Quote:
Originally Posted by Love2Swim
But speaking of savvy, is the seller savvy enough to want to offer their house at a lower price to make up for the fact that they owe the bond? A lot of sellers see a house down the street offered at a certain price, and feel their house should be equally priced, irregardless of the bond. There lies the catch. I think some people have an inflated view of what their home is worth. Ultimately, the buyer needs to do some simple arithmetic, and I agree, some probably do not do so or are unable to make the best financial choice. Hopefully the real estate agent would help in that regard.
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Real estate sales people, in my experience , use this ignorance on the part of the buyer, to benefit their sales effort , sometimes one way and other times in the opposite way. Anyone who buys a home at a contract price of $250,000 with an existing bond of $15,000, is in fact paying $265000. Regardless of the spin of the salesperson.