Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hey, I know of a property that was sold for $600,000 a few years ago, but it's showing up on all the real estate markets as sold for only $25,000 on public record. And I do know that a developer was the one that bought the land and the original land owner inherited the property from his mother who had passed away a few years earlier. So how is it possible to record the sales price much lower than what it went for? Are there loop holes like commissions and closing costs that could be omitted from the documents, or is the developer paying someone off at city hall to keep taxes low and to screw around with the real estate values in the area?
This was a large tract of land in the city that was listed for sale at $600,000 in 2019, but then zillow says it sold for $25,000 the same year. But what they don't show is that the developer has since then redesigned the lot into 16 separate lots and is now asking $250,000 with a small house on it per lot. This information doesn't show up on neither Zillow or Redfin, but it does show up on Remax.
Many times you can’t go by what is shown because the brokers can inflate the prices shown .
I know our home we sold in the poconos was sold again by the people we sold to .
The homes dived in price since we sold . When the house was sold by the party we sold to they worked a deal where the house was sold for 60k less ... but the brokers had the house show as sold for 20k more than it did ,and did an off the record rebate of 20k to the seller ...
That way if helps the other homes in the area by not deflating the last sale as much
Last edited by mathjak107; 03-19-2021 at 07:03 AM..
I wouldn't call Zillow a "public record"...but if the land has been subdivided that may factor into the difference you're seeing. If you want to find accurate information, go to the source.
I wouldn't call Zillow a "public record"...but if the land has been subdivided that may factor into the difference you're seeing. If you want to find accurate information, go to the source.
That was my first thought, too. $600K / 16 = $37.5K (assuming all the lots are equal in size.)
It’s Zillow that is confused. For what it’s worth they make the same error on our property. There are probably multiple parcels and Zillow is not adding them all together.
Even the recorded selling price on the MLS doesn't always tell the entire story. People have all sorts of reasons and methods to manipulate the recorded selling price. One example is developers giving buyers large "decorating credits" to keep the sold price high.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
