Property Q&A in Bakersfield>Question Details

Autumnlucas, Home Buyer in Bakersfield, CA

How come the home down the street is selling for 160,000? Why is the price different ?

Asked by Autumnlucas, Bakersfield, CA Thu May 19, 2011

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This question is about this property: http://www.trulia.com/property/3046191193-10001-Cobblestone-…

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I need more information in order to answer that question. If I can get the address of both properties I can probably figure it out and give you an answer. Email me at john@ncrfirm.com.
0 votes Thank Flag Link Thu May 19, 2011
Hi There,
The house down the street listed for $160,000 is basically underpriced at $55.83 per square foot. The average in that area is approximately $75-80/square foot. That house is a short sale listing, which means that ultimately, the bank will decide the price it will sell at. That listing price was just an attractive number to get an offer. I hope this helps!
-Lorena Solis
0 votes Thank Flag Link Thu May 19, 2011
The home located at 10001 Cobblestone is indeed a short sale property which means the seller is asking the bank to let them sell the home for less than is owed on the mortgage. The bank or banks, depending on how many loans are against the property, will have to agree to sell at that price. The home located at 9902 Cobblestone closed escrow as a short sale also for $185,000 on 2/3/11. It was the same square footage. I would be happy to help you or a friend with any of your real estate needs. I can be reached at 203-9628.
Many blessings,
Nadine
0 votes Thank Flag Link Thu May 19, 2011
Hi there! It's a very good question. I run into this alot when I am trying to price a home to put on the market. There are a number of variables, but the most common these days are short sales and REOs. Short sales, like the one listed at $160,000 are priced by some banks on the low end to drive more traffice to the home to get more offers, which in turn will drive the price up. This one (10001) is an REO home, which means its been foreclosed on. I've seen that most banks will price at the higher end to try and recoup some of their losses as well as allow for an additional pad to offer closing costs and repairs.
0 votes Thank Flag Link Thu May 19, 2011
The home in question has an accepted offer as of 5/16/2011. The home is showing as listed for $195,800. If you are seeing another price it is probably a mistake. The only source you can trust is the MLS and a title report once the sale is done. Since there are so many other resources for finding homes on the internet, you should always check with your local MLS to make sure the home you are looking at is still available and at the listed price. I have people call me all the time asking about a particular property only to find out that it has been sold because the info that is on the net is not always updated. If you are looking to purchase a home you should contact a local realtor and have them check in the local MLS for properties that meet your criteria.
Hope this answers your question......have a great day Jan DeTomaso, Realtor
0 votes Thank Flag Link Thu May 19, 2011
It is case by case, real estate is not perfect and one property is different from the other, may be the condition of the home, may be the sale, the lower price may be a short sale or foreclosure, or that one with the hight price may be in escrow for less of the asking price.

I hope this will help you answer to your question.

Sincerely,
Jose D.C Romero
0 votes Thank Flag Link Thu May 19, 2011
This home is a foreclosure property which is in the Pending status right now. That means someone has made an offer on it which has been accepted but it has not closed escrow yet. The property was listed for $195,800.00. The buyers made an offer which was accepted by the bank who owns the property and once it closes escrow I will be able to tell you what the SOLD price was.

Tesa Noonan 661-717-3394
Coldwell Banker Best Realty
0 votes Thank Flag Link Thu May 19, 2011
10123 Cobblestone Ave is a shortsale that is in contingent status as of 4/28/11. While it was listed in the MLS for $160,000 it is still contingent upon a third party (lender or lenders if there is multiple loans on the property) approval. While it is Contingent at this price there is no guarantee that the shortsale lender will accept this price.
Web Reference: http://Tomcarrizales.com
0 votes Thank Flag Link Thu May 19, 2011
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