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The house was valued at $110k just 3 yrs ago now the house is selling at $52k. I got my realtor to get me a physical tour of the place and I can't find anything wrong with it. I use to work in construction and the foundation looks great. Its a short sale deal by a local bank. I'll have a appraisal officer come check it out this weekend. But I'm looking it's history, it had over $60k of rennovation and now is only worth 52k some has to be wrong with this place. Any ideas? Suggestions?
I bought a house for 170,000. Two yeas later it was worth 120,000. It's now worth about 500,000. It's always been the same house. Just fully renovated about 6 years ago. Probably could go for 525 with all the updates
If the sales prices you mention of neighboring houses are accurate, I'd say most likely either the bank doesn't plan to approve a sales price that low, or something is seriously wrong with the house. Doesn't hurt to take a look though.
If the sales prices you mention of neighboring houses are accurate, I'd say most likely either the bank doesn't plan to approve a sales price that low, or something is seriously wrong with the house. Doesn't hurt to take a look though.
It's a small bank, likely in a small town in North Carolina. They don't want to carry houses on their books by foreclosing. They just want the money owed to them. Short sales in those cases are usually priced at whatever the mortgage balance is plus legal fees.
That is an awesome price. Good for you that you got it at asking price. I would love to find a home for that price.
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