I have been shopping for a home since August-ish. We are renting and my lease is up in April. I informed my land lord I intended to move and he said I could leave as early as Feb, so we started just watching the market in August. I saw a house then that fit most of my needs, but seemed over priced.
Looked at the history of the listing plus sales history from our local tax assessor.
Purchased new by current owners in 2015 for 440K
Listed Mar 2025 for 1,225,000 and delisted a few days later.
Relisted April 2025 for 1,180,000
Dropped 4/25 to 1,120,000
Dropped 6/4 to 1,064,000
Dropped 6/24 to 995,000
Dropped 8/25 to 975,000 - this is where i started watching it. Called my realtor she talked to the Listing agent and was told, divorce. Couple wants max dollars and 975 is the floor. I told my agent, never mind.
10/8 dropped to 949,000
10/30 dropped to 925,000
11/6 dropped to 899,000 - This is the current list.
After this drop an open house was listed. Me and my significant other decided to go have a look. Got to the house, and it was not ready for an open house, looked like the owners were home. Called the listing agent's brokerage who informed me it was cancelled and they forgot to remove the open house from the listing.
Called my agent and asked her to setup a walk through. So she does. We walk through and again, this seller isn't making any effort. Dog in a crate in the living, gun on the counter, house was a mess. He's using the large shop as a business. I like the house and location but the situation is irritating me.
I tell my agent that to me, based on what I'm seeing its worth maybe 825 and I'll look around and see if they drop the price again.
Now this next part sounds suspect to me, but this is only my second home purchase and my first was 13 years ago, so my memory isn't great.
My agent has had more conversations with the listing agent, the ex wife is pushing the man living there to sell and he's dragging his feet. I am asked if i'd be willing to buy the house, and rent it back until summer. No. I wouldn't.
Then my agent says the listing agent got a little to open and mentioned they were doing another reduction after thanksgiving, having an open house and setting a review date. He told her that they were dropping it to 800k to get it sold.
This all seems to convenient, but what do i know. At this point we decide to offer and Submit an offer of 815k with a Feb 1 close because the owner wants a longer close to get his life sorted and that works for me too.
So, is a story like this fairly common or have i just found a train wreck of a deal?
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source https://www.reddit.com/r/RealEstate/comments/1p8rg7g/how_abnormaly_is_a_story_like_this_long_dom/
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