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Bright Side of Lowered Home Values
Posted By Jim On 08/24/2010 @ 12:45 pm In Personal Finance | 13 Comments
A few weeks ago, two homes in my little neighborhood were put up for sale. We knew the owners of one of them, they were moving to Boston because the wife got into a graduate program at Harvard (we were sad to see them go), but the other was a stranger to us. As curious neighbors often do, the first thing we all did was try to find the story behind it and the first step in that was looking up the sale price.
In a vacuum, that figure is meaningless. To us and the neighbors we know well, that figure was staggering because a year or so ago the homes in our area were selling for above $300,000. $184,800 is remarkably lower. You can list it for $1 but it’s ultimately the sale price that matters, it’s just amazing to see it priced so low to start.
After some additional digging, we discovered that the house was purchased in June 2010 (two months ago!) and was foreclosed on barely a month later. We had no idea it had been sold (no signs at all) or subsequently foreclosed on by Bank of America, which is probably looking to unload the property ASAP. It appears to be in good condition from the outside so I suspect it’ll sell for far more. If not, we can always contest the housing property assessment for lower taxes !
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