Terry Brown, Home Buyer in Carthage, NC

why was this property for sale for 28900 and now it is 64279?

Asked by Terry Brown, Carthage, NC Wed Nov 2, 2011

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Jill Ford, Agent, Southern Pines, NC
Wed Nov 2, 2011
I did a little research and think I have the solution to your question. In reality, it is not NOW $64,279, but rather was reported by Realty Trak, a service that reports foreclosures as being available for $64,279. I would suspect that $64,279 was the price it was offered at the court house steps, the amount that was owed on the mortgage being foreclosed at that time. Since the actual foreclosure, the lender (in this case Fannie Mae) has evaluated the property condition and marketability and offered it for $28,900. It is currently under contract after being offered at that price. The $64,279 was the amount the bank placed as a minimum bid at the foreclosure sale and ended up as owner of the property.
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Jill Ford, Agent, Southern Pines, NC
Wed Nov 2, 2011
hi Terry,
Your question doesn't indicate which property you are referring to. There is no link to "this property" so it is hard to answer the question. Please send a link to me at jillford@kw.com and I will do my best to explain the price disparity. (it could be value added, or that the buyer at $28900 bought it in foreclosure or from an otherwise motivated seller, or from a family member--not arm's length, or it might be someone just trying to buy low and sell high with no justification. Without seeing the property, it is hard to judge.)
Jill Ford
Keller Williams Pinehurst
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