Tuesday, September 22, 2009

Stop the Insanity!

Image ID 698532 by PinkDragon image courtesy of Stock Exchange user PinkDragon

We made an offer yesterday for our first time buyer client on an adorable little starter home in Glendale.  It’s bank owned. It’s listed for $109,900. All the appliances are there, seem to be in working order and the house is move-in ready.

We looked at the comps, shared them with our buyer client, and she decided to offer $130,000.

I just hung up the phone with the listing (i.e. seller’s) Realtor. She sounded completed unimpressed by an offer of $130,000 on a $109,900 listing. Unimpressed!

Bankers, c’mon! You’re killing us! Stop listing your REO properties at 20% under the market values. You’re just making us all crazy. Bidding wars aren’t fun and they’re making our buyers (and us) feel like the yarn doll in the picture. We’re all gonna go postal soon, and we know where your headquarters buildings are located.