Property Q&A in Milpitas>Question Details

Linda, Other/Just Looking in Milpitas, CA

How did they buy it so cheap?

Asked by Linda, Milpitas, CA Sat Mar 20, 2010

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This question is about this property: http://www.trulia.com/homes/California/Milpitas/sold/7514359…

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Hi Linda,

They didn't buy the property for that price. It was a intermediary transfer to and back from a Financial company - the immediate subsequent transfer was for $640K. It was most likely done for refinancing purposes.

Here is the description from that property:
"173 Summerwind Dr previously sold for $48,000 on Nov 17, 2009 and $640,000 on Nov 17, 2009. "

When you see these ridiculously low prices for homes, it's usually an intra-family transfer, or in the case of foreclosures, it's the amount the seller is in default. I know it can be confusing, because homes in this neighborhood of this size average $650K.

Best regards,
-Bart
0 votes Thank Flag Link Sat Mar 20, 2010
The $48k was probably a second loan and it appears $640k on a first loan ....
173 Summerwind Dr previously sold for $48,000 on Nov 17, 2009 and $640,000 on Nov 17, 2009.
0 votes Thank Flag Link Sat Mar 20, 2010
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