Property Q&A in Hatfield>Question Details

Amybevil, Home Buyer in Hatfield, PA

what does "source public record" mean when a home is sold for far less than market value?

Asked by Amybevil, Hatfield, PA Mon Jun 11, 2012

this home was put on the market for 199,950 back on 2/25/11. Listing was removed with one real estate company, then out back on the market with another. when the home finally sold at 155,000 (last asking price was 178,000), instead of listing the real estate company next to it, it simply said "source public record." does this mean the house may have gone to sherif sale or been foreclosed on? I'm worried about our appraisal coming back low because this house is well under the average for that neighborhood of cookie cutters. Most of them are 213,000

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Answers

2
Amy,
The scenario that you suggested could very well be the case. Without the actual address it is difficult for me to give you a definite answer. The very best thing that you can do is have a licensed Realtor come to you and go over the comps in your area and in your neighborhood. You should be able to see what the property originally listed for, any price reductions and days on market. Of course, you will also see what the house sold for as well as any concessions. The concessions aspect is often the missing information that some sites, like Trulia, can overlook. Feel free to contact me if you would like to know your home's value!



Emily Landis Torres
Realtor, PA Licensed since 1993
RE/MAX Central
1110 N. Broad Street
Lansdale, PA 19446
Phone: 215-362-3100 ext 1793
Direct: 267-640-2327
Fax: 267-354-6866
Email: emily@emilyshomeinfo.com
Website: http://www.emilyshomeinfo.com
0 votes Thank Flag Link Mon Jun 11, 2012
thanks for you answer. i should have perhaps been more direct with my question. we got comps and everything, all good, everything in the neighborhood is currently valued from 212-220k. there was one house that recently sold at 155k. Ultimately, I am trying to find information that would tell me why this house sold so low. I found a public record that it sold for 155k, so i wondered if that was a give away indicating that the home was bank owned, in foreclosure, in disrepair, etc.
Flag Thu Jun 14, 2012
The problem here is using Trulia as a source of information. The appraiser will NOT be using Trulia, but the MLS. Soure public record just means that Trulia got their information on this particular property from the public record as the MLS. Has nothing to do with the value of the home.

If you need comps for your home, ask your Realtor or shoot me an email. I would be happy to provide what I feel an appraiser would be looking at.

Best of luck to you!

Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
Philadelphia | the Main Line | Bucks County | South Jersey
267.507.2287 d
856.617.1212 m
axelson@kurfiss.com

Licensed in NJ and PA
Most Prestigious Real Estate Company, Luxury Institute, 2008
Web Reference: http://kurfiss.com
0 votes Thank Flag Link Mon Jun 11, 2012
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