Why the low price?

Asked by sharaimonninger, Hartly, DE Sun Apr 1, 2012

I'm new to the area and also a first time home buyer. My simple question is why is this home so cheap?

This question is about this property: http://www.trulia.com/property/3079850230-102-Lingo-Dr-Dover…

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Interested , Agent, DE,
Sun Apr 1, 2012
Give one of us a call and let one of us get you qualified as a buyer and get you into your new home.
We are all willing to get you into a property as quickly as your credit and ability to buy allows.
You can be in your new home within as little as 30 days.

Kai Etienne,

ps and like most other real estate sales people have informed you, short sales are NOT a smooth process the creditor is the other party that is usually not an easy party to deal with.
I personally would NOT like to represent you in a short sale offer as they will do nothing but get you upset with me as your representative as the banks are so unresponsive.
Unless, of course the bank has already agreed to a "certain" price that they are "willing" to accept.
0 votes
Yvonne Hall, Agent, Dover, DE
Sun Apr 1, 2012
It is called location, location, location. This is the rule of thumb in real estate. Also, I haven't shown this home so I am not sure about condition of the property. Yvonne
0 votes
Dot Burton, Agent, Smyrna, DE
Sun Apr 1, 2012
Concerning the price of the property at 55 Lingo Dr , it is priced well for an anticipated buyer but it is also a short sale. While the current seller may negotiate at a price, the bank will have to approve the sale made by buyer and seller (Third Party). The good news is that the seller is working with a law firm to negotiate with bank once a offer is made which makes the process a lot easier.

Please let me know if you have any more questions
Dot Burton, ERA Harrington Realtor, 302 331-5335
0 votes
Todd Stonesi…, Agent, Dover, DE
Sun Apr 1, 2012
This particular home is a short sale. If you do not know what that means, it is where the Seller owes more on the home than what they can sell it for. It is a painful process to purchase a short sale. Therefore, to attract a buyer to go through that painful process, the Sellers need to offer it at a discount. The bank will be the one taking the loss anyway. Also, in this case, the last two sales in that community were for $36,000 and $45,000 respectively. Those comparable sales were for bank owned properties that were not of the same condition. Nonetheless, they bring the value of this home down to this number. I hope this helps.
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