JP
I can tell you whatever you want to know about that house on Canon as I know the former owner very well (almost family) and know exactly what happened. First of, its a very busy street. It went back to the bank after they wouldnt accept the offers when it was a short sale. The bank wanted 555K and the house had so many plumbing, foundation and electrical issues no buyer would pay that after inspecting it. The offers were always 500 to 525K on it.
The house went back to the bank when the minimum offer on the courthouse steps was set at 469K and the flippers passed. It was listed as an REO at 610K by the lender (again no flipper involved) and surprise, surprise it sold on the market for $524,000.
Just another case of you getting all twisted up about a house that went on the market exactly how you wanted it to. The house went to auction, no flipper bid on it, the bank took it back and put it back on the market essantially as the former owner left it, they overpriced it and the market determined the FMV was exactly what all the offers came in at when it was a short sale several months earlier.
CAR thats just another perfect example JP gave me of how you can follow the market very closely but not really know whats going on.
