Home Buying in Dallas>Question Details

Checkboard, Home Buyer in Dallas, GA

I see a property sold in March 2011 for 112,432 now back in market for 28,000. How is this possible??

Asked by Checkboard, Dallas, GA Thu Oct 6, 2011

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This would most likely be a property that was foreclosed on. The property would have had mortgage insurance, and what was owed on the loan would have been paid by the aquiring organization (HUD, Banks, VA, etc.). Then the home was listed at current value, which could be well below what was owed on the home at the time of foreclosure. With these conditions in place, now is the time to get a great deal on a home. Hope this helps
0 votes Thank Flag Link Wed Jun 13, 2012
Many times, you are seeing the price that was owed on the property, if the "sale" was basically a transfer from the owner to a bank, that is the actual foreclosure, the listed price is what the bank has deemed the asset to be worth. Hope that helps.
0 votes Thank Flag Link Sat Nov 19, 2011

From where we stand, it would appear that there has been a mistake with these numbers. Was the $28k sale a "foreclosure?" A local realtor may be able to provide you with some insight.

0 votes Thank Flag Link Fri Oct 7, 2011
Could be a number of reasons, but this is not at all unusual.

I appraise foreclosured properties and it's not at all unsual for me to derive a market value 10% - 15% of a mortgage taken a year ago. Fraud is srill very much alive in the real estate world, some say to the same or greater level than before Washington decided to get involved with everything.

The more things change, the more they stay the same.

0 votes Thank Flag Link Fri Oct 7, 2011
What is the address and where are you getting that information?
0 votes Thank Flag Link Thu Oct 6, 2011
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