Pilar Moore,  in South Philadelphia E...

Why is this property selling so cheap in this area?

Asked by Pilar Moore, South Philadelphia East, Philadelphia, PA Tue Apr 24, 2012

For example, I check other listings and they are around the same range of 30,000-70,000 dollars.

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Answers

2
Sometimes a property is being sold as a "short sale" which means the seller owes more on the mortgage than what they are asking. Many times they will list the property lower than similar properties. The bank has to approve the sale since they are the ones who will be taking the loss.

Another reason could be that the property is in poor condition, and the discount in the price could be the amount the seller thinks it would take to bring the property back into shape.

Sometimes it is just luck - like a seller who has mispriced the property because they don't know the market, or there is a divorce or some other situation which makes the seller want to get rid of the prperty fast.
0 votes Thank Flag Link Wed Apr 25, 2012
There are several reasons for a LOW price. Among them are distressed sellers, they have something else to buy and have to act quickly, they do not know the market or a divorce.
Basically - ITS YOUR LUCKY DAY!
Do your homework and take advantage of a good deal!
0 votes Thank Flag Link Tue Apr 24, 2012
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