Why would a seller buy a house in Roswell, then turn around and 2 weeks later, put it on the market for 100k less than they bought it for.?

Asked by Homebuyer, Roswell, GA Sat Jun 30, 2012

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Peter Marks…, Agent, Roswell, GA
Sat Jun 30, 2012
How sure are you of what they bought it for?
1 vote
Tania Gardere…, Agent, roswell, GA
Tue Aug 14, 2012
I live and work in the Roswell, very close to Mountain Park. Katherine's note below about this little city being very special is very true. I would encourage you to drive the area, but go further into your research about the past sales history. There is no HOA so a little good and bad. It allows homeowners to live the way they choose, but sometimes that's not always good for the neighbors if they have different ideas than you do about what's good and acceptable for yard and home maintenance. This is a great community for rental income, as it falls into schools of excellence, Mountain Park Elementary, and a lot of families are trying to get into this school district.

If I can help in any way, please let me know. I have 4 children who go to the schools in this area, lots of business partners and industry experts that I love to refer.

visit me on the web for more information
http://www.itstheperfectspot.com
404-964-2267

best of luck in your journey!
0 votes
Darrell Hess, Agent, Asheville, NC
Thu Jul 5, 2012
Glad we got that one sorted.
0 votes
Hank Miller, Agent, Alpharetta, GA
Sun Jul 1, 2012
And Pine Lake remains one of the best known speed traps in the metro Atlanta area, has been for years.

So the facts are out there on this - let me add that unless you are execptionally well versed in dealing with HUD and homes in need of major repair, be very careful. I appraise usually 5+- foreclosure homes a month that were bought by "investors" or "bargain hunters" that are clueless as to what they are getting into.

You are playing with matches and gasoline and unless you know how to handle this type of transaction you will become a roman candle.

Hank
0 votes
Katherine Mo…, Agent, Alpharetta, GA
Sat Jun 30, 2012
All good answers you got, also know that Mountain Park is a very special little city...you need to drive through it to see that the homes are very different than surrounding Roswell. Fun fact: there is another little city over in Stone Mountain, Pine Lake, that's also an enclave of very different homes.

Happy Hunting!

Kathy Morrison
Realtor/Owner
Team Realty Group
Alpharetta, GA
404-697-4626
kathy@chipandkathy.com
0 votes
Samantha Sha…, Agent, Atlanta, GA
Sat Jun 30, 2012
http://www.hudhomestore.com is the best resource for HUD homes. Typically there is a 30 day period until bidding opens up to investors. In this case though the property is uninsurable apparently due to an illegal garage conversion therefore bidding opens up to everone in 5 days. You can see the countdown in the link below:
http://www.hudhomestore.com/Listing/PropertyDetails.aspx?cas…

Or go to http://www.hudhomestore.com and search for the case number 105-158154
0 votes
Homebuyer, Home Buyer, Roswell, GA
Sat Jun 30, 2012
Thank-you...certainly is a "fixer". Doesn't appear to have heating or cooling. Ceiling damage indicates roof issues and/or mold. Pics make the state of current renovation projects difficult to assess. With HUD homes is there always a bidding period? Again, HUD is a process I'm unfamiliar with. Thank-you again for such a fast way to get answers. I appreciate it very much.
0 votes
Samantha Sha…, Agent, Atlanta, GA
Sat Jun 30, 2012
To further elaborate, the "sale" you see for the $133K is the foreclosure sale/deed. And yes, it is now a hud owned home 2 days on market listed for $36,000.
0 votes
Andrea Hanley, Agent, Alpharetta, GA
Sat Jun 30, 2012
That is a a HUD-owned foreclosure property. They didn't purchase the home in the first transaction you see, that is what they were owed on the loan. The home is listed as a fixer-upper, being sold as is.
0 votes
Homebuyer, Home Buyer, Roswell, GA
Sat Jun 30, 2012
I just read the record here and thought it had to be a tax issue, misprint or combination of property issues that as a buyer, I'm just not familiar with. The property is 135 West Lake Drive, Mountain Park, Roswell.
0 votes
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