Home Buying in Fruitland>Question Details

Islandwoman, Home Buyer in Fruitland, MD

We were considering an offer on this house when it was listed at 88K. Why did the price go up so much?

Asked by Islandwoman, Fruitland, MD Tue Oct 4, 2011

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Hi Islandwoman,

When it was listed at $88K, it may have been incorrectly priced. If it is a short sale, the listing agent may have listed it really low to generate offers and possibly a 'bidding war'. If it is a short sale, the short sale lender(s) who approves the short sale will have a BPO or an appraisal done first to determine current market value. Before you submit an offer on any property, have your Realtor do a Comparative Market Analysis (CMA) using Sold comps within a 1 mile radius of the property that have Sold within the last 3 months. This will give you current market value - base your offer on this, not on list price which may be intentionally too low (and if a short sale will not be approved by the short sale lender).

Shanna Rogers
SR Realty
0 votes Thank Flag Link Tue Oct 4, 2011
It could have been a short sale, the broker may have priced it too low and teh vbank will only accept a short sale at or near market value. You should ask the listing agent...You should not base any offer on a listing price anyway, assess what the house is worth in todays market and base your offer on that
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Oct 4, 2011
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