Whatever a person pays for a property has absolutely nothing to do with the list price when they decide to sell it. Even if itâ€™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 itâ€™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.
Iâ€™m guessing the property was purchased wholesale on the county courthouse steps, rehabbed and subsequently flipped.
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.
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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.