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We went to see a home that is a shortsale. The realtor told us its bank-owned and listed for $315,000. It just needs some paint and cleaning from what we can tell. But heres the thing, I just looked up the house on google and zillow and it says the home was sold on Feb. for over $500,000. the house is in a good neighborhood so my question is could this house have been sold in Feb. and forclosed on already? or is this the old bait & switch where hell call us tomorrow and tell us its listed for over $500,000? this is NYC by the way. Plus I cant find the listing anywhere online.
interesting, banks do not always list, and does sound strange, a big difference, and could find more than painting needed. Good luck, and keep us posted. sounds too good to be true, save a couple hundred thous.
Not all listings get internet exposure.
Not all tax records are correct.
No reason for a Realtor to lie about a short sale.
A short sale is not a foreclosure or bank owned property (yet).
Did you speak to the list agent or do you have buyer representation? You have a trust issue either way.
Could it be that even though it was sold for $500K in Feb the bank is in the hole for what the asking price is now and will settle for that?
Or perhaps as a previous poster said, there may be something wrong with the house that cannot be easily observed.
Can you ask your realtor what the deal is? Perhaps it is on MLS but hasn't made it to the public lisings yet. And if you want the house really bad, have an inspection and an appraisal done before you make an offer.
bank owned and short sale are two entirely different senarios so you need to clarify which one it is. bank owned or the owner looking to do a short sale.
bank owned, that's the price they listed it at. They may or may not accept that price depending on the terms or if a higher offer comes in. Short sale the owner is trying to get the bank to accept that pricing. They may or may not. The short sale situation of the owner may or may not be approved, as well as the price listed may or may not be approved.
NYC is notorious for not putting listings on the MLS and Realtors® having listings that are for 'their' listings offering out a co-broke on a limited basis or not at all.
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