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.
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