[quote=FlyerInHi][quote=bearishgurl] I have no doubt that three (or more) of these listings were originally purchased for <$20K by the current seller or their parent or grandparent. It is obvious to me that these sellers are just "testing the market" and will rent the property out if they can't get their price (or leave it on the market forever cuz it doesn't cost them anything to do so). [/quote]
Dear BG, if you didn't use the Realtor sponsored site, and used a better competing site, you would know the previous purchase price without having to make assumptions.
https://www.redfin.com/CA/Los-Angeles/6850-N-Figueroa-St-90042/home/7085401%5B/quote%5D
Okay, so, acc to Redfin, my first listing last closed escrow on 4/18/07 for 587,636 and it is now listed for $598K after one price reduction and listed as "active" for 387 days (NOT “contingent”).
Unless this listing’s owner has been ripped a new azzhole by their lender and is now paying on a 40-year mod, they have been chipping away at their mortgage since 2007. (Based upon the odd numbers in the purchase price, it is likely they didn’t pay cash for the property.) The refi/cash out party was over at the end of 2007, correct? Why hasn’t this seller been able to sell clean out of this property if they have owned it for ~7 years? Of course, I haven’t checked the LA County Recorder record, which IIRC, might still be closed to the public who isn’t paying for a subscription service.
I guess I should just join an aggregator like Redfin since the realtor site lost most of its search parameters after the new year (2016) due to its site being revamped.
