30Newman Rd sold for $85,000 in Nov 2011. Why is is at $120,000?

Asked by Devon3, Malden, MA Fri Jan 13, 2012

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Heath Coker, Agent, Falmouth, MA
Fri Jan 20, 2012
You have identified what real estate professionals see all the time. An inexperienced agent, probably not a broker, priced a property and marketed it without the approval of the party(ies) who holds the debt. Even though the buyer and seller agreed, the others did not. One more reason to have an experienced professional on your team from the beginning - whether buying or selling. The buyer's representative could have verified it the price was approved before the agreement was executed.

(Choosing an answer as a best answer, or at least as a thumbs up, helps those who answer questions.)
1 vote
John P. King, Agent, Everett, MA
Fri Jan 13, 2012
You appear to have misinterpreted some of the data in the MLS. 30 Newman Rd #4 had an offer accepted in Nov. when it was listed for $85,000.00. The property wasn't sold and came back on the market Nov. 2, 2011 and the asking price was changed to $120,000 on Dec. 5, 2011. This property is a "short sale" and when the lender was approached with the offer of $85,000 probably refused to accept that amount as satisfaction for the money owed. The current list price may be more in keeping with a price the lender may accept. Feel free to contact me through my website if you need further clarification.
Web Reference:  http://www.DancaRealty.com
1 vote
Deb Nicholls, Agent, Concord, MA
Fri Jan 13, 2012
This is a condo complex- Unit 4 is for sale at $120K. It never actually sold for $85K. It had a list price at one point of $85K, but it was a short sale, which meant any offer needed the bank's approval. An offer was accepted by the seller, but 3 months later it was back on the marker, for the current price. So I'm guessing the bank turned down the offer.
Web Reference:  http://homes.debn.net
1 vote
Eric Hanlon, Agent, Canton, MA
Sat Jan 14, 2012
Hi Devon,

The asking price of $120,000 is due to the fact that the agent discovered that the Bank will only accept an offer close to $120,000. It went under at $85k, and back on at $120k after 4 months. It is very typical to see an increase after the first short sale offer falls apart. It never sold. It only had a signed offer. Title was never conveyed. For an overall picture, see the market history below:

Market History for 30 Newman Rd U:4, Malden, MA 02148 Prev

7/6/2011 Listed for $109,000
7/27/2011 Price Changed to: $99,000
9/5/2011 Price Changed to: $85,000
9/9/2011 Listing Alert Flag set to: Yes - Accepting Additional Offers
11/2/2011 Status Changed to: Extended
12/5/2011 Listing Alert Flag set to:
1/5/2011 Price Changed to: $120,000
DOM 192

Lastly, just because the bank is looking for a certain firgure, it doesn't mean they will get it. If you are interested in the unit, find a good agent in Malden, and make an aggressive play for it!

Best of luck.

0 votes
Territory.c…, Agent, MA,
Sat Jan 14, 2012
Short sale now listed for $120,000
Here is all the information:
Web Reference:  http://territory.com
0 votes
Greer Swiston, Agent, Newton, MA
Fri Jan 13, 2012
Don't know which unit you're talking about ... but U#1 at 30 Newman seemed to have been a foreclosure, which may register as a "sale" ... and $120,000 may be a more realistic market value for the property. There may have been liens that had to get paid off.

As Amy said ... it's best to ask a lot of questions and determine whether the answers make sense to you.

Good luck!
0 votes
Heidi Zizza, Agent, Framingham, MA
Fri Jan 13, 2012
It could have been a bank take over. The bank perhaps took it for that when they auctioned it off. You can see all the deed transfers at http://www.masslandrecords.com It could also be a fix and flip situation
0 votes
Amy Stanley, Agent, Manassas, VA
Fri Jan 13, 2012
Probably because there has been some updates in the home to jump the price up or the market values in the area might have moved up a bit. To find out you might want to contact the listing agent to see exactly why that is.
0 votes
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