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Old 04-02-2018, 10:04 AM
 
595 posts, read 375,721 times
Reputation: 1021

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Quick facts-

2bdrm/2 bath condo, all mason constructed, good location, low HOA's, 1300 sq ft.

Private party purchase Oct '17.

Current owner purchased for $130K- mortgage of $75K verified through public county records. Property tax records are still in previous owner's name.

Listed February '18 for $149K, dropped to $146K Mar '18, other than some paint, there have been no improvements to the unit.

Sold comp's range from $110K- $145K depending upon updates & condition.

I know this market and area very well. I cannot see an increase in value of $15K-$20k in this short amount of time. With some nice updates, sure, this is not the case with this property.

My agent said they could ask seller's agent for some info on why it is up for sale already and I said it isn't any of my business. If there are problems with the unit, an inspector/contractor friend of mine would find them and these are well kept buildings.

Are there any advantages to the buyer, myself if I choose to make an offer after viewing it, on a property that has been owned less than 6 month's? And I am directly asking about purchase price.

Thanks.
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Old 04-02-2018, 10:07 AM
 
5,917 posts, read 4,054,897 times
Reputation: 16282
What's the downside of agent-to-agent asking why the quick sale? I sort of get the potential for it to drift into being tacky, but if you have any concerns that the quick turnaround is signalling something that may affect you as the buyer, I'd want to know. Could be as simple as a divorce or something.
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Old 04-02-2018, 10:11 AM
 
Location: Cary, NC
31,592 posts, read 55,295,005 times
Reputation: 30145
Quote:
Originally Posted by elhelmete View Post
What's the downside of agent-to-agent asking why the quick sale? I sort of get the potential for it to drift into being tacky, but if you have any concerns that the quick turnaround is signalling something that may affect you as the buyer, I'd want to know. Could be as simple as a divorce or something.
Agreed.
The answer may be helpful.
And, asking how soon they want to close can be helpful too.
Maybe the other agent is Chatty Cathy, and a couple of questions may open the floodgates. It certainly happens.

As far as price goes, they may be fishing, and may be ready to sell for the first good offer they get.
Yeah, they probably want to cover their purchase.
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Old 04-02-2018, 10:20 AM
 
595 posts, read 375,721 times
Reputation: 1021
Owner is in their late 70's and not married. I'd rather not delve in to the "why's", like I said not by business. All that would concern me is purchase price and condition. Thanks for your thoughts.
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Old 04-02-2018, 10:25 AM
 
5,917 posts, read 4,054,897 times
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Quote:
Originally Posted by photogal9 View Post
Owner is in their late 70's and not married. I'd rather not delve in to the "why's", like I said not by business. All that would concern me is purchase price and condition. Thanks for your thoughts.
If there's no quick-turnaround sales history prior to that, I'd just treat it like any other house and make your offer accordingly. My guess would be it's some sort of family/trust/asset thing that triggered the info in the sales history.

By contrast, there was a home that would pop up during our home search a few years ago that seemed to have been sold about once every 18 months. In that case it *was* a problem child, starting with a poor flip, and getting worse from there.
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Old 04-02-2018, 10:31 AM
 
Location: Cary, NC
31,592 posts, read 55,295,005 times
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Well, as far as price goes, offer what it is worth to you, and maybe it comes your way.
List price is not "The Price."
A listing is just a solicitation for an offer.

But,"Why" = "Price" very often.
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Old 04-02-2018, 10:31 AM
 
595 posts, read 375,721 times
Reputation: 1021
Quote:
Originally Posted by elhelmete View Post
If there's no quick-turnaround sales history prior to that, I'd just treat it like any other house and make your offer accordingly. My guess would be it's some sort of family/trust/asset thing that triggered the info in the sales history..

I did not note any trust transfers through public records, previous owner(original owner) is not related to current(second owner). These units do have a history of selling privately as owner's or owner's family will tell other owner's if they know of someone who is looking for a property, etc... though some do hit the MLS, just not all.

Thanks again.
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Old 04-02-2018, 10:32 AM
 
595 posts, read 375,721 times
Reputation: 1021
Quote:
Originally Posted by MikeJaquish View Post
Well, as far as price goes, offer what it is worth to you, and maybe it comes your way.
List price is not "The Price."
A listing is just a solicitation for an offer.

But,"Why" = "Price" very often.
Mike- By "Why" you mean, ask why it is up for sale already?
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Old 04-02-2018, 10:36 AM
 
1,528 posts, read 724,410 times
Reputation: 2062
Quote:
Originally Posted by photogal9 View Post
Quick facts-

2bdrm/2 bath condo, all mason constructed, good location, low HOA's, 1300 sq ft.

Private party purchase Oct '17.

Current owner purchased for $130K- mortgage of $75K verified through public county records. Property tax records are still in previous owner's name.

Listed February '18 for $149K, dropped to $146K Mar '18, other than some paint, there have been no improvements to the unit.

Sold comp's range from $110K- $145K depending upon updates & condition.

I know this market and area very well. I cannot see an increase in value of $15K-$20k in this short amount of time. With some nice updates, sure, this is not the case with this property.

My agent said they could ask seller's agent for some info on why it is up for sale already and I said it isn't any of my business. If there are problems with the unit, an inspector/contractor friend of mine would find them and these are well kept buildings.

Are there any advantages to the buyer, myself if I choose to make an offer after viewing it, on a property that has been owned less than 6 month's? And I am directly asking about purchase price.

Thanks.
Could be noise or other neighbor related problems or HOA issues on the horizon. None of which are inspection issues.

You may not get the truth from asking but it's a reasonable question to ask considering the short tenure.
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Old 04-02-2018, 10:45 AM
 
10,265 posts, read 6,491,094 times
Reputation: 10837
Quote:
Originally Posted by photogal9 View Post
Owner is in their late 70's and not married. I'd rather not delve in to the "why's", like I said not by business. All that would concern me is purchase price and condition. Thanks for your thoughts.
Plus if you do ask they can just say that they didn't like the area and you may never know the real reason.

with low HOA maybe he got wind of an large assessment coming for a major repair to the building.
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