I recently a property that would be a great buy and hold property at $150,000. The only problem is... After looking at comps on Zillow that sold in the last 6 months, it looks like similar properties sold for $135 to $140. I checked MLS and these properties dont show up there, but they are on Zillow.
Whats the deal here. If they sold and are Zillow, they should be in MLS correct? Here are some other thoughts.
I dont think the property will appraise for more than $140,00 since 20 days ago a property exactly like, if not nicer only sold for $140,000. The tell tale sign is that it was pending at $145,000 but the closed at $140,00 which tells me it didnt appraise.
Is there any gap in my logic here?
Go off what MLS comps have opposed to Zillow and trulia. MLS are better comps to use
@Robert DelVecchio Unless they sold "For Sale By Owner" and were not listed.
I also had an issue where i found a property on Trulia for sale for 80k (2 unit). I told my agent that i needed info on it and if it checked out i wanted to put an offer in at 70k. He came back and said that he didnt have an issue with the offer but it was very aggressive. I said that 10k is not that aggressive. He said its 30k nder the asking price, On the MLS they are asking 100k for it. He said they are asking 60k for one side and 50k for the other or 100k for both. I told him that Trulia has it listed at 80k for both. He called the listing agent and Trulia was accurate. I have it under contract for 70k.
Some new information on the comp i found on Zillow. I believe it was sold by owner, which would account for it now showing up in MLS.
I still think the fact it was pending at $145,000 (which meant an offer was made), then sold for $140,000 means it didn't appraise. The comp is nicer than the property im looking at.
Im thinking of offering $145,000 and expect it to actually sell for $140,000. Plus I can walk away if it doesn't appraise.
I believe that on Zillow under "Price / Tax History" it will initially list the price the house is for sale, then when an offer is pending Zillow will add a line that states "Pending" under "EVENT" but will continue to use the initial list price under "PRICE". One the sale is complete it will say "SOLD" under "EVENT" with the final sales price.
So if the house is for sale for 100k, it's listed as for sale at 100k. Then I put an offer in at 90k and the seller accepts, Zillow lists it as "pending" but still with the list price of 100k. Then once it's sold it lists it as "sold" for 90k.
So with the property you're talking about listing for 145k and selling for 140k, I think it's more likely that the buyer and seller negotiated the price from 145k to 140k rather than it didn't appraise.
I'm not 100% on all that though, so someone please correct me if I'm wrong.
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