Akbar I don’t have many answers for you on this one however consider the following…
1 – The sales price was consistent at 220k ever since the seller listed it originally. Sometimes with fishy transactions you see a price change right before the offer was accepted.
2 – The home was previously in escrow, then came out and went active again.
3 – The escrow period was not exceptionally long or exceptionally short.
4 – Yes I agree the home sold price is substantially out of whack compared to the comps for identical floorplans yet it may not be fraud. Yes with a high enough downpayment then the bank may still indeed lend up to 80% on the appraised value.
Anyways, well… it kind of sucks but it is what it is… which is way out of whack but not unexplainable.
