Nobody who is here reading this blog (this far into it anyway) qualifies as “stupid”.

Let me drive by this evening and double-check the address again. But I know for a fact they sold it and moved because I live in the neighborhood and witnessed the for-sale/in-escrow/sold/moving-out and everything. I also know the inside scoop from the seller. Unfortunately I don’t have access to the MLS database and am relying on zillow.com for the comps and so on.

They may have listed it for $689k but their low-ball limit was $640k. They certainly did sell for $700k and give $60k cash back. He still made money, since he bought in 2004 I think. It went like this:

Fraud 101: House sits for sale for months with no offers and minimal prospective buyers.
Fraud 102: Realtor shows up with clients with the “cash-back” deal offer.
Fraud 103: The seller wants out and this is the only offer he’s received, so what the heck? He expected to get around $640k anyway and doesn’t care how stupid the buyer is for getting into this.
Fraud 104: Now all the other houses for sale in the neighborhood are using his $700k sale price as a comp!