Home Buying in 91367>Question Details

G, Home Buyer in 91367

Buyer Be Aware Part 2- On Comp Sale Price

Asked by G, 91367 Fri Jun 6, 2008

I reached the character limits on the last one. Be careful with comparable sale price in the area. When a property is getting foreclosed, it's showing as a sale for ridculous amount. It's not a sale. All short-sales and foreclosed are getting recorded in a weired way.

For example there is a townhome showing sold at $438K two weeks back and now listed at $400K. There is another showing sold at $539K a month ago and now listed at $449K. Both are REO's. Look at the lowest number in the area as a comp. thanks

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Mitchell Simmer’s answer
Comparable sales prices of short sales and foreclosures are still true prices and should be examined by both buyers and sellers. The difficult part is in making the necessary adjustments when comparing them to the rest of the homes. Whether or not sellers want to accept it, the fact remains that they are in competition with every home on the market. Buyers will determine whether the difficulty in bringing a short sale or foreclosure sale to close, and the costs and time involved in bringing that property up to the same condition is worth the price differential.
1 vote Thank Flag Link Fri Jun 6, 2008
The higher price, you maybe talking about the amount of mortgages that banks had to take back from home owners when they lose their homes. The lower price should be the listing price.
Web Reference: http://www.sunnyhermoso.com
0 votes Thank Flag Link Fri Jun 13, 2008
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