inappropriately priced the first time.
nearby market conditions changes
negotiations with short sale lender and new appraisals determining new pricing
Your real estate agent can do the research to find out this kind of information. If you are an interested buyer, you can work with a professional (your Realtor) who will make the calls to find out the answers you are seeking .
1) It started out as a regular sale. It's priced according to the minimum price that homeowner can afford without bringing money to the table. Once it's been on the market and it doesn't, homeowner realized the market price is below what they owe to the bank. They give up on selling it as regular sale and it changes into a short sale.
2) It's a short sale from the beginning. The listing agent lowers it to generate more interest and more offers. Please note that in a short sale the final sale price is pending lender approval. Even though you may have a contract with the seller on a certain price, the bank can come back and ask more.
If you don't have an agent yet, feel free to contact me for further assistance on this property.
There is home on Fuller Ave. Which is a foreclosed property.
However, the one you are referring to is a Short Sale, Meridian Ave., which is a Condo.
On Meridian Ave. They just had a transaction that fell through.
Let me know if I can help you further with regards to comparable etc.
Perry & Ruth
I do not see the house so it is difficult to tell you if something is wrong with it. But your agent can help you get some inspections to determine if something is wrong with the house. You are normally given 10 to 15 days to inspect the house and get your loan approved before removing contingency. Lowering the price from $339k to $249k is a common practice in real estate; this does not mean the seller will sell it for $249k.
Good luck to you,
San Jose Realtor
(Certified Short Sale Specialist)
I don't know which house you are refering to so it is hard to give you an exact reason. Most probably it is a short sale and the agent is trying to get an offer into the bank, or this is the begining bid for an auction, but without knowing the home that is just a guess. This does not mean there is something wrong with the property it only means that they WANT an offer quickly. You have to understand a home at that price usually does have something wrong with it or it is in a terrible location. To find out ask your agent to contact the listing agent for more info, or to see the home and look for yourself.
If you don't have an agent I would be happy to assist you, just email or call with the info on the property and I will find out for you.