Online House Hunting

House hunting, need advice?

We are house hunting and ran across a home that we like but it shows to have last sold in 2003 for 60,000. The people that are selling it now are asking 41,900. Why would anyone do that? Im confused as to why in the world they would take such a loss on it. Do you think there could be major problems with it or they just wanting out of it quick? Advice, please~ We are first time home buyers and are very confused by the whole process without worrying if we are going to be caught up in a bad deal.

Public Comments

1. I think there is a typo at the assessor's office or something. A person that knowingly sells you a problem could be legally liable if you could show that they knew about the problem prior to the sale.
2. One reason is the housing market (hence, the PRICE of houses) have dropped dramatically! Anyone that bought a house from about 2003 through 2006 probably has lost equality on the property. One place to check on value is here: http://www.zillow.com/ Keeping in mind that they go by the last sales price, plus the housing trend in the area. I have bought/sold 4 different houses, and my advice to you is when you think you found the place you want, hire a home inspector to give the place a good going over. Anything he finds wrong can be used as a bargaining chip to have the seller either fix it, or give you a credit (hence lowering the price) for the repair of it.
3. They probably are trying to sell it fast. It could be because real estate has gone down in price in some areas and also it could need a little work. Most property just don't go down overnight. You can usually see what you are getting. Unless of course there are termites. If you don't understand water heaters, floors, foundations, pipes, plumbing, roofs, and heating units find someone you trust to check it out. Most homes have a disclosure from the owners. This is a paper stating how old everything is and the condition of the property. Ask for this. If you are not sure you can require a home inspection but inspectors are usually 500 dollars or so and sometimes it's hard to get a seller to pay for something he don't need, especially when he has gone way down on the price. If you want it inspected you may have to pay for it yourself. I would just get someone I trusted to go and look the house over. Inspectors are usually good but they are required to find every little thing that's wrong with the property and they usually don't fix property. This expense will either come out of your pocket or the owners. Most can be agreed upon in a contract.