Home Buying in 19107>Question Details

Alex, Home Buyer in Philadelphia, PA

Why would a house be back on the market a few months after purchase with a higher asking price?

Asked by Alex, Philadelphia, PA Thu Jan 15, 2009

I'm interested in a house that was purchased in Fall 2008 and is already back on the market. The interior has been gutted, with no indications of improvements, but the price has increased by $50,000. Since it doesn't appear to be a flip in the conventional sense, what could be going on here?

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4
Alex,
There are many reasons as to why this home could be priced higher than what it was purchased for just a little while ago. If the condition of the property was in a state of great disrepair than sometimes gutting it will actually improve the value because some of the work has been done for you. There also could have been some mechanical improvements that you may not identify right away. Always ask for the sellers disclosure as that will state what the owner has done since purchasing the property and reveal all they know about it as well. Other factors could include short sale, purchasing under value, sellers changing their minds, house is simply over priced, etc.
Web Reference: http://www.liveinphilly.net
0 votes Thank Flag Link Wed Jan 21, 2009
Hi Alex, have you seen the interior. If this is a home you want to purchase, you will need the value of comparable homes as well as a list of improvements. If improvements are still in the works, you should write into the offer that this be done prior to closing. Let me know if that helps.

-Cheryl Supplee
Coldwell Banker Preferred
610-812-6575
csupplee@cbpref.com
0 votes Thank Flag Link Fri Jan 16, 2009
Alex,

Real estate activity can be a reflection of life in general. There are ups and downs and people change their mind. Perhaps it's as simple as the owner changing their mind because of personal reasons.
0 votes Thank Flag Link Thu Jan 15, 2009
When the home was purchased was it purchased from a bank or at an auction? If from a bank the property may have been under valued at the time of sale. How do you know nothing has been done?
0 votes Thank Flag Link Thu Jan 15, 2009
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