Canadian Inv…, Home Buyer in Chandler Ginning, Gi...

What happened to this house? Anyone has any idea? thanks ?07/29/2005 sold for $387,000 2.) 05/20/2005 sold for $249,165

Asked by Canadian Investor, Chandler Ginning, Gilbert, AZ Thu Jul 29, 2010

http://www.movoto.com/az/4262-e-palm-beach-dr-chandler/471_4…

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That makes sense CI, and is a good plan. I thought I'd read somewhere you already had an agent. I probably misread... my bad.

As to your question above, it you're wondering why a home apparently sold in May 2009 for $249K and then again in July for $387K, the answer is probably one of two things:

1) The data your seeing is incorrect.
2) The home really was bought in May for $249K and remodeled and re-sold for $387K in July.

Most likely, reason #1 is the answer. There is a LOT of bad info out there, particularly when it comes to historic sold values.

Also, while it's curious, and does make you wonder what happened, it really means very little. What a home sold for five years ago has zero bearing on what it's worth today.
0 votes Thank Flag Link Fri Jul 30, 2010
CI

I will add to what Patty said.....a quick analysis of Comparable properties in Sun Groves are closing at

Low $71.70 PSF, Average $76.16 High $81.02

Some listing agents will price short sale listings below comps to generate an offer and stall a potential foreclosure such as this is, but the bank will want the best comp price they can get and will often counter with a higher number after the buyer has waited 2-3 months for a response. Additionally, this property has 2 loans which complicates things since the fallout rate of short sales is very high.

Just some food for thought.
Stephanie Weiss
0 votes Thank Flag Link Fri Jul 30, 2010
Hi Jay,
I will work with an agent later on for sure , but before I fly to AZ, I would like to do a lot of work myself like : To know where I should buy , How should I hold the property, get my mortgage pre- approved, find the best PM , talk to couple of agents and find whom I feel comfortable with . Then I will fly there and buy . I don't like to waste the a lot of other people's time and don't give them business.
0 votes Thank Flag Link Fri Jul 30, 2010
Canadian Investor -

You're asking a lot of questions, and that's *great* -- you should ask lot's of questions.

But you've previously indicated that you are working with an agent.

So my question to you is, why aren't you asking your agent these questions? You (hopefully) trust them. Their job is to help you. Why not let them do their job? That way you get answers from someone you trust, and not from some random people on an internet message board that may or may not give you good advice.

(Of note, I'm not saying Patty's answer isn't correct. It may be. Probably is. I haven't looked up the property. The point I'm trying to make is -- talk to your agent. That's why you hired them).
0 votes Thank Flag Link Fri Jul 30, 2010
This home is actively listed for sale. The home last sold on 7/29/05 for $387,000 and currently has a foreclosure notice. The home is listed for sale as a short sale - meaning the current owner owes more than the property is worth, so the bank will need to agree to the terms of the sale. Short sales mean the bank comes up short - but they can take a long time to close. Average is ~4 months ... but vary from 2 months to over a year ... some never close if all parties cannot come to an agreement. I've provided a link below with more pictures and information....
0 votes Thank Flag Link Thu Jul 29, 2010
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