Question Details

Marie, Home Buyer in Minneapolis, MN

Foreclosed property list price went UP!?

Asked by Marie, Minneapolis, MN Wed Apr 23, 2008

I have been watching a foreclosed property for well over a year. When it first appeared on the MLS, it listed for $375K then vanished--not sold, just pulled from the list and the home sat empty all winter. It recently was put again on the MLS but the price went up $25k but no repairs or improvements were made on the property. Can anyone explain what that means or why it would happen?

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Answers

2
We're getting into the prime selling season. The bank may feel that there are more potential buyers entering the market, and they may be able to get a little more for the home. Remember, though, you can always make an offer. Good luck!
Anne
0 votes Thank Flag Link Wed Apr 23, 2008
If indeed the property was already "bank-owned" at the time it was first listed the bank may have just changed their position on what they were willing to accept for the home. During this time of turbuleance in the real estate market many banks are unprepared to deal with the volume of foreclosures and short-sales that are occuring. My guess, however, is the property may have been listed in the MLS when it was in pre-foreclosure. Anytime you see pre-foreclosure,short-sale or bank approval required the chances are the REALTOR just listed the home at a price that they thought the bank "might accept". Most of the time the banks will not give any guidance to the REALTOR as to what the property should be listed for when it is in pre-foreclosure. Realize that many times the bank will come back with a counter-offer that is above the asking price on the MLS. Sometimes you will see in the listing that the bank has already approved the short-sale at that amount.
Hope that helps
0 votes Thank Flag Link Wed Apr 23, 2008
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