Home Buying in Prescott>Question Details

Joy, Home Buyer in Prescott, AZ

A house listed at $420,000 a few weeks ago -ordinary house with no real upgrades. Today the house is listed by the bank at $625,000. Why?

Asked by Joy, Prescott, AZ Fri May 13, 2011

Help the community by answering this question:


I looked and can't find a Bank owned listing for 625,000.
Let us know I am curious
0 votes Thank Flag Link Wed May 25, 2011

Realtors who are members of the Prescott Area Association of Realtors have access to history of properties that are listed on the MLS. I would recommend that you contact an agent to help you discover this answer. Furthermore, a good buyer's agent can help you pinpoint homes that best match your wants, needs and budget for purchasing a home. It is not a bad idea to have a professional on your side to help you navigate the current uncertain market.

Web Reference: http://www.ProsperAZ.com
0 votes Thank Flag Link Sun May 15, 2011
One reason could be as follows. Some time ago the homeowner, living in the property, was in the process of short selling the property at $420,000. The bank refused the short sale listing price and decided to foreclose instead. The bank then did an appraisal and it came back at the higher amount so the bank instructed its listing agent to offer the house at the $625K price. Lee 778-2349
0 votes Thank Flag Link Fri May 13, 2011
That is a large price difference. It does sounds as thought the lender may have taken over this one. Lenders may sometimes start off high to just see if their is interest. Then, after a few weeks if their are no offers, start dropping the price in incriments. If you are looking for more detail, contact a buyer's agent. I am a buyer's agent, you can call me directly if you wish.
0 votes Thank Flag Link Fri May 13, 2011
Hi Joy,

I cannot give you an accurate or professional opinion without the address and doing some ressearch into the property for you? Please e-mail Linda Wood at info@PrescottAreaLiving.com and I will give you the detials you want.

Warmest Regards,
Linda A. Wood , The Ray Team http://WWW.PrescottAreaLiving.com
0 votes Thank Flag Link Fri May 13, 2011
My guess would be exactly what Joy said. Short sale listings are notoriously priced well below market value, and if the price is too far below, the seller's lender(s) will never approve the sale.

As for finding out more details about the property, I would highly recommend to locate a local Prescott agent who specializes in working with home buyers. S/he might be able to shed more light on the history and situation with the property you're interested in.
0 votes Thank Flag Link Fri May 13, 2011
Hi Joy,

Without having more information, I would 'guess' the house was listed at $420,000 by the owners as a short sale? If this is the case and now the bank owns the house, the bank is going to list it for it's true market value. If it was listed at $420,000 by the owner as a short sale, they may have listed it low just to get some offers before it went back to the bank as a foreclosure.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Fri May 13, 2011
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