Home Buying in Leominster>Question Details

Alycia, Home Buyer in Leominster, MA

How can one compare homes sold with those on the market?

Asked by Alycia, Leominster, MA Tue Jan 13, 2009

How can one compare homes sold with those on the market while the very same house is listed as recently soldfor a greater value? One particular house is listed for sale under 130K and shown as sold in the last sixty days at 240K?

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4
Angela Dolber’s answer
Hi Alycia,

If you are looking at a home in the Worcester County area, then you can go to http://www.masslandrecords.com and check on any property that has been recorded with the registry. Homes that are sold, which are bank owned or in a short sale situation, tend to sell less than those that are owned by a seller because the bank wants to get it off their books in a timely manner. Plus, it depends on its condition as well. There are also properties out there that are listed at a lower price to gain as many offers as possible on the property, hopefully with a higher offer over the listing price. As a realtor, we can find out information on homes that are listed online by looking at their history of when it was first sold to it being re-listed now, etc. If you'd like some assistance with your property in question, feel free to contact me anytime with your questions.

Angela Dolber
508-826-8553
angela@pruprimehomes.com
0 votes Thank Flag Link Wed Jan 14, 2009
It depends on where you are getting your information. It may be the 240K sale was the foreclosed amount from public auction and the 130K is the current listing price as an REO.
0 votes Thank Flag Link Wed Jan 14, 2009
Alycia, don't look a gift horse in the mouth! If you want to get me the specifics I'm sure I could figure out the backstory quicker and easier than you could. There's probably a logical story behind the property.
Web Reference: http://www.BowenBoston.com
0 votes Thank Flag Link Wed Jan 14, 2009
This is part of a real estat professionals knowledge base. Knowing the physical condition of properties in a given area, the asking price of the properties, any special conditions with the sale and the interest level of buyers in a particular area.

I don't know exactly what could be going on with the property you refrenced but perhaps it was taken at auction, foreclosure etc. and the property is being remarketed as a very low price to entice multiple offers, or perhaps in the case of some properties, perhaps it was converted to a different use and multiple properties were made of the original property. Or it could be a mis-listing for a lien etc. or even an error in pricing. There are alot of reasons to explain the pricing. You may never find out the exact reason, or just part of it but by doing your research you can find out alot.

You could consult the Registry of Deeds to check on foreclosures, liens etc. You could consult the local building/inspectional services department and the zoning board/department and see if the property was sub-divided in some way.

Good luck, hope that helps
0 votes Thank Flag Link Tue Jan 13, 2009
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