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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Tradelite who wrote (18810)	3/22/2004 5:28:30 PM
From: fatty	Read Replies (2) \| Respond to of 306849

Prior to uncovering this piece of information. I was thinking about making an initial offer of $760k and hoping for a final selling price of around $800k. In Boston, houses have been selling at 5% below asking prices for the past 6 months. Now knowing this piece of information, I feel very stupid to pay for anything more than $25k above the original sold price. But given the seller's situation, it's probably impossible to get it for less than $800k. This house was sold for $450k a year ago to a contractor who completely renovated and expanded the house. He apparently the ran out of money so he had to sell it before the attic and the basement were finished. He initially asked for $950k but finally reduced to $799k and sold for $750k. The buyer purchased it and put in back to the market for $850k 3 days after the settlement date. I think the agent was less than honest with me when I was touring the property. He gave me the impression that the current owner is still the contractor/builder when in fact the ownership has changed hand. Anyways, since this house is on a main road, it is not quite the house I want but getting it at $750 would be a good deal at the current market.