Profile picture for tettmary

what's up with crazy low sale prices

So why do I see obviously low low sell prices (1.4K where other houses are 330K)?  Is this just the owner trying to drum up buyer interest in the property with no intention to sell that low?
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January 19 - Herndon
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Profile picture for wetdawgs
When you see list prices that are "crazy low", usually it means there has been an error and a rental has accidentally ended up in the "for sale" listings.     Save yourself the excitement and put a minimum realistic price in your search filter so you don't pull up the junk.
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January 19

It depends on the market for your area. When you mention "sale prices" are you referring to what actually SOLD or an occasional property that's currently LISTED for sale that's lower than the others? What part of the country are you in?

 

If the normal, current "Asking Price" for your area is 330k for a normal house, for instance, don't be surprised if 3%-5% of similar homes are priced 20% lower or greater!  That's because they're either (a) Bank-owned homes where the selling banks don't want to hold onto them and want sell quickly, or (b) they need a LOT of work and either the owner doesn't have the money to do it OR (if bank-owned), the selling bank WON'T do the work, or (c) the current owners could be in a "pre-foreclosure status" and trying to short sell their property.

OR, (d) the owners know it all and are undercutting their profit margins by trying to sell without an agent.  Sometimes they succeed but will almost always walk away with less than if they would have just let a professional real estate agent list it at a proper price in the first place.

Have you seen the extremely low-priced property or properties you're talking about? I promise, there IS a reason they're asking so much less.

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January 19
If it appears too good to be true you have answered your question. 
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January 19
 
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