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Seemingly uber-cheap "recently sold" houses on Zillow?

By tdeloco   Follow   Mon, 29 Aug 2011, 8:47pm   5,320 views   17 comments
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Is it possible for a regular guy like me to get one? I don't see current listings as low as these in Zillow or Redfin.

Recently Sold for $160,000 - 1702 Seville Way, San Jose, CA 95131
http://www.zillow.com/homedetails/1702-Seville-Way-San-Jose-CA-95131/19566357_zpid/

Recently Sold for $139,500 - 1202 Old Manor Pl, San Jose, CA 95132
http://www.zillow.com/homedetails/1202-Old-Manor-Pl-San-Jose-CA-95132/19564233_zpid/

Recently Sold for $135,000 - 2263 Woodranch Rd San Jose, CA 95131
http://www.zillow.com/homedetails/2263-Woodranch-Rd-San-Jose-CA-95131/19564943_zpid/

Recently Sold for $202,600 - 2055 Commodore Dr, San Jose, CA 95133
http://www.zillow.com/homedetails/2055-Commodore-Dr-San-Jose-CA-95133/19571721_zpid/

I understand that Zillow is not affiliated with NAR, but their information is based on public records and are supposedly accurate.

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1. DennisN Follow Befriend 4 threads 1,056 comments Boise, ID

   1   7:01am Tue 30 Aug 2011   Share   Quote   Permalink   Like   Dislike (1)   Or it could be a sale from parents to child that may avoid a prop 13 tax increase. There is some loophole for that.

2. craigery Follow Befriend 4 comments

   2   9:20pm Tue 30 Aug 2011   Share   Quote   Permalink   Like   Dislike   My guess is there was some sort of relationship between the buyer or seller -- husband/wife, relative or friend. Wonder if they might have sold it cheap to a friend to make up for a loan or something that they were owed? They get a house with a low tax base, the friend gets his/her loan forgiven! As far as comps go, usually you can throw out the lowest and highest recent prices in a particular neighborhood -- the lowest may have been trashed; the highest may have additions/alterations that justify the much higher price.

3. The Chemist Follow Befriend 2 comments Thousand Oaks, CA

   3   10:11pm Tue 30 Aug 2011   Share   Quote   Permalink   Like   Dislike   Are you sure refis don't show up here? I recall some discussion of this several years ago.

4. marcus Follow Befriend (5) 168 threads 5,100 comments

   4   10:55pm Tue 30 Aug 2011   Share   Quote   Permalink   Like   Dislike   I think that sometimes when the bank takes back a property through foreclosure it shows as a transaction. Possibly the amount is the outstanding debt which is closed, or the discounted amount of debt taken off the books (or put in to another temporary state). Or could it be a price paid at a bulk auction where several properties were sold to investors as a package ? After all, an REO is owned by the bank before someone else buys it. Must they show a price at which it is owned ? IF that were the case though, I can think of reasons why they would want to show it owned at a higher price. If only to make it easier to sell at a higher price.

5. Finnian Follow Befriend 18 comments

   5   11:01pm Tue 30 Aug 2011   Share   Quote   Permalink   Like   Dislike   A house got listed for 250K near my parents where they are 500-800 normally. A parent had died, so we guess one sibling bought out the other and it got listed as an actual sale for 250K. My parents then had their property taxes dropped a ton this year, which could just be coincidence considering prices here have dropped a ton, or could be the tax people don't know well enough and count it as a real sale.

6. DennisN Follow Befriend 4 threads 1,056 comments Boise, ID

   6   11:58pm Tue 30 Aug 2011   Share   Quote   Permalink   Like   Dislike   Marcus may be right. IIUC when a house becomes REO, the balance on the 1st mortgage shows up as the sales price. The amount of the subordinated debt (2nds, HELOCs) isn't shown.

7. maire Follow Befriend (3) 1 threads 102 comments Shawnee Mission, KS

   7   5:10am Wed 31 Aug 2011   Share   Quote   Permalink   Like   Dislike (1)   It's been awhile since I read anything about the isue but when a house is sold to a non-linear relative (not a child or a spouse and it's not an inheritance issue) and the selling price is wayyy below what the (supposed) actual worth is, doesnt the IRS look at this as a taxable issue (possible gift, etc.)?

8. elliemae Follow Befriend (25) 413 threads 6,983 comments Saint George, UT elliemae's website

   8   7:05am Wed 31 Aug 2011   Share   Quote   Permalink   Like   Dislike (2)   ptiemann says If the sale was not through the MLS, then I would not use it as a comp property. Use redfin.com to determine if a sale was through the MLS: That counts out fsbos, tho.

9. John Bailo Follow Befriend 94 threads 444 comments Kent, WA John Bailo's website

   9   10:17am Wed 31 Aug 2011   Share   Quote   Permalink   Like   Dislike   I've been looking around my home town lately and I've noticed on the flashing light Realtor signs and on the little signs up on the roadsides that the builders put up, there are some incredible prices right now...sometimes more than half of what they were 3 years ago. So it might be reflecting what's really happening.

10. everything Follow Befriend (2) 3 threads 552 comments Madison, WI

    10   1:53pm Wed 31 Aug 2011   Share   Quote   Permalink   Like   Dislike   Prices might be great somewhere, but never where I'm looking it seems. Friend of mine looked at one of these foreclosure units recently and it had 14 offers on it he said.

11. drudometkin Follow Befriend 3 threads 35 comments Yorba Linda, CA

    11   2:38pm Wed 31 Aug 2011   Share   Quote   Permalink   Like   Dislike   DennisN says Or it could be a sale from parents to child that may avoid a prop 13 tax increase. There is some loophole for that. Feline home appraisers Condoleezza and Dukie I'd love to know more about this loophole if it does exist.

12. HousingWatcher Follow Befriend 285 threads 1,760 comments

    12   4:07pm Wed 31 Aug 2011   Share   Quote   Permalink   Like   Dislike (1)   Marcus is right. A low prices could very well be that is the price the bank is paying to re-possess the house. Essentially, the bank is buying the house from itself.

13. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

    13   4:09pm Wed 31 Aug 2011   Share   Quote   Permalink   Like   Dislike   John Bailo says So it might be reflecting what's really happening. Yeah and you try getting mortgage on one of them and bank starts feeling uncomfortable at closing. You have 800 score? It does not matter,that 's how much banks are scared at this moment. Market has to keep tanking as long as banks are in that lending fear. Pretty simple.

14. HousingWatcher Follow Befriend 285 threads 1,760 comments

    14   4:21pm Wed 31 Aug 2011   Share   Quote   Permalink   Like   Dislike   What lending fear? My credit score is under 700 and I had zero troule re-financing for the SECOND time this summer.

15. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

    15   5:03pm Wed 31 Aug 2011   Share   Quote   Permalink   Like (1)   Dislike   HousingWatcher says What lending fear? My credit score is under 700 and I had zero troule re-financing for the SECOND time this summer. Good for ya. So go ahead and buy more properties. What is the point in hanging around here? http://en.wikipedia.org/wiki/Post-purchase_rationalization Huh?

16. APOCALYPSEFUCK is Shostakovich Follow Befriend (28) 171 threads 4,222 comments Premium

    16   6:22pm Wed 31 Aug 2011   Share   Quote   Permalink   Like   Dislike   Protected   Crap still overpriced by 90%

17. DennisN Follow Befriend 4 threads 1,056 comments Boise, ID

    17   6:32pm Wed 31 Aug 2011   Share   Quote   Permalink   Like   Dislike   Drudo, Look here http://www.sccgov.org/portal/site/asr/agencyarticle?path=%252Fv7%252FAssessor%252C%2520Office%2520of%2520the%2520%2528ELO%2529&contentId=8660bb3166b34010VgnVCMP2200049dc4a92____