Do you think its appropriate to sell a 550,000.00 duplex at the peak of the market in june 2006 for 385,000.00 and not to close escrow till may 2007

Asked by Dana Mcdowell, 90805 Tue Mar 1, 2011

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Deanna Allensworth’s answer
Deanna Allen…, Agent, La Mirada, CA
Wed Mar 2, 2011
Hi Dana, Unless you inputed some old dates by accident, it looks like Truilia may have pulled a very old message from you. We definitely are not in a peak market (at least in Southern California) and since this is 2011, well you get the picture :)
0 votes
Ian Hand, Agent, Long Beach, CA
Wed Mar 2, 2011
An eleven month escrow period for a short sale is frustrating, but not uncommon.
Web Reference:  http://www.ianhand.com
0 votes
allan erps,A…, Agent, Pearl River, NY
Wed Mar 2, 2011
Very confusing indeed, in a downturn market this could have happened but prices seem extreme. Appropriate, not sure if mortgage contingency involved, proper appraisal, please clarify!
0 votes
Michael Young, Agent, San Francisco, CA
Wed Mar 2, 2011
How did you come to believe the price in June 2006 was 550K? Is your question regarding the price or the long escrow? We definitely need more information. Was this a short-sale? It seems to me this was not your property. Perhaps this is a comp in your neighborhood and you want to know the details.
0 votes
Gene Scott, Agent, Long Beach, CA
Tue Mar 1, 2011
Hi Dana,
It is difficult to respond to your question without more facts. In general, the market price of a property is what a willing buyer is willing to pay to a willing seller. Unless there were better offers at a higher price or more favorable terms, it is difficult to say that your Realtor did anything wrong.

I wish you the best of luck.

Gene Scott
Realtor
ERA Buy America Real Estate Services
562-212-2345
0 votes
Maya Swamy, , Long Beach, CA
Tue Mar 1, 2011
Sounds like this a question from your past. In any market the value of a property is what a ready, willing and able buyer will pay for it. If in fact the best offer you got on the property was $385,000 then it was a $385,000 duplex and not a $550,000 duplex. However I may be missing something here.
0 votes
Dallas Texas, Agent, Dallas, TN
Tue Mar 1, 2011
I agree with Richard these dates make no sense ? And based on some circumstances with real estate could be possible depends on sales contract between both parties

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Richard Schu…, Agent, Los Angeles, CA
Tue Mar 1, 2011
How are you planning on closing in 2007?
0 votes
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