I am not sure where this $505,000 price came from. I looked it up and could not find any MLS listing at $505,000. (unless it was only listed out of area which is not smart.) This was a redone house with an extra bath. It is not a 4 bedroom one bath but a 3 bd 2 bath. Obviously since someone paid $575,000, it was worth it. I showed this house too.

Your question caught my eye because I did show this house last Fall. I had a feeling it would sell quickly based on how well it showed, location, and compared to what else was on the market at the time. It did sell within 8 days of being on the MLS - as this new REO listing. The final sale price was $575,000. That was a 20% reduction from the prior sale price in 2005. My clients who saw it didn't make an offer on this one because it was a little small for them, but they did buy another REO. Good luck if you're still looking. Pacifica has some good inventory, particularly in LInda Mar and Park Pacifica right now.

Perhaps the lender, the new owner is ready to accept a reasonable offer. The prior asking price may have been set by the defaulting seller without lender approval. Nobody really knows when it comes to a posted asking price on the Internet.

I saw this home this morning on MLSlistings and got excited about it because I was looking to buy something in this price range and this one seemed like a good match for me. But I was wondering "what's the catch?". I would have considered paying 550 for this because all the similar ones listed in the area are asking for 600 or above and some of them don't even seem to be in such a decent condition.

But now that I did a google search and landed here, you have me second guessing. How did you find the history for what it was selling for last year? In my opinion, at 505K, this should have sold in a couple of days based on last year's market condition unless something was seriously wrong with the property. Also, what is a good way to find out issues with the property.

It says it is REO, it's a bank foreclosre. So yes, I guess the owner was relocated. The banks are trying to get as much as they can for the house. Good Luck

This question is about this property: http://www.trulia.com/property/1068595013-1086-Rio-Vista-Dr-…