Home priced $100,000 below appraised value (Katy: short sales, foreclose, house)

[Glossa]

In my searches, I have seen small price drops, but this shows a $120,000 (32%) drop in the asking price of this home in Grayson Lakes. I wonder if this is a sign there are structural problems.

2026 Glen Burrow Ct, Katy, TX 77494 - HAR.com

[huma281]

Maybe the owner is tired of paying property taxes and wants to get rid of it? Good find...looks like a nice house.

[ethanw]

That is a fantastic price for the house. Get a good inspection and if all comes out good I will grab it right away. Is like $77/SQF... Can't beat that.....

Originally Posted by Glossa

In my searches, I have seen small price drops, but this shows a $120,000 (32%) drop in the asking price of this home in Grayson Lakes. I wonder if this is a sign there are structural problems.

2026 Glen Burrow Ct, Katy, TX 77494 - HAR.com

[Shark01]

Its a good neighborhood, price is good, maybe a motivated seller. Its an oddly shaped lot in the back of the neighborhood though....

[usc619]

Originally Posted by Glossa

In my searches, I have seen small price drops, but this shows a $120,000 (32%) drop in the asking price of this home in Grayson Lakes. I wonder if this is a sign there are structural problems.

2026 Glen Burrow Ct, Katy, TX 77494 - HAR.com

That's a good buy IMHO

[cheryjohns]

Stop - don't get too excited. It is a shortsale - and they were running out of time - so the agent really dropped the price. Now they have multiple offers with the highest and best offers to have been turned in by 5PM Friday. It still has to have the highest offer accepted by the bank - which may or may not happen, depending on the offer and on the bank. It was a go-for-broke move for the agent and the home owner. It still may foreclose. Even if accepted, my guess is the sales price will be way over the last price drop.

[Glossa]

Thanks for the explanation, cheryjohns.

[whogo]

You will never get a steal on HAR. People hire realtors so they don't sell their home too cheap. You can get quick equity on homes if you are willing to do a little work on fixer uppers on HAR.

[jtothemak]

If it is too good to be true it probably is, nice home in nice neighborhood at a super good price is typically a short sale. Put a really low price on a home and it gets everyone looking at it and a bidding war.

When I lived in Florida 90% of home were short sales, a decent home in a good neighborhood with great schools you had to make an offer way over the asking price. Was looking at town home and offered a bid 40k over asking and still did not come close to getting it and was out bid.

Want a steal of deal, go to a bad neighborhood with low ranked schools and is a fixer upper.

[piyf]

Taxes are god awful. And with everyone protesting their appraisals the local government will have no other way but to increase property taxes to make up lost revenue. So if you get a house that expensive I'd recommend getting one outside of a neighborhood. I wished I would've done this in retrospect.