$1.05M may not be accurate because of the scandalous “cash-back” deals which are happening quite often. Sometimes the seller gives back tons of cash as part of the agreement after the sale closes. I’ve seen it for up to 9% of the closing price (a home lists as being sold for $700k but the seller gave back $60k so actually it sold for $640k). Just because the records say that place closed for $1.05M doesn’t mean it actually did. I wouldn’t be surprised if they actually got it for around $900k. Please tell your friend to ask to see the previous sales contract before he buys based on the assumption he’s getting a deal by comparison.
