How could this home in a subdivision of $200,000 homes sell this cheap while never being listed?

Asked by April Frank, Livonia, MI Sun Jan 4, 2009

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This question is about this property: http://www.trulia.com/homes/Michigan/Livonia/sold/22606589-1…

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4
J R, , New York, NY
Mon Jan 5, 2009
I missed that one, you're right. Only sale of land was recorded. :)
0 votes
Debra Drummo…, , Plymouth, MI
Mon Jan 5, 2009
Great quesion! Hunter Park Estates consists of about 65 parcels in a new construction subdivision. It appears homes there have sold between $250K to over $300K.

In the case of this home, it appears they only recorded the sale of the parcel of land for $90K, which often happens in new construction sales. That's why viewing Trulia sold statistics on newer construction can be very deceiving.

The recorded mortgage of $314K is a better indicator of sales price, but that does not factor in what they might have paid as a downpayment. Let me know if you need any further info on home values in Livonia.
Web Reference:  http://MichiganMoves.com
0 votes
Robin Kay Co…, Agent, Plymouth, MI
Sun Jan 4, 2009
Hello, I checked the public records on this and it appears as though this home was either unfinished or needed major repairs as numerous liens (for electrical, siding, etc) have been placed on the home about the same time as the "sale" was recorded. It's clear that those additional costs of renovation were rolled into the mortgage which was recorded at $314k on 05/22/08. Are you looking for a home in this area? Just let me know if I can help.
Web Reference:  http://MIHomeSeller.com
0 votes
J R, , New York, NY
Sun Jan 4, 2009
Could be a divorce. One spouse sold to the other. Or sold to a family member, a child.
0 votes
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