Because of the strict lending requirements in the past few years, there are many areas that are considered "Hot" rental markets. People that could not afford to stay in a home or simply can not afford to buy need to rent somewhere. I have been showing quite a few duplexes in the Cudahy area with considerable deals, but they are not lasting long.
If you'd like me to help you with the current inventory in the Cudahy market, give me a call. 414-807-5851.... more
No discrimination (at least as indicated from your question).
I'm assuming the sellers are trying a short sale. As Scott notes, the lender will look at the comps, and won't accept an offer too much below the comps. Apparently, the seller believes the house is worth more than $87,900. On the other hand, we can figure it's not worth $108,000 since it's been on the market for 3 months.
Now, the lender may be correct or incorrect in its price estimation. But that's what you're up against at the moment.
Your assumption that "the banks are supposedly trying to help these people in foreclosure" is, unfortunately, incorrect. Banks don't care whether the person who defaults on the loan is putting his/her life on the line in Afghanistan or whether the seller is a crack dealer selling to kids on the playground.
Talk it over with your agent. Have your agent talk to the listing agent for any perspective on what the bank's likely to accept. Factor all that into the equation and then, if it makes financial sense, make another offer.
We have sold homes in Cudahy....and listed them...where did you get your number ? Was it from homes that have sold in the last 3 months ? Is this the number you want or a realistic number based upon homes that have actually sold ? Our last seller in Cudahy that closed in December passed on all the "let's make a deal buyers" and got 98% of their asking price.... more