This SFH has been listed and relisted for at least 6 months. No reductions throughout the housing bust.

Asked by Tj, Los Angeles, CA Tue Dec 2, 2008

Listers of this house are seemingly unware of the current financial crisis and housing bust. I've been following this house just for fun (it keeps popping up everywhere, including craigslist). It's been at $375K for as long as I can remember (at least half a year) and it's just not moving so why aren't they reducing the price? It's literally a dump, just look at the pictures. This one should be $275-300K. They're never gonna sell it at this price. Isn't it time for these REs to wake up and face reality? It seems to me that these listers are unaware of the current financial turmoil. Are they living under a rock? What the hell are they smoking?!
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Jodie Franci…, Agent, Studio City, CA
Wed Dec 3, 2008
Hi TJ,

I just looked up the history on this home, and it was listed last year for 6 months at $668,000 then $645,000 then $625,000. It was relisted in Dec 07 at $499,000 then $399,000 and now $375,000 this is a short pay listing, and it is not just up to the owner of the home to decide what price will be acceptable. The bank or banks that are holding the note (s), need to approve any offers that come in, because at this price, there is more owed on the property than what they will be able to sell it for. I didn't look up the mortgage balances, but this could explain why they may not be going any lower. If you do have an interest in the house to purchase, I would just go ahead and make an offer based on what you think the fair market value is and what you and your agent think is a fair price for the home.

A lot of people are steering clear of " Short Pays" as they are anything but short, and require a lot of patience, and may cost you more in the long run. Best of luck to you!

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Dallas Texas, Agent, Dallas, TN
Tue Dec 2, 2008
Listing agents are held by the seller requirements at times finally the seller starts to listen to agents OR reports back from buyers agents showing the home. Perhaps the seller does not have to sale unless they receive list price. I have sellers like this now matter what they wont pay attention.
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Mary Lyons, , Coventry, RI
Tue Dec 2, 2008

It can be puzzling sometimes when things don't add up. I do not know the specific home you are referring to, but I can tell you every market has a home that makes you go "hmmm". I would suggest that if you have an interest in purchasing the home, then make an appointment and go see for yourself, who knows.. you may be pleasantly surprised. However there is the chance that your instinct is right on, if that is the case, well ... get comfortable, because it sounds like you will get to "watch" this one on the market for quite some time.
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