Belt Auction

Why is this house back up for sale? Should I buy it?? NEED HELP!?

I am interested in this house. http://losangeles.craigslist.org/lac/rfs/572532996.html When I look it up on Zillow ( http://www.zillow.com/Charts.htm?chartDuration=5years&zpid=65243051 ), first off-- it says it has been up for sale on Zillow for 115 days. However, the other info it provides contradicts this... It says that on 1/25/2008 (very recently), it sold for $744,769. It also says that on 12/12/2006, it sold for (the same) $744,769. What's going on here? Why is it back on the market now, and marked up to $799,900?? Did a real estate investor buy it and try to turn it around really fast? Is the Zillow info a mistake? Do you think they would sell it for the $744,769 price?? What do you think of this buy? Is something fishy going on? Help...... also note that it is an REO... sarch_UK: i'm confused at your answer. i was pointing out how it supposedly sold on 1/28 and then here it is again. that is what i am confused about, also that it was sold but is an reo.

Public Comments

1. Maybe it was on at the higher price and has been reduced and the web sites haven't been updated. The only way you are going to find out if it is for sale, and at what cost, is to contact the Realtors themselves.
2. Most likely the sales contract was singed in December, the sale too place in January, and the seller is now trying to sell it at a quick profit. If they bought it for $744,7690 they will not want to sell it for that price because they would lose money, having paid closing costs, title insurance, and other expenses.
3. Zillow does not differentiate in the types of sales it records and reports. It gains its information from an assortment of public records, including land office record transfers. I'd guess this house was for sale by the actual owners, and it did not sell, therefore going through foreclosure. A foreclosure will be recorded in public records as a SALE, when the lender buys the property back at the public auction. It would not be for sale again, this time for an actual sale by a conventional purchaser.
4. Zillow does not give accurate information. The only way to get true data of what homes sold for and when is through the Austin MLS. Realtors pay a few to have and access this data. Only a Realtor will have this data. Do you have a realtor in the Austin area? If so he/she can help you with that data and more. If not ping me back I can help.
5. Why don't you contact the seller or realto and ask them? They have to disclose the history of the change in title in a title search. If it's an REO, it's owned by the bank that may have taken it back for the existing loan amount. Just call and ask them. Also, lenders are giving great discounts. Offer them 25% or more off the asking price. Do it in writing not verbal. Check to see what other houses in the neighborhood are selling for first.