Red flag? Property on the market for a while…

[Josh Boulanger]

Hi all,

Couple of firsts for me: first post & looking for first property. Happy to provide more info about myself, but will cut right to the chase:

In today’s market, if you see a property listed for 4 months with 2 separate pending sales that did not go through, is it safe to say that is a red flag?

Here are some general details:

- house is in West Hartford in a great location within walking distance of Blue Back Square

- it is a duplex, but a little funky. Looks like a converted basement without a real bedroom (has small kitchen, bathroom, and large open room). All utilities grouped together. Main floor looks normal.

- technically in a flood zone so would need flood insurance. (Red flag #1?)

- property taxes are high from what i know - about $11k (red flag #2?)

- started at 350k, recently went to 320k, now at 299k…

Essentially, if the house was located anywhere else, it would not be attractive. But since it is so close to West Hartford Center and Blue Back Square it still feels like it has potential.

Looking for thoughts on why this house is not selling in today’s market.

Thanks in advance.

Josh

[Billy Daniel]

So many factors to choose from.  Overpriced, foundation issues, previous flood damage?  I would call an agent and ask to tour it.  You might find out real quick.  The agent may also know what happened.

Personally I like seeing deals like this.  It means there is a bargain to be had (maybe)!