Home Buying in Camas>Question Details

Kimnordman, Home Buyer in Manitou Springs, CO

Does this price history report look fishy to you?

Asked by Kimnordman, Manitou Springs, CO Mon Sep 3, 2012

We're looking to buy our first home and are looking at one pretty seriously. However, the price history reflects two sales in 99, one in 2000, two in 05, and one 10. The prices varies dramatically on the sales ranging from 85,000 to 172,000 and everywhere in between. Is this some kind of red flag that we're not aware of?

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There could be some reasonable explanations. Sometimes refi's appear as new purchases, but the ownership remains the same. Same thing when a second mortgage is recorded. This would explain the rapid succession of sales and the wide range in pricing.
Regardless, I'm not sure how the history would impact your interest in the home. If it is in great shape, priced and located well and an excellent inspector goes through it with a fine tooth comb so you know what you are getting, move forward.
Check crime stats and history too on the outside chance that the home or area has a past you want to know about that may have affected its previous ownership.
0 votes Thank Flag Link Mon Sep 3, 2012
The site or the address it would be helpful. Property values fluctuated a lot since '99, so it is possible. In the same time the Q. would be: were any major improvements done to the property or was it lost through foreclosure? All these situations will influence the price.
0 votes Thank Flag Link Mon Sep 3, 2012
First of course, I would need the address, second is the source of the "sales history".

If you are looking at the county records, you may be seeing deeds of trust, refinances, second mortgages or any number of possible recordings against the property.

If you are working with a realtor, they would be the best source of determining the actual history. A foreclosure and sale would be recorded as 2 separate events as well.

I often do a little forensic real estate... (tongue in cheeky joke), to ferret out the real history. What matters most is the current market value, and condition, and check the permit history for work that might have been done, and get a thorough inspection.

PS, I have a great consumer resource site, with Q&A about the home buying processes

If you get stuck, give me a shout!
Gloria Matthews
0 votes Thank Flag Link Mon Sep 3, 2012
I would need the address so i could check and see what the sale history is for the home ,
some of the sites look at any change in financing as a sale might be refinance some forclosures show as a sale also . send me the info i would be happy to find out what is the story as far as being a red flag not as long as you do you due dilligance check everything and do a good inspection you should be fine . bradfix@live.com
0 votes Thank Flag Link Mon Sep 3, 2012
I hope that's what it is. Here's the link.
Flag Mon Sep 3, 2012
The red flag for me is the home selling 2 times in a year twice? Holly cow what is wrong with it? Did it really sell or just had offers that fell apart. In 24 years of real estate I can not, not one time point to a house that really actually SOLD twice in a year, let along doing it twice. 6 sales in 12 years = Ding Ding Ding Ding Be careful.
0 votes Thank Flag Link Mon Sep 3, 2012
Here's the link to it if you have any ideas... http://www.trulia.com/property/3510762-7150-Ravine-Dr-E-Colorado-Springs-CO-80908
Flag Mon Sep 3, 2012
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