Weird Sale

[Alan]

Can anyone explain why this house sold for such a low amount?

http://www.redfin.com/stingray/do/print ... _id=510246

[rentalbliss]

Could be sold to a family member.

[Ubersalad]

it's a seller carry back sale, too. must be an arms length transaction.

[david_mcmanus]

I bet their neighbors are pissed!

[Alan]

[david_mcmanus]

True, but any appraisers for people in the future will look at this for a comp, right? Not the realtor (wanna be appraiser), but Joe Doe from Bank of America looking for comps.

[Ubersalad]

Comps do not look at anomalies, appraisers list out sales that are most suitable in terms of sq/ft, price, location and date of sales. If this is somewhere in Eastern WA where there are 3 total property in the 10 mile radius, then this would be an issue. Since this is in populated Bellevue, it really doesn't matter.

This house won't effect anything, maybe fishy that it's seller carry back and that's about it.

[Alan]

How can you tell it is seller carry back?

[Ubersalad]

I looked it up on public record.

[Alan]

Ah! You can read their entire contract!

So what does the seller get out of this deal? It doesn't seem like a very good one to me. The buy just assumed their payments, right?

[Ubersalad]

Don't really care to find out. This is just a very isolated deal on a particular property, what benefit does it serve to gather any details of this?

[WestSideBilly]

[Ubersalad]

You're obviously not an industry insider. Why would comps look at extreme anomalies to determine value, why would anyone consider 1 house out of 100 sold in the last year within 1 mile radius as a factor to lower the price by thousands?

[Alan]

[Ubersalad]

why don't you go knock on the door then?