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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Wonder why there was a $200k price drop Nice house
MLS Number 2290367
www.mlsli.com
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Posted 3/31/11 8:52 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
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Re: Wonder why there was a $200k price drop Nice house
It's a short sale - so often the original asking price artificially high (way above market value) and then it drops substantially in order to persuade the bank to accept a lower amount than what is owed. Once they see that there was an attempt to recoup the money, then the price can be dropped into the fmv range.
Here, it looks like this was under contract for a price in the high 400s (was previously listed for $475K, after being originally listed for $729K), and is now back on the market for $530K, because the bank wouldn't take the lower price.
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| Posted 3/31/11 8:58 AM |
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LotsaLuv
Us
Member since 6/10 4094 total posts
Name:
F
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Re: Wonder why there was a $200k price drop Nice house
It also looks like it's on a main road?
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| Posted 3/31/11 9:01 AM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: Wonder why there was a $200k price drop Nice house
I never mapped it - Nice house though
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| Posted 3/31/11 9:02 AM |
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JennZ
MY LIFE!!
Member since 8/05 25463 total posts
Name:
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Re: Wonder why there was a $200k price drop Nice house
Great house, hideous wallpaper. On a main road but set so far back, that I like.
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| Posted 3/31/11 9:15 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: Wonder why there was a $200k price drop Nice house
Posted by JennZ
Great house, hideous wallpaper. On a main road but set so far back, that I like.
LOL...you sound like one of the people on House Hunters/Property Virgins.
Its a nice house, but for over $500,000 I want a formal DR and more than a 1-car garage.
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| Posted 3/31/11 9:46 AM |
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Re: Wonder why there was a $200k price drop Nice house
Posted by Century 21 Dallow - Christine Braun
It's a short sale - so often the original asking price artificially high (way above market value) and then it drops substantially in order to persuade the bank to accept a lower amount than what is owed. Once they see that there was an attempt to recoup the money, then the price can be dropped into the fmv range.
Here, it looks like this was under contract for a price in the high 400s (was previously listed for $475K, after being originally listed for $729K), and is now back on the market for $530K, because the bank wouldn't take the lower price.
it's not that they price it artifically high- they price it at what they OWE
to show the bank they tried to re-coup the money
I did this with one of my short sales b/c there is nothing wrong with the house- so I wanted to show the listing history that we tried to get what was owed and now we are at market value- and I might have to go lower still
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| Posted 3/31/11 3:14 PM |
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MikesBride
LIF Adult
Member since 12/09 1245 total posts
Name:
Ilana
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Re: Wonder why there was a $200k price drop Nice house
Be careful with a short sale...the seller can agree to your offer, but then you must get approval from the bank (which will take a while) and they could decide they want more money than you and the seller agreed on. While the bank is deciding you need to have at least 5% in a holding account...you won't have access to it and it won't be gaining any interest...if a house you were really into came on the market you wouldn't be able to access that money for a while which could cause you to lose out on the other house.
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| Posted 3/31/11 5:12 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: Wonder why there was a $200k price drop Nice house
Nice house, gross wallpaper.
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| Posted 3/31/11 5:19 PM |
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Re: Wonder why there was a $200k price drop Nice house
Funny that you should post this house. I tried to get in to see it the first time it was listed but it was already pending bank approval so we couldn't get in to see it. They relisted it on Thursday and I immediately emailed my agent to see it this weekend however, it has an accepted offer AGAIN!
The kitchen needs some work but it'd be worth it to buy at that price and redo. It is on a main road BUT it's set back on an acre of property.
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| Posted 4/2/11 9:08 PM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: Wonder why there was a $200k price drop Nice house
Wow that is a lot of house for $530k!!!!!!!!!!!!!!
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| Posted 4/2/11 11:07 PM |
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Bella311
Me and my Boys
Member since 1/10 1400 total posts
Name:
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Re: Wonder why there was a $200k price drop Nice house
Wow pretty nice and the taxes aren't so bad either...esp for an acre of land!
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| Posted 4/4/11 11:57 AM |
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