Someone bought a house and listed it again .LE. 2 months later, why?

Post by **jacob** » Thu Oct 13, 2011 7:41 pm

http://www.zillow.com/homedetails/87243 ... 1028_zpid/
This one was pretty high on our list. We saw it in person (from the street) when we we're in Oregon. Then sadly it was sold.
But now it got relisted.
This makes no sense to me, but I'm sure it makes sense to you guys. Come to think of it, I've seen quite a few houses that were bought and then relisted a few months later (often at a lower price) in the price histories.
Did they discover a sinkhole under the toilet ... or is it due to big rollers speculating on a turnaround?

George the original one · Thu Oct 13, 2011 7:58 pm

I think... I think the wording on Zillow hasn't been updated. The wording on Zillow says "pre-foreclosure" and obviously it's had a sale recorded with the county for $145k, so I suspect the foreclosure has happened and it's now the bank's house.
The MLS number is not yet in RMLS.com records, so it is either too new of a listing or the old listing has expired.

JohnnyH · Post by **JohnnyH** » Thu Oct 13, 2011 8:00 pm

My guess is that the sale fell through(?)... I see this "sold" and then relist fairly often. I also wonder how accurate public records are, as sometimes I see sales for unreasonably low prices.

Dragline · Post by **Dragline** » Thu Oct 13, 2011 8:00 pm

I would suspect it has something to do with financing -- says its pre-foreclosure. Did a bank acquire it? Or perhaps the original deal fell through?

Post by **jacob** » Thu Oct 13, 2011 8:00 pm

So a foreclosure gets listed in the public records as "Sold" when the bank takes over?

George the original one · Thu Oct 13, 2011 8:02 pm

> Or perhaps the original deal fell through?
That wouldn't trigger a sale in the public records.

George the original one · Thu Oct 13, 2011 8:05 pm

> So a foreclosure gets listed in the public records

> as "Sold" when the bank takes over?
I believe so. Before the repo, the bank is merely a lien interest holder rather than the owner. Property transfers to the bank as an exchange for outstanding loan value and the bank now becomes the owner of record.

AlexK · Post by **AlexK** » Thu Oct 13, 2011 8:50 pm

It was probably for sale by the previous owners as a short sale, but then the bank foreclosed and now it's bank owned. Or it could be that it was under contract and the buyer could not perform so it's back on the market. Don't rely on zillow to have up to date information, they are about a month behind in my area.

jennypenny · Post by **jennypenny** » Thu Oct 13, 2011 9:23 pm

I like this one. This is the town near the lake, right?
I'd look at this one myself (definitely my speed--small house, big lot) except that DH is eyeballing one of the RV parks in the listings you posted on that thread.

Post by **jacob** » Thu Oct 13, 2011 10:04 pm

Yes. This one is a bit south of the town (which is west of the lake).

Mo · Post by Mo » Thu Oct 13, 2011 10:11 pm

Sometimes this happens in divorces or estate sales too.
As an example, Ma dies and leaves the place to two children, each inherit 50%. Kid1 thinks the place will sell for $145k. After 6mo on the market at $145k with no offers, Kid2 thinks the price is too high (and/or needs quick cash) and wants the price to be $110k. Kid1 buys out Kid2 for $55k, and lists the property at $145k.
This sort of thing can go on behind the scenes, and probably most often does, though in some instances the transaction may be publicly documented. I looked at a house once that was held in a trust as part of an estate. It was on the market for a long time and was bought by one of the family members who would benefit from the trust, remodeled a bit, and re-listed.

Mo · Post by Mo » Thu Oct 13, 2011 10:17 pm

Oh yeah, I guess it could also happen due to someone being transferred or something similar.
Public sales records are not always accurate, but if it really was a publicly recorded sale, and a major problem was discovered prompting the re-list, that has to be disclosed to potential buyers. I know that many people don't disclose all problems honestly, but if one were to buy and sell in 60 days-- it would look awfully suspicious if a major problem was quickly found by the next owner.

FrugalZen · Post by **FrugalZen** » Thu Oct 13, 2011 10:49 pm

Don't forget the insider route....foreclosed on by bank...becomes bank property...banker sells to friend at steep loss to bank...friend is not about to put it in his name and pay the closing and recording fees he just relists it at a lower price than you see in the ad but that is still way above what he paid the bank...only pays recording fees once when house is sold to final buyer...and friends name may never appear anywhere on the paperwork thus enabling him to avoid paying income tax. (which is at regular rates not capital gains rates unless he holds the house for a year)
Similar to car dealers...they take your car in trade and you sign the title over...it may go through multiple sales from dealer to dealer until ultimately sold to final buyer..they its transfered into the buyers name.
I remember acquiring a car that had ELEVEN dealer reassignments attached...it had been through eleven dealers before we got it and sold it to consumer.

chilly · Post by **chilly** » Fri Oct 14, 2011 1:12 am

That does look like a strange history. The fact that it's listed dead even price along that timeline leads me to believe it's some sort of paperwork or business-business thing, but I can't be sure.
If you are really serious, you should be able to verify the info with the town offices. Some of the more urban areas have all that info officially online via the GIS systems... but the burgs often don't.

chilly · Post by **chilly** » Fri Oct 14, 2011 1:16 am

I like it btw

Pushing your price range a little though? Looks like a good value for the price though.

jennypenny · Post by **jennypenny** » Fri Oct 14, 2011 1:22 am

A company buyout might look like this. Guy gets transferred, can't sell house, company buys the house from him, lists it again at same price to recoup their money. Happens a lot around here.

Hoplite · Post by **Hoplite** » Fri Oct 14, 2011 2:16 am

Jacob,

Several sites show this property as being sold as a "short sale" in late August at $145,000:
http://www.estately.com/listings/info/p ... enridge-dr

http://www.postlets.com/res/5115214

http://medford.backpage.com/HomesForSal ... op/5583520
Unless the offer had been pending for some time, it's hard to believe a short sale could be finished in such a short period, if it went through at all. I would call the agent and ask for the history here.

Chris L · Post by **Chris L** » Fri Oct 14, 2011 1:01 pm

Would it be faster to call the seller and ask?

Chris L · Post by **Chris L** » Fri Oct 14, 2011 1:02 pm

"For more information contact Jo-Ann Zebrowski with RE/MAX Integrity at 541-953-7615 or 541-485-9956."