$150k property selling for $10k, no disclosures - what the ?

Question

I've found a DEEPLY discounted property in Deltona that seems 'not right': http://www.realtor.com/realestateandhomes-detail/3...

My agent says there are no notes/history/disclosure in theMLS for this property. He was told the owner just wants to sell by Monday.

The County Appraiser office shows that this property was a "government acquisition" in June 2016 for $99,200: http://vcpa.vcgov.org/searches.html

It makes absolutely no sense that an owner would want to sell a property worth at least $150K (and was purchased for $94k) at a sale price of $10k.

My question is: what might be going on here? I'm curious if any experienced investors have seen anythign like this before.

Allen Thompson · Answer

James is exactly right. This is an investor owned property that originally listed at $175,000. When the house was listed for more than 100 days on market, they have chosen to "liquidate" the property to the highest and best offer, ACCEPTABLE to the seller.

I'm keeping an eye on the property to see what they get.

James Wise · Answer

@Jeremy Shinall Looks like they are trying to run it like an auction. I imagine that the owner isn't willing to take 10k for it. Just a cheap marketing tactic to get as many eyes on it as possible in an effort to drive up price with a bidding war.

Allen Thompson · Answer

@Jeremy Shinall I think we are going to see significant growth on 415 especially within the commercial sector. I don't know that it will be quite as far north as the property we are talking about, I keep telling my buyers that they need to keep an eye on Osteen. Between Sanford airport, the Sunrail, and Halifax Health, I think growth is going to be inevitable along that roadway.

Right now, the majority of new residential construction is being done by D R Horton. They seem to be hovering around I-4 at the moment. There is some additional construction going in developed neighborhoods, but not much. Overall, the vacant lots are cheap and the existing homes are selling at a higher price per square foot than new construction. It's only a matter of time before people start to recognize and take advantage of that.

Jay Hinrichs · Answer

as others mentioned they are looking for highest and best.. not looking to sell for 10k..

Jeremy Shinall · Answer

Thanks, @James Wise. You're right. Seems kinda...cheap. Got my hopes up! Don't hate the player, hate game, though, right?

@Allen Thompson, I see you're from Deltona. Based on the map, that property is in an area that's on the fringe of Deltona towards 415. Is Deltona sprawling out that way, such that the area would be much more populous in 10-20 years?

$150k property selling for $10k, no disclosures - what the ?

$150k property selling for $10k, no disclosures - what the ?

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