Annick, Home Buyer in 90211

the buyer buy N Hamilton for 4000000.(public records).no long ago .why does he ask for this price ?

Asked by Annick, 90211 Mon Oct 15, 2012

Help the community by answering this question:


The Medford Team’s answer
My question would be, “Why not?” There is a concept floating around out there whereby some buyers seem to think that the purchase price of any give property should somehow be reflected in the selling price. In other words, if the seller bought the property for a low price, they should also sell it for a low price.

That’s nonsense.

Whatever a person pays for a property has absolutely nothing to do with the list price when they decide to sell it. Even if it’s a week after they bought it. Even if they managed to get it for a steal and then turn around and try to sell it for hundreds of thousands more. We live in a free market economy where on any given day the value of something is what someone else is willing to pay for it. If it’s currently listed at actual market value and someone buys it for that amount, then the actual value of the home is what the new owner bought it for.

I’m guessing the property was purchased wholesale on the county courthouse steps, rehabbed and subsequently flipped.
0 votes Thank Flag Link Fri Oct 19, 2012
Dear Annick,
Normally a selling price is based upon similar other property that has sold recently in the same area. It can also be based upon the particular home and it's features a
A Professional Realtor who is the listing agent has access to all the sales figures and they are accurate. Based upon that, and the Realtor's knowledge of the area, a price and or price range will be set for the property.
Of course, others may not agree and that is where negotiations start. You need a good Buyers Agent working with you to assist you.
0 votes Thank Flag Link Wed Oct 17, 2012
Usually sellers selling property because they want to receive money. The higher the price the more money can realize from the sale.

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0 votes Thank Flag Link Mon Oct 15, 2012
thanks you for heping me .can you Inquire the seller to make this price( 450000 )for me?
Flag Tue Oct 16, 2012
Maybe the buyer rehabbed the property, adding value to it.

Maybe the buyer was able to purchase the property for substantially under market.

Maybe the purchase was some sort of special situation that didn't reflect true market value.

The reason doesn't matter. The question you have to ask is: "Is the current asking price in line with comparable properties?" And even if it isn't, remember that prices are negotiable. Just because the seller is asking a certain price doesn't mean you have to pay it.

Hope that helps.
0 votes Thank Flag Link Mon Oct 15, 2012
Don Tepper, Real Estate Pro in Burke, VA
the buyer buy 112 N Hamilton for 4000000.(public records).no long ago .why does he ask for 619000 dollars ?
0 votes Thank Flag Link Mon Oct 15, 2012
Good morning. Which property on N. Hamilton are you inquiring about?

0 votes Thank Flag Link Mon Oct 15, 2012
Good morning,
Flag Mon Oct 15, 2012
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