Why would a unit in the condo/town home complex be selling for a lot less than others in same complex?

Asked by samosvoja79, Strongsville, OH Fri Jan 18, 2013

In my search for a condo/town home, I came across one that is being sold for $90,000, where a few others in the same complex are selling for $25-35,000 more. Some even have less number of bedrooms than the cheaper one. Also, the $90,000 one is the only one FHA approved in the complex. Any ideas why would it be so much less? Makes me feel suspicious that something must be seriously wrong with it, although it seems to be in a very good condition. Any suggestions would be greatly appreciated! Thank you!

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Danny Calvert’s answer
Danny Calvert, Agent, Broadview Heights, OH
Fri Jan 18, 2013
It could be for a number of reasons. It could things like it needs a great deal of interior repairs or updates or how it is located in the complex. The unit may back up to a busy street or another unit may have a great view of something like a lake, downtown skyline and so on, where this unit does not. It could be that it is a focuser and the bank wants it sold fast. The only real way to know is to go look at it. To answer the other part of your question, if 1 unit is FHA approved then they all are. Now some sellers will not accept an FHA offer, but that is something that in most cases can be worked out. If you have any other questions do not hesitate to contact be directly.

Danny Calvert Sr.
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Ron Thomas, Agent, Fresno, CA
Fri Jan 18, 2013
You used the wrong wording:
If other's are FOR SALE, then they are NOT selling; probably because they are OVERPRICED.
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Cecilia Sher…, Agent, Rocky River, OH
Fri Jan 18, 2013
There are a number of possibilities. Without knowing the exact property, I can't say, but it may be due to it being bank owned, a short sale, seller needs to unload it fast, it could be an estate, the other condos may be overpriced... It may need work or perhaps it doesn't have the same amenities as the others. There are really a number of possibilities. If you'd like to have us help, we're more than happy. Feel free to contact us anytime. We can take a look at the property with you and let you know the likely scenario.

Cecilia Sherrard & Andrew Ginter
Web Reference:  http://www.YouShouldOwn.com
0 votes
Tari Torch S…, Agent, Woodmere, OH
Fri Jan 18, 2013
It could be a bank-owned property or a short sale. I would most definitely find a Realtor who represents you, the buyer, to determine all of this for you. Don't go to the listing agent, because she/he represents seller. They can find all that information out for you. There are other reasons, too, that it could be less. Your Realtor could do a bit of research for you.

Good luck.

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