Wow, what a tough question! I would most definitely get with an EXPERIENCED agent in that area. Someone who knows not just the market but what comparables have sold for in that price range. I have had some foreclosure contracts sell for just 3-5% less than what they were asking but the properties were worth much more and some for as much as 40% less. (I've also seen them go for 5% more than they were asking as well) Importance of a buyers agent!... more
Kevin ... it's never too late. Keep talking to the bank until the very end. Yes, it's a LONG process and in the end the odds are against. Have a plan, show them what you need to make it work and prove to them if they allow it everyone will be better off. If speak with one person, ask to speak to a supervisor. Never give up on your home if you can afford to keep it with some modifications. But make sure you can keep your end of the deal. I have been successful about 3 times in getting originals owners their homes back. We had to be creative, but we did prevail in the end.
If you'd like some advice or pointers, give me a call. More than happy to help.... more
Vince, I have recently sold some homes that were owned by Well Fargo. They were easy to work with and my buyers felt that they got good deals. Of course this is where your buyers agent comes into play. They can help you get more information on if it is a good deal for that particular area. Like other agents have said...there are a lot of factors involved when it comes to pricing them. Not to mention there are a ton of banks trying to sell homes in our state at this time. There is plenty to choose from.
I hope this information helps! Best Wishes!... more
With a little more education to the public they should go down slightly. There are many factors to consider with each individual city. Here is just one... Has the millage rate changed in your city since you have purchased this home? If so, that could offset any decrease in value that your home may have seen recently. Also, the amount of time you have owned your home has a big impact on it's taxable value. If it is your principal residence and you have owned it for may years the increase you have seen year after year in your taxes have only been at the rate of inflation and not market rate.
Your agent should be able to take all of this into consideration to help you make the decision to fight it a more educated one.... more