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Was it vastly undervalued? I suppose someone might be thinking so and hoping to profit from it but I think it is more likely that it closed a while ago and it wasn't reported. Do the photos show remodeling?
Location: IN>Germany>ND>OH>TX>CA>Currently NoVa and a Vacation Lake House in PA
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My guess is that the owners made a deal with a realty firm that promised to buy the property if it didn't sell within a certain time frame. They then put it back on the market.
Was it vastly undervalued? I suppose someone might be thinking so and hoping to profit from it but I think it is more likely that it closed a while ago and it wasn't reported. Do the photos show remodeling?
It was on the market with two exterior photos, indicating the interior needed work. This has not changed, the same photos are up. I'm not sure of the value. It was priced at the low end for the neighborhood and sold for $34K under asking.
It sounds like the buyer took advantage of a distress situation to buy the property at a low price (divorce, pending foreclosure, short sale, urgent move); and is now trying to sell the property at market value. Someone must believe the value is closer to $340K. Market interest and offers will determine whether that is accurate or not. The house is worth what someone is willing to pay for it.
I probably have WAY too much imagination, but when I see weird real estate transactions like this, my first thoughts are some sort of illicit or money laundering type of deal. I'm sure the feds or other law enforcement must think the same way, though, so probably they would pick up on something like that.
In reality the situation described by Robert20170 sounds more likely:
Quote:
Originally Posted by Robert20170
My guess is that the owners made a deal with a realty firm that promised to buy the property if it didn't sell within a certain time frame. They then put it back on the market.
I had a barber who owned a lake house that he lived in for a long time so he bought it cheap. He didn't earn alot but he sold it for a nice profit and the new owner turned around and sold it for a lot more money (I don't recall the amount but want to say 20k to 50k more).
It could be a relocation buy out as well. Some companies will buy a new employee's home if it doesn't sell within a period of time. Then they list it with a local realtor shortly afterwards. Seems strange that the price would be so different though.
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