why why why would they do this????

[mtemm]

our neighbors just put their home up for sale. we don't know them more than a wave in passing (they are a bit standoffish), so can't really ask, but they put their home on the market for $40k less than comps are selling for in my area (and what their realtor recommended as a price...yes, we did ask her when we saw her taking pics). and since they bought 5 years ago, at the height of the market (just like we did!) so unless someone pays over asking, they will take at least a $100k hit.

they don't have a job transfer, are only moving 2 towns over, both have good paying jobs. we are just baffled as to why price it so low. If they found their dream home over there and just want a quick sale, they could have still asked for a bit more.

am just floored.

any thoughts as to why someone would go so low?

 

[shortbun]

More money than they know what to do with, is my guess. When we sold our house 1.5 years ago, we did comp research of our own and I told our real estate agent the price. She was a tad hesistant and asked me to be open to lower the price if we weren't getting enough interest. the house sold in 9 days for asking price. I had lived in that neighborhood for 21 years and I knew that if houses had what people were looking for, they sold right away. You have to know your market or you lose money. You cause your neighbors to lose money too. Maybe there is something wrong with the house.

 

[LuvOrlando]

Well if standing on the home means they will lose more than the 40,000 then it makes sense to undercut competitor home sellers and take a strategic hit. I guess when I stop to think about how many people have gone bankrupt waiting for someone to buy their homes at 'reasonable' rates it makes a ton more sense.

 

[Uncle Remus]

our neighbors just put their home up for sale. we don't know them more than a wave in passing (they are a bit standoffish), so can't really ask, but they put their home on the market for $40k less than comps are selling for in my area (and what their realtor recommended as a price...yes, we did ask her when we saw her taking pics). and since they bought 5 years ago, at the height of the market (just like we did!) so unless someone pays over asking, they will take at least a $100k hit.

they don't have a job transfer, are only moving 2 towns over, both have good paying jobs. we are just baffled as to why price it so low. If they found their dream home over there and just want a quick sale, they could have still asked for a bit more.

am just floored.

any thoughts as to why someone would go so low?

Maybe they wanna sell it 'n get on with their lives.

 

[Jestocost]

Maybe a tax loss would be beneficial?

Really, unless you know all of their financial circumstances it's tough to say.

 

[Poohforyou]

I imagine they're hoping it'll start a bidding war as much as such a thing still exists in the current market.

 

[kirbsam]

our neighbors just put their home up for sale. we don't know them more than a wave in passing (they are a bit standoffish), so can't really ask, but they put their home on the market for $40k less than comps are selling for in my area (and what their realtor recommended as a price...yes, we did ask her when we saw her taking pics). and since they bought 5 years ago, at the height of the market (just like we did!) so unless someone pays over asking, they will take at least a $100k hit.

they don't have a job transfer, are only moving 2 towns over, both have good paying jobs. we are just baffled as to why price it so low. If they found their dream home over there and just want a quick sale, they could have still asked for a bit more.

am just floored.

any thoughts as to why someone would go so low?

if you asked all those other questions, why not just ask them. you will get your answer rather than a bunch of stupid answers from us

 

[taylor3297]

our neighbors just put their home up for sale. we don't know them more than a wave in passing (they are a bit standoffish), so can't really ask, but they put their home on the market for $40k less than comps are selling for in my area (and what their realtor recommended as a price...yes, we did ask her when we saw her taking pics). and since they bought 5 years ago, at the height of the market (just like we did!) so unless someone pays over asking, they will take at least a $100k hit.

they don't have a job transfer, are only moving 2 towns over, both have good paying jobs. we are just baffled as to why price it so low. If they found their dream home over there and just want a quick sale, they could have still asked for a bit more.

am just floored.

any thoughts as to why someone would go so low?

Chances are if they don't sell their current house soon, they will have to carry 2 mortgages. We had someone do that in our neighborhood because their new house was ready and didn't want to carry 2 mortgages. Since they listed and sold their house at such a low price, it has killed the comps in our neighborhood.

 

[LaLalovesWDW]

Since you don't really know them, it could be a legit reason. Maybe an undisclosed short sale?

 

[Praying Colonel]

There are at least 10 reasons why they'd do it and several, if not all, are reasons which they may either find embarrassing or just not want to share with someone OP admits they are not close to.

 

[Shoopdeedoo]

I gotta think there is something wrong with the house - something big needs repaired or replaced???

 

[GeorgeG]

Any house, anywhere, is only worth what someone is willing to pay for it in the time frame you want to sell it. Myy guess is they are in a time crunch to move into the other house and need to unload the one near you quickly. They probably did some number crunching to come up with their asking price.

We see a lot of our friends down here who bought here before they sold their houses up North and had to come way down on the asking price. It was their only option to sitting on the old house for a few years hoping the market will come up. It's a crap shoot, at best. It all depends on how long you can support two homes.

 

[Swan4Me]

I gotta think there is something wrong with the house - something big needs repaired or replaced???

I go with this.

But $40k is a pretty pricey repair

My house will need all new carpeting when we sell-but I always thought you "gave" that amount back to seller at the closing?

 

[mickeysgal]

My guess is that they're following the real estate agent's recommendation for a quick and easy sale. Perhaps they listened to some scare stories about selling in this lousy economy and priced it to guarantee a sale.

 

[damo]

bidding war would be my guess too

 

[arminnie]

To sell it quickly and to get attention.

Some friends of mine bought a house last year that had been on the market for over a year. Great house in a wonderful neighborhood. The sellers reduced the price by $100,000 (from about $400k).

The sellers immediately had multiple offers with a few over the asking price. This reduction got a lot of attention. Potential buyers knew that this was a real deal.

Our market is fairly decent if you can get financing. This house would sell for closer to $400k a year later. The sellers got out, and the buyers got a deal.

Time is money - maybe it's worth $30k to them to get it off their hands.

 

[Gigi22]

We had someone on our street close their house sale for less than comparables in our area. The owner wanted to sell fast because he had already arranged to move to another part of the country. He had to price his house low because no one wanted it due to the filthy condition caused by smoking. The place stank. It has been professionally cleaned top to bottom at least twice so far. The people who bought the house appear to be looking to flip it.

 

[aprilgail2]

I gotta think there is something wrong with the house - something big needs repaired or replaced???

Maybe they are trying to get away from their neighbors fast

 

[mhsjax]

Who knows. I don't know your housing market. Maybe they just don't want 2 mortgage payments. I do know that some have mentioned a bidding war, around here that is non existent. There are way too many houses to choose from and no one needs to outbid anyone for a house. I do realize that not ever where is like this, so who knows.

 

[Mermaid02]

Witness protection is relocating them....