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.... more
It's difficult to start looking early for a lease purchase only because what is available today probably won't be on the market then. It is a good idea to see what's out there and compare prices now. I would recommend hooking up with a realtor you are comfortable with and have them send you what is available. They can put you on an automatic mailing list for homes that meet your criteria. It won't cost you a penny and you'll learn what to look for when the time comes for you to move.... more
Unfortanately banks do not rent out foreclosed homes. I dont know of anything in that price range at all. Even studio apartments are $400-$500 month. Your best bet is to speak with a state agency to see if they have a program to fit you into. Good luck... more