My client was interested in this particuilar Orlando Home and it was not a happy occasion...the property is priced not just a bit high...it was about 25% too much...listed for $550 and should be about $420...seriously. Nothing has sold in the neighborhood ever for more than $430,000. I ran the comps in the zipcode to see if there is any supporting solds and came up empty.
Nada....comps are in the low $400's and those homes all have pools...this one does not have a pool.
So I called the listing agent and asked how they came up with the price, since there was nothing to support the asking price. Listing agent said that they was obligated to "try" with the "too high" price because the seller owed too much money on the house. Really?
Does what the seller owes determine the value of the property? Absolutely not. A property is only worth what the neighborhood value brings.
My clients were unable to negotiate fair market value purchase price and moved on to another property. This property has now been discounted $80,000 and is now a short sale. The price is still not short enough...it is still an overpriced Orlando home.
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