I’m seeing a big surge in foreclosures and short sales. And owners losing money. Are you seeing this too?
Data on foreclosures shows a 20-30% increase YoY, and this listing in Nashville is in a Short Sale, and the seller is losing money from what they bought it for.
They’re taking a $6,000 loss from the sale, and with realtor fees and closing costs, it could be as high as $25,000.
This is causing home values to drop. In this neighborhood north of Nashville, values are already down -4.5% YoY.
The question is: how much should you offer on houses like this? We just ran it through our listing tool, and we’re getting an offer range of 245k-265k.
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