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Hypothetically speaking…. What say you?

April 10, 2010

Hypothetically speaking…. What say you?

Old houseMr. & Mrs. Buyer are looking for a house. They are not afraid of work. They are actually looking for another family member and will probably participate in not only the purchase, but the rehab.

The buyers Realtor® is, of course, wanting to do the best for her clients. She sends them a listing and it is in the most perfect location for them, exactly what they are looking for. I mean exactly the location they had dreamed of finding something like this in.

The house, although priced at the lower end of the scale, is probably $50,000 over priced. The listing agent has already said that even $20,000 under the list price won’t work for her seller. The seller has to get more than that. There are hints, this is a small town in many ways, Ms. Seller is underwater. The listing agent also said that there was an accepted offer, but the buyers decided to buy another home. Not because of this house, but because they found something they liked better. (It had nothing to do with any findings of the inspections she swears.)

A shoe box is larger than this house! The house has issues. Without a formal inspection, these are the things that are glaring the buyers and their agent in the face. (Of course none of these are on the property condition disclosure reports) Back sill plate has rotted, new drains must be dug around the perimeter of the property to stop the swamp in the back yard, the furnace is from the stone ages, the back deck is a disaster and it is bolted into the rotting sill, the basement has a dirt floor, even with a sump pump is wet, there is mold in a few spots, the siding is sitting on the earth on one side of the home and is rotting, the roof, although it was replaced 3 years ago looks like it needs to be replaced again, the bathroom wall needs to be addressed and oh the septic, the very big fear is that it is only a tad better than a 50 gallon drum. And let’s not forget the wiring, most of it needs to go!

The buyers still want it. But at a very realistic price. The listing agent is firm about her seller having to get a certain dollar amount. The house won’t hold up under an inspection, or will certainly not appraise at the price the seller needs to get.

The buyers agent explained to her buyers what a short sale is, they had no idea what any of this meant. The buyers are actually willing to help the seller by paying for a reputable short sale attorney if their offer is accepted. They understand that they could very well be putting $1,000 at risk, yet are willing to do this, for many reasons.

What say you? Hypothetically speaking of course….

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