Property Q&A in Long Beach>Question Details

Eric, Home Buyer in Long Beach, CA

if the average list is $500k why did this house sell for $480k in Nov 31, 08 for $475k then $380k in dec 08

Asked by Eric, Long Beach, CA Sun Mar 1, 2009

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I went back and researched the history of this property on the MLS. This is what I found out:
1) This home sold back in October 2006 for $565,000. 2) It was subsequently listed as a short sale in May 2008 at $475,000. 3) The listing apparently "expired" and went into foreclosure on 11/12/08. 4) It was then re-listed as a bank-owned/REO on 11/26/08 at $377,500 and was in escrow within 5 days. 5) It closed at $380 on 1/5/09. Looking at some of the photos from May 2008, the home had not been updated. I hope that helps.
0 votes Thank Flag Link Sun Mar 1, 2009
This home sold for $380k on 1/9/2009. This was an REO (bank owned) property. The price was a bit low, but there are other recent sales in the area as low as $390k and $400k. So this price was not a big surprise. Also due to the lack of photos and description, it is difficult to determine what condition the home was in?
If you are looking for a good deal, they are out there.
Web Reference:
0 votes Thank Flag Link Sun Mar 1, 2009
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