Iremembereb, Home Buyer in Baltimore, MD

why is this home asking for so much money compared to others on the same street and same area? I noticed its been on the market for almost a year

Asked by Iremembereb, Baltimore, MD Mon May 6, 2013

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This question was asked from this property: http://www.trulia.com/property/3094405631-14209-Rectory-Ln-U…

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Answers

5
The Seller can ask any price they choose. Even if it is out of the parameters of reasonable market value. They may have over improved the home or they may just be trying to cover their losses. Either way, an overpriced home will not sell and even if it did it is likely that that the property would appraise for less than the asking price thereby blocking a sale unless the buyer wanted to pay cash out of pocket for the difference in contract value versus appraised value.
0 votes Thank Flag Link Thu Oct 10, 2013
Hello Iremembereb

Sometimes sellers insist that their property is worth more than their neighbors despite what the comparables show. The home appears to be in excellent condition from the photgraphs and, perhaps, this is the seller's reasoning. If it hasn't sold in a year, my guess would be that it is over priced - however, there could be title issues that are preventing the home from being transferred free and clear. I would contact the listing agent who could give you more insight.

Keep in mind that when an appraiser goes out, he will use properties in the same vicinity and of similar construction. If the house doesn't appraise, it can be difficult to get financing over and above the appraised value.

If you have not already been approved by a lender, I would be happy to run numbers for you to let you know how much you can qualify for.

Feel free to call, write or text if you have any questions!

The first step in the home buying process is to get pre-approved for your mortgage. You can start this by going to my online link. Click here and enter your information so I can run numbers for you: http://www.loansbycatherine.com.
After you hit SUBMIT, I will be able to access your information through our secure website and will run figures for you right away.

This does not obligate you to use Fairway Independent Mortgage Corporation, although we do appreciate the opportunity to work with you.

I am looking forward to working with you and helping you get the keys to your new home!

Sincerely,

Catherine Purcell
Senior Mortgage Loan Officer
Fairway Independent Mortgage Corporation
catherinep@fairwaymc.com
cell 202 573-6035
0 votes Thank Flag Link Mon May 6, 2013
Hello Iremembereb

Sometimes sellers insist that their property is worth more than their neighbors despite what the comparables show. The home appears to be in excellent condition from the photgraphs and, perhaps, this is the seller's reasoning. If it hasn't sold in a year, my guess would be that it is over priced - however, there could be title issues that are preventing the home from being transferred free and clear. I would contact the listing agent who could give you more insight.

Keep in mind that when an appraiser goes out, he will use properties in the same vicinity and of similar construction. If the house doesn't appraise, it can be difficult to get financing over and above the appraised value.

If you have not already been approved by a lender, I would be happy to run numbers for you to let you know how much you can qualify for.

Feel free to call, write or text if you have any questions!

The first step in the home buying process is to get pre-approved for your mortgage. You can start this by going to my online link. Click here and enter your information so I can run numbers for you: http://www.loansbycatherine.com.
After you hit SUBMIT, I will be able to access your information through our secure website and will run figures for you right away.

This does not obligate you to use Fairway Independent Mortgage Corporation, although we do appreciate the opportunity to work with you.

I am looking forward to working with you and helping you get the keys to your new home!

Sincerely,

Catherine Purcell
Senior Mortgage Loan Officer
Fairway Independent Mortgage Corporation
catherinep@fairwaymc.com
cell 202 573-6035
0 votes Thank Flag Link Mon May 6, 2013
Hello,

some of the properties may be distressed thus they tend to have a little lower value. Remember a seller can list and ask for any price on a home. the bigger question is do the buyers feel it is worth the asking price and will it appraise at the value listed.

Good luck
0 votes Thank Flag Link Mon May 6, 2013
Hi, great question and wonder observation. The home was reduced by $7000. from it's original list price. Not sure why the price has not been further reduced to come in line with the neighborhood values. Many times the owners will not reduce the price because they feel their home is worth every penny and they feel they must have it.
0 votes Thank Flag Link Mon May 6, 2013
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