Posted by Dan W. (NY) on December 10, 1998 at 14:12:34:
Something smells funny to me on this one!
I have bought eight houses over the last two years and looked at dozens more, and I have never met an owner who did not know pretty much what their house was worth. Especially if the house is in good condition! Especially if it is in an appreciating neighborhood! And especially if they have worked with a real estate agent who has told them the fair market value!
Real estate investors usually make their money by purchasing properties from owners who for one reason or another HAVE to sell for less than what their property is worth. I don’t believe that wanting to buy another house is a good enough reason for your seller to “throw away” $25,000.00, do you?
Ask the following questions:
For what price did they list the house with the real estate agent?
Did they sign an exclusive listing?
What does the city/town have the house assessed for?
Is their current mortage assumable?
Ask yourself “Why would these people want to sell ME their house for less than what it is worth?” If you don’t know, then you could be the one taking the loss!!!