dyed?) a varied and wonderful set of colors and the basement had a standing pool of water.
We offered 256,400. They called back on Saturday, and said the offer was too low and that if we would up it somewhat higher, they did not want to carry the house through winter (it did not look winterized to me)….My original max had been 350k, I was going to counter with that having the strange feeling they would take it…But then I had a moment of clarity…..Why am I caring so much about this property? There are MANY other REOs in this price range that are much nicer…My wife took a deep breath, thanked the gentlemen for their time and kindly told them that if in six months we were still in the market and the property was still available we would revisit it, but in all likelihood the offer would be lower.
-Lost in Nova"
I think "Lost's" wife was prudent, and I hope they keep trying and find success. For those of you who find something you really like, I hope it encourages you not to be daunted by the list prices. This couple initially offered 70% off of the prior sale and 66% off the county's assessed price, and the bank was willing to continue negotiations.
40 comments:
Thats awesome - but the house sounds like a POS.
If I had the time though, a project like that could yield a dreamhome. 265k + 100k worth of renovations, kitchen, hardwoods, landscaping, partial basement finish, you would end up with a 5000+ square foot mansion for 350k! Something you could live in and raise a family for 30+ years, and pass it on to your children.
Harriet,
In Fairfax, my friend offered 350K for an old REO property listed at 450K (sold for $550K in 2006). The Bank's agent appears to have said that at that price they wouldn't even counter.
It didn't sell for about 45 days and the bank reduced the price by a paltry $15K, but still no takers.
The property,I recall, was listed by you on this blog: 3120 Pineland Street, Fairfax 22031.
We all better pay attention to how far we live from work in the next few years!
Sure, the house in Nokesville may be a steal, but if gas is $ 6.00 bucks a gallon (and you work in the city or even Fairfax)the gas & traffic maybe a kick in the teeth in the long run.
No matter how cheap it is..
Good point about the gas.
Here's a twisted scenario....
Gas prices could get so high that they stabilize the falling housing prices for locations "closer in". You'll have to live close to work because you won't be able to afford to drive that far.
IMO, the last gas crunch (when gas was over $3.00/Gal last summer) is what sent the market into a tail spin. At that price it's not even worth getting in your car to drive and look at a property....unless of course, it's close to where you work.
"Gas prices could get so high that they stabilize the falling housing prices for locations "closer in". You'll have to live close to work because you won't be able to afford to drive that far."
I don't think that the numbers support this.
As much as people complain about gas prices they really aren't that huge a portion of most people's expenses, certainly not compared to paying hundreds of thousands of dollars extra to live in close.
Lesson to learn from foreclosure properties. Good post Harriet.
As per gas price is concern if gas price is going to be $6.00
1. You may find a property close to work but there no gurantee that work would lost forever. There is no gurantee that you can live close to work.
2. Prices of day to day life goods will go up.
of course if gas goes 6.00 there is alternet fuels.
I'm not sure I understand the lesson here. The offerer made a rediculously low offer, yet the bank offered to continue dealing with them if they were prepared to make a more reasonable offer ... and they didn't. Moral of the story? We're dealing with some delusional would-be purchasers. My guess is that since that posting, some more realistic individual has read what occured, contacted that bank, and purchased the property at a real bargain. Now, not the unreasonable $265K offered by the delusional folks, but something that was reasonable and workable. Meanwhile, these delusional folks will continue along pricing themselves out of what they want to buy.
Lance, they will probably find some desperate bank or individual who will cave. In all likely hood, the house they get will be a real POS though, because if the place is really nice, it will still get reasonable offers.
Im not in the market for a new house, but there is more to factor in the decision besides prices.
For instance I would rather pay more for a solid home, that needs no additional work, that isnt near a noisy road or power lines, and has good schools and shopping within reasonable distance.
I think many people ignore these things while bargain hunting, and end up with a real cheap place, a killer deal, where nobody in their right mind would want to live, lol!
Doug,
You made some good points. Also, I later got to thinking that the problem here is unrealistic/impractical expectations and "wants". I mean, if their budget only allows for $350K, what on earth are they doing looking for something on 10 acres? I'm not going to profess to know the market "out there" where they are looking, but I can't help but wonder if they are looking for something with so much land not because they require that much land ... but because they've bought into the "keeping up with the Jones'" message that the media sells. They simply want to have a 10 acre spread to show off. Never mind that they don't need 10 acres and they'll end up with a real POS as you said, out in the middle of nowhere, but they're so focused on appearances that they're willing to foregone all the substance of what would make an appropriate home for them.
"I mean, if their budget only allows for $350K, what on earth are they doing looking for something on 10 acres?"
Why not?
As always it is hard to tell if you are serious or not, but 10 acres is not a ton of land. Before the bubble it would have been no problem finding a NICE ten acres on that budget.
The bubble isn't limited to the city center.
Leroy -
You make an interesting point about gas prices. I've actually made this calculation a few times myself, quite recently. I'm a homedebtor, and a landlord, and have been a renter.
For several years - from '98 until '04 - I lived within walking distance of my office - I had zero commuting costs. Divorce forced a move and suddenly I was looking at rentals while renovations were completed where I now live (a foreclosure purchase in '90). I settled in a place that had a 30 minute commute, but was ~200/month cheaper...and that was about exactly the difference in Gas costs for a comparable rental closer in. That doesn't even begin to take into account what your time is worth. Had gas gone up, I would have gladly paid higher rent in town and netted out the same kind of savings; my car gets ~32mpg.
I now live even further (mileage), and the gas costs are higher. I happen to be a biker, so I can commute on something that gets ~60mpg, but a 40 mile motorcycle ride gets chilly mid winter. I do believe transportation costs - time and money - will have such a stabilizing effect.
Leroy said:
"... but 10 acres is not a ton of land."
If these folks are farmers or ranchers, then you would have a point ... however, since we are talking about people buying a home to sleep and live in, and not a business, then 10 acres is a ton of land AND a ton of maintenance expenses.
Even in rural suroundings, there is very little justification for "having to have" a 10 acre spread to call one's "home." And someone who is already having to squeeze by to acquire a home at $350K is probably not in a position to handle to the upkeep costs associated with such 10 acres of land, trees, water-elements ... never mind all the other costs associated with being so far out from the services, schools, and jobs families rely on. Buying 10 acres for use simply as a home is an expensive luxury that cannot be considered affordable by most of us.
In brief, someone buying a home on 10 acres simply for the sake of having 10 acres to brag about has bought into the "keeping up with Jones" mentality and is being immature at best when complaining that they can't buy their "champagne" luxury house on 10 acres with their
"beer"-money wallet.
This is very revealing about Leroy and at least some of the other BHs ... though hopefully not most.
"If these folks are farmers or ranchers, then you would have a point ... however, since we are talking about people buying a home to sleep and live in, and not a business, then 10 acres is a ton of land AND a ton of maintenance expenses."
Heh...
You haven't spent much time outside the city limits have you lance?
Stick to making up economic theories that justify peak bubble pricing on your block. That at least is amusing in its way.
You don't know a thing about land or living in the country.
"Even in rural suroundings, there is very little justification for "having to have" a 10 acre spread to call one's "home.""
Oh really? Says who? What if I said I think that nobody needs more than a 700sq feet of living space unless they are married with kids.
Anything more than that is excessive. How do you feel about that?
If they want 10 acres that is their business and they don't need to run their decision by you. Maybe they want to keep some animals. Maybe they don't want neighbors close enough to overhear their music when they have lawn parties. Maybe they just enjoy the peace and quiet of a large wooded lot.
The fact is that there is no shortage of land in this area. Obviously the bubble drove prices way up recently... but they are now falling back to normal.
"And someone who is already having to squeeze by to acquire a home at $350K is probably not in a position to handle to the upkeep costs associated with such 10 acres of land, trees, water-elements ... never mind all the other costs associated with being so far out from the services, schools, and jobs families rely on."
Where does it say they are having to "squeeze by?"
350k was their budget... unlike some... they might not be buying as much as they can possibly finance.
What do you know about "upkeep costs associated" with 10 acres of land? Those upkeep costs are going to be tied to what they are doing with the land. If it is 10 acres of woods the costs will be very low.
Those upkeep costs are likely to be far less than the upkeep costs of the 4000sq foot(plus 2100sq foot unfinished basement) house sitting on that land...
As for schools, jobs, services etc... it all depends.
In most rural areas schools and sevices are relatively cheap. Jobs can be a problem, but neither of us has any idea how they plan to support themselves. There are jobs in Manassas and so forth, they might not even commute in long distance.
"Buying 10 acres for use simply as a home is an expensive luxury that cannot be considered affordable by most of us."
lol
right right... but 900k rowhouses are perfectly reasonable...
Land is cheap lance. 10 acres in a rural area is hardly an "expensive luxury." Don't attack people just because they don't want what you want.
"In brief, someone buying a home on 10 acres simply for the sake of having 10 acres to brag about has bought into the "keeping up with Jones" mentality and is being immature at best when complaining that they can't buy their "champagne" luxury house on 10 acres with their
"beer"-money wallet. "
In brief, you don't have a clue what you are talking about and have no business throwing stones here.
If 350k is a "beer budget" for 10 acres of land then I have some land to sell you, CHEAP. The house on the land is likely the bulk of the cost. The land itself is very inexpensive. It just sounds like a lot to you because you have no frame of reference.
Leroy,
Nokesville is in Fairfax County ...
Moving a bit farther out, Fairfax County comprises 407 square miles with a population density of 2,636 people/square mile. Larger lots are much more plentiful in Fairfax with 1,017 homes on the market with ½ acre or more. 439 of these are on over an acre. In Fairfax County, it is possible to purchase homes on 5 acre sites (133 on the market) some for under $1 million, especially in the Clifton area. However, for those want some space of their own, the 7 homes with 10 acres or more run an average price tag of $4.6 million.
http://blog.brianblock.com/public/blog/176537
A house on 10 acres in Fairfax county is not an "average" house for someone on an "average" budget. It is a luxury ... and anyone looking to buy such a luxury for $350K is living in a dream world.
Leroy,
Btw, are you local (i.e., DC, NOVA, MD area)?
Nokesville is in Prince William County.
Currently on the market is a 10-acre (empty) lot in a subdivision that can be purchsed for $250,000:
http://www.homesdatabase.com/PW6582387
12800 SLATE BRIDGE CT Nokesville, 20181
Lot Size: 10.0 Acres
$250,000
Listing Date: 11/01/07
$3 million will buy one a house with 129.2 acres in Nokesville:
14505 FITZWATER DR
Nokesville, 20181
$3,000,000
Beds: 3 | Baths: 3 | Sq. Ft.: N/A Lot Size: 129.2 Acres
Year Built: 1985 |
Listing Date: 09/12/06
Of the 5,532 properties for sale in Prince William County (currently a 19-month inventory), 90 are SFH properties with 10 acres or more. The cheapest one is $429,000.
I don't agree with your "ridiculously low offer" comment. If there are NO bids and 19 months of inventory in the county, what is your idea of a fair price? Should the bank let the house rot and mold from the standing water in the basement because they "don't want to give it away"? Who's more delusional -- the bank or the lowballers?
Also, there's more to land ownership than simply prestige. Some people like organic gardening and exposing their kids to horseback riding and caring for other types of animals.
"Nokesville is in Fairfax County ..."
Nokesville is in PW county, along the PW/Fauquier county border.
If you don't know what you are talking about why be so argumentative?
See: http://tinyurl.com/2nk65y
or
http://tinyurl.com/ys6rl6
"A house on 10 acres in Fairfax county is not an "average" house for someone on an "average" budget. It is a luxury ... and anyone looking to buy such a luxury for $350K is living in a dream world."
We aren't talking about Fairfax...
Land in Nokesville:
10.03 acres. 250k
MLS: PW6582387
10.02 acres 275k
MLS: PW6284706
11.25 acres 279k
MLS: FQ6304143
10 acres 290k
MLS: PW6131773
and these are intended to be home lots...and are hugely overpriced for what they are due to the bubble.
Wait a year and see what land like this is going for. I suspect they will get their house on 10 acres for 350k in the relatively near future... will it be a 4000 sq foot house? Hard to say... the house will be a lot harder to find than the land.
Oops
You type faster than I do Harriet.
Your post wasn't there when I started.
Lance, yes I am local.
Population in Prince William County is only 40% as dense as Fairfax County and 9 times less than D.C. at about 1001 people/sq. mile. There are 530 homes on 1 acre or more and the 97 homes on 10+ acres average list price is $1.25 million.
http://blog.brianblock.com/public/blog/176537
There is still a great deal of unbuilt land in PW County lance, especially in the Nokesville area.
We are talking about a still largely rural area with actual farms. There is no shortage of land. 10 acres is NOT a lot of land in the country.
Same lame blog post talking about insane asking prices doesn't change a thing.
Just because people LIST houses at ridiculous prices doesn't mean they will get them. That area is eyeballs deep in inventory with huge amounts of land undeveloped.
Is it that hard to just admit that you were wrong?
Two sets of comments, mine and my wife’s; she put her response to everybody’s posts in a single long message, I however just have some comments for Lance.
Lance,
You should really think before you type; you have NO idea what you are talking about. This is not about what we could afford, but what we are willing to pay. In this market, what fool pays their max or even a significant fraction? Would that fool be you? What do you know about Nokesville? Apparently nothing since you think it is in Fairfax. For example most all of these 10 acres and a home properties are A1 zoned…DO YOU KNOW WHAT THAT MEANS? NO SUBDIVISION. Do you know anything about the comps? NO? Not surprising, a 24 acre estate with a wonderful house and many nice out buildings just sold for 750k……..the bank just lowered the asking price of the property we bid on to 660k, why don’t you jump on it; I will celebrate your purchase and give you a free jamba juice. Wouldn’t that be sweet?
- Lost in Nova
To address a few things here:
My father is a heavy equipment operator, my uncle an electrician, and another uncle a builder, yes right here in NoVA. I have a firm grasp of the value of things and extensive experience with how much building materials cost. Not to mention that God and well informed parents gave me the brains and the necessary skills to do research on my own without listening to the shepards.
Yes, we will find some desperate bank or individual who will cave but we will not lower our standards to compensate for their stupidity.
For those of you who do not know the market here let me clue you in, it sucks! We have lived here for three years and for three years have looked extensively for a house that is in a nice area, low or no real crime rate to speak of, good schools, and a decent plot of land. Just like everyone else we also have our preferences and we prefer to not live so close to our neighbors that we can hear them fart! So while I appreciate your concern about the 10 acre lot, it is really not an issue.
To address the comment “keeping up with the Joneses” directly; we personally do not give a flying squirrels ass what anyone else has, does or thinks; raising our family is what is important to us. Prince William County covers a large area and includes Manassas which is much closer in and I am sure we could find a home in that area in our price range but since we have done our homework and pulled the crime rates and viewed the areas demographics, we decided that Los Manassas was not where we wanted to raise our kids.
The financial aspect. Ok everyone get out there calculators. The dry cost of building a home of this size is approximately $40k. This does not include specialty items – this is floors, ceilings, walls, foundation, etc. The land is really worth, at best, $10k – $20k an acre. Now not adding the fancies or labor, which by the way the builder will also charge you more for, what total do you come up with? We’re not shopping for bargain basement here folks, but again not going to pay for someone else’s stupidity. And no, we will not be squeezing by if we pay $350k; we’re just not willing to pay more.
And Lance the good news we don’t have to justify anything, but this is just so you’ll have the answers and be able to sleep better at night; we don’t want to brag to anyone. The whole point of owning land is so you don’t have to associate with anyone else if you choose not to. Apparently you like living in the city. Not all of us do. Some of us actually like the smell of cow shit on the way home; somehow it seems to cleanse you of the stink of the city.
Special Thanks to Leroy and Harriet two people who can actually use their brains for its God given purpose!
Mrs. Lost
yes, I can understand why you need 10 acres to isolate yourselves ... and why you call youself Mrs. Lost. Good luck finding that large a parcel of land so close to DC for so low a price. I hope you do, 'cause when you do ... and you stay there 10 years ... you'll realize what a good choice you made investing in the capital city's expansion. Let's just hope someone didn't already figure that out 10 years ago ... and now want to charge $660K for that opportunity ...
"but since we have done our homework and pulled the crime rates and viewed the areas demographics, we decided that Los Manassas was not where we wanted to raise our kids."
btw, that is an extremely racist statement. I hope the sane bubbleheads disassociate themselves with this prejudicial statement. Leroy?
Incoherent babble.
-Lost in Nova
Elvis has left the building.
Ahh the racism card…the wing-nuts always seem to pull that first, typically when they have lost an argument. The truth & fact do not equal racism.
-Lost in Nova
"los Manassas" ... you really don't see how using that phrase makes you look pretty bad?
You're entitled to your opinions ... We all are ... But putting down another ethnicity to make your point doesn't reflect well on you or your opinions.
Are you truly a moron? Do you know what ethnicity we are? 99% of Hispanic-Americans take a very dim view of illegal immigration. Many people including one my parents you jack ass worked VERY hard to become citizens and the other is a first generation citizen herself. You obviously have no concept of what coming to a new country not knowing the language and following all the rules is all about. Your obvious open support of illegal immigration and all the problems associated with it is egregious.
You lost an argument and found a nit to pick. Unfortunately for you, you did not consider that the target of your diatribe wouldn’t be Anglo and that some might be first generation American. I doubt you truly understand what experiencing racism is all about; I have experienced it FIRST hand it is brutal and nasty.
YOU DARE SAY THAT MY OPINION IS LESS BECAUSE OF SOMEHING YOU PERCIEVE
AS RACIST YET YOU SEEM NOT TO EVEN KNOW THE DEFINITION. Your pansy ass calling racism belittles real racism and those who have suffered under it. I am calling you out on this one.
According to the Oxford English Dictionary, racism is a belief or ideology that all members of each race possess characteristics or abilities specific to that race, especially to distinguish it as being either superior or inferior to another race or races. The Merriam-Webster's Webster's Dictionary defines racism as a belief that race is the primary determinant of human traits and capacities and that racial differences produce an inherent superiority of a particular race, and that it is also the prejudice based on such a belief.[1] The Macquarie Dictionary defines racism thus: the belief that human races have distinctive characteristics which determine their respective cultures, usually involving the idea that one's own race is superior and has the right to rule or dominate others.
You ARE a fool, I will not suffer fools,.
-Lost in Nova
Generally, I am a blog lurker, rarely posting….however I make an exception now. This is actually very funny. Lost & Mrs. Lost make a very nice & lucid post. I agree with them on the condition of the market, I am flushed with cash but will wait to play the part of the vulture. I probably have been investing in real estate longer than most of you folks have been alive, I have done business through at least six boom/bust cycles, this is the largest I have ever seen, it is nuts, people simply went crazy.
Back to the original point; in the words of my grandson as he wastes his life on the xbox I wish I never bought him, lance got ‘OWNED’. Lance must be a politician or affiliated with them. He was practicing the ancient art of deflection, unfortunately that was very obvious, maybe he is just a staffer. To be fair Lost looks like was trying a bit of that himself (badly I might add), regardless it was humorous.
Racism, hardly, ‘elitist’ perhaps or ‘anti-illegal-immigrant’ definitely, buy hey I don’t know a single person that thinks illegal immigration is a good idea. I put that reference on the same level as Ghetto. Lance I suppose you jump on anyone who uses that word to? I suspect you don’t even understand the reference, hell I suspect you can’t find Virginia on a map of the east coast. Opps, I am being a generationalist.
Sincerely,
Amos K.
"yes, I can understand why you need 10 acres to isolate yourselves ... and why you call youself Mrs. Lost."
Wow lance, you get nasty quickly when you realize you have made a fool of yourself don't you?
What do you think? Everyone should live in rowhouses in DC and if they don't there must be something wrong with them?
Do you think anyone here cares what you think of their living arrangement?
I have said it before but I guess it didn't sink in. 10 acres is not a lot of land in an area like Nokesville. What they want it for is none of your business.
"Good luck finding that large a parcel of land so close to DC for so low a price."
We already showed you that their planned price range is in the right ballpark. Don't act like "luck" has anything to do with it.
"I hope you do, 'cause when you do ... and you stay there 10 years ... you'll realize what a good choice you made investing in the capital city's expansion."
This from mr "a home is not an investment" lance huh?
They are buying a home. It is obviously incomprehensible to you that anyone would want something different from what you have, but it is true.
"Let's just hope someone didn't already figure that out 10 years ago ... and now want to charge $660K for that opportunity ..."
I am sure they would LIKE to charge a heck of a lot more than that, but in the real world they are going to have to settle for the market price and that is dropping like a rock...
Don't be such a baby lance.
"btw, that is an extremely racist statement. I hope the sane bubbleheads disassociate themselves with this prejudicial statement. Leroy?"
You are really showing your true colors today.
Racist? Extremely Racist?
They didn't even mention race.
They said crime statistics and demographics.
Any sane person interested in raising a family is going to look for a safe place to do so.
As I asked before, is it that hard to just admit you were wrong?
Leroy,
"Los Manassas" is a racist statement. It has nothing to do with immigration ... legal or illegal. It has to do with ethnicity/race. Mrs. "Lost" was exhibiting racism in putting down Manassas as apparently being too Latino for her as well as too crime-ridden. Perhaps the association of the two was lost on you?
As for her expectations of buying for $265K a house that sold for over $800K not that long ago ... Do you not see a problem with that? You can post proof that there are houses in that county on 10 acres that sell for around that amount. I can post proof that the median prices for such 10 acres spreads is over $1M. IRRESPECTIVE of our different "proofs", does the possibility of a property that went for over $800K a couple years ago actually selling today for $265K not strike you as wishful thinking at best? A price reduction like that just ain't gonna happen under. Who is being more mindful of the Losts? You for encouraging the Losts to wish for the impossible, or me for pointing out the obvious truth?
Lance-
Please go back to the inner beltway blogs....yawn
""Los Manassas" is a racist statement. It has nothing to do with immigration ... legal or illegal. It has to do with ethnicity/race."
Wow lance... you really really want to derail any meaningful discussion don't you? That is the only conclusion I can come to considering how you are reacting to this.
Nothing to do with immigration? Right Right...
"As for her expectations of buying for $265K a house that sold for over $800K not that long ago ...
...
IRRESPECTIVE of our different "proofs", does the possibility of a property that went for over $800K a couple years ago actually selling today for $265K not strike you as wishful thinking at best?"
Way to try to change the subject lance... you went from trying to say that 10 acres is extravagant and that they were hoping for too much on their budget... to trying to argue that the house won't drop that much in price.
I take it then that you admit you were wrong about land prices in Nokesville. (and for that matter its location...)
As for the house dropping in price... it depends on the house now doesn't it? Working from the assumption that what Lost said about the house is true then a 50%+ discount from peak pricing might be reasonable.
Stained carpet, crap in every toilet, missing refrigerator and fixtures... standing water in the basement...
That combined with the general state of the market in that area suggests that house would be LUCKY to get 50% of its sale price at the peak.
There are houses in good condition in that area asking 30%+ off their peak prices. A foreclosure in bad shape is going to need a bigger discount than that.
"A price reduction like that just ain't gonna happen under. Who is being more mindful of the Losts? You for encouraging the Losts to wish for the impossible, or me for pointing out the obvious truth?"
Who is being more mindful of the Losts, me, who actually knows where Nokesville IS or you, who mindlessly cheers all real estate no matter how ignorant you are of the market in question.
I have actually looked at houses in parts of PWC recently including some foreclosures. I am familiar with what the market is like out there. You don't even seem to be able to find Nokesville on a map.
They are going to have a hard time getting what they want for 350k, right now. I wouldn't be surprised at all if they were able to get it within the next 12 months though.
I hope they come back and post when they do.
Leroy,
They offered $265k ... NOT $350K as you say and certainly not "half of 'peak price'" (i.e, half of $843,920 = $422K) as you also off. They offered $265,0000 or about 70% off peak price ...
And did you note the closing comment that they said if the house was still on the market 6 months from now they'd look to given an even lower offer than the $265K offer they'd made?
I guess even you can't back that $265,000 offer. Nice try though with your usual strawman argument ...
I guess even you can't
AmosK,
Great to hear from you and thanks for sharing your past experience and how it compares to the current market.
Incoherent babble.
-Lost in Nova
Incoherent Babble here:
Lance the Turtle
"They offered $265k ... NOT $350K as you say and certainly not "half of 'peak price'" (i.e, half of $843,920 = $422K) as you also off. They offered $265,0000 or about 70% off peak price ..."
Have you ever participated in a real negotiation?
You don't come out offering your whole budget right from the start if you are smart.
They clearly said that they were willing to spend as much as 350k but decided this wasn't the place to do it.
"And did you note the closing comment that they said if the house was still on the market 6 months from now they'd look to given an even lower offer than the $265K offer they'd made?"
If that house sits vacant and unmaintained another six months, through the winter, with standing water in its basement it may very well prove to be uninhabitable.
If that happens the value of the property will pretty much be whatever the land is worth. (Which as we already showed you is likely well less than 250k.)
Why are you arguing about this? If you don't even know where Nokesville is what business do you have trying to pick a fight about real estate there?
You started off by saying they were trying to "keep up with the joneses" because they wanted 10 acres and that that was extravagant.
Then, once you realised you were wrong about land prices in that area you started trying to nit-pick everything else.
The fact is you are clueless and everyone can see that.
Leroy,
You are the clueless one ... advising people to do what even you know to be wrong. With your encouragement, people like the Losts will continue to hold out for that "too good to be true" price. And we all know, if it sounds too good to be true ... it is.
Because of the rah-rah cheerleading of people like you, people like the Losts will have literaly lost out on the opportunity to buy a home ... Instead they always be out there looking for that elusive 75%+ off ... I hope you can live with yourself knowing you've done others grave harm to others by feeding their unreachable expectations.
"You are the clueless one ... advising people to do what even you know to be wrong. With your encouragement, people like the Losts will continue to hold out for that "too good to be true" price. And we all know, if it sounds too good to be true ... it is."
I am clueless? Sure lance... which county again btw?
Don't give people advice about things you don't know the first thing about.
Their budget should be sufficient for what they want. Will it get them that particular house? Who knows?
Fortunately by waiting for the bubble to pop they will be able to get something worth what they pay.
"Because of the rah-rah cheerleading of people like you, people like the Losts will have literaly lost out on the opportunity to buy a home ... Instead they always be out there looking for that elusive 75%+ off"
Heh, sure lance... whatever.
" ... I hope you can live with yourself knowing you've done others grave harm to others by feeding their unreachable expectations."
I hope one day you grow up to be the sort of person that can admit when they are wrong about something.
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