Home Buying in Garner>Question Details

barbaraallen…, Other/Just Looking in Wilson, NC

If a home was purchased in late 2012 for 50k and no work done on it how can you come back and re-sale it for 97k

Asked by barbaraallen1948, Wilson, NC Wed Feb 20, 2013

Help the community by answering this question:


The buyer may have purchased the property below market and is now selling the property at the current price.
0 votes Thank Flag Link Wed Feb 20, 2013
Simple, a seller can ask any price they like, if they can find someone to pay it and if the property will appraise if a mortgage is involved. It's important to realize that asking price and selling price are rarely the same. I don't know the property you're referring to, but how do you know if any work was done on the property or not? If may be that work was done that might justify a higher price.
0 votes Thank Flag Link Wed Feb 20, 2013
Because I looked at it yesterday, needed about 20 to 30k work done.
Flag Wed Feb 20, 2013
According to zillow its still listed for 52K--
0 votes Thank Flag Link Wed Feb 20, 2013
I have seen it happen on a townhome that was sold at auction ( foreclosure) -- all the buyer did was paint and clean and re-sold it about 6 mo later -- I needs to be at least 90 days for some lender requirements so he rented it out and then sold it... - He bought it in fall and sold it in spring.. ( Plus it did help that it was a golf course community ( back yard) that looked vacant and brown in the late fall and looked awesome and green in the spring)
0 votes Thank Flag Link Wed Feb 20, 2013
Ms. Allen,
Believe it or not this situation is entirely possible. The most likely scenario is that the home was probably way under priced when it sold in 2012 and the seller is now selling it for the current market value. This price was probably low because it was a distressed sale or the seller just wanted/needed to get rid of it. Current market values on properties have very little to do with the previous sales price of the property. The most influential factor, is the price similar properties are currently selling for (not the asking price, the actual sold price).
0 votes Thank Flag Link Wed Feb 20, 2013
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