Foreclosure in 94044>Question Details

Diane, Other/Just Looking in Woodcreek Apartments,...

The foreclosures on Claridge Dr. are priced higher than the same houses in the area.Dose that have to do with location

Asked by Diane, Woodcreek Apartments, Cary, NC Fri Jun 15, 2012

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Foreclosed homes that are been offer for sale has many disadvantages! The asset manager are basing their listing price with an online appraisal. It shall not stop anyone from making an offer. As a buyer’s agent I would put a CMA together and submit the offer! Local agents are familiar with the market and the CMA of a local broker along with the offer is the way to make an offer to an over price listing.
0 votes Thank Flag Link Thu Dec 11, 2014
If that were true It has to do with bad pricing. Claridge Drive is not an area I would like either of my daughters to live.
0 votes Thank Flag Link Sat Jun 16, 2012
There are many factors in the price of a house. location matters, even sometimes from one side of the street to the other ( for example some streets are split down the middle as far as the flood zone.) Condition also makes a big difference and short sale vs foreclosure versus a regular sale matters too. That is why you need a local REALTOR to help you so you know why a house is priced the way it is.
0 votes Thank Flag Link Fri Jun 15, 2012
Hmmm, I hope you aren't getting that information directly from Trulia. There are actually no foreclosures available on Claridge Dr right now. There are 2 properties available on Claridge Dr, one is a regular sale listed at $439,000 and is "pending", the other is a short sale and is listed at $359,000 and is also "pending". As you can see the short sale was listed way below the regular sale.

At the moment, in the same area as Claridge, there are no foreclosure listings.

I would be happy to send you a report for Pacifica in the area of Claridge, directly from our listing service if that would be of any help to you. I can send you everything that is listed, pending and properties that have sold over the last 6 months. Just send me an email s h a r o n @ s f h o m e l i f e . c o m.
0 votes Thank Flag Link Fri Jun 15, 2012
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.

Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”

Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)

Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.

Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
0 votes Thank Flag Link Fri Jun 15, 2012
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