Quote:
Originally Posted by manaboutown
The CDM, CA house I am in now I had a signed purchase contract for the asking price through the listing agent who could keep both sides of the commission with my offer within four hours of the sign going up in the home's front yard - in 1996, before the internet listing services we now enjoy. The next day at an open house she received three solid offers, two of them for cash, all three above asking price through other agents.
Obviously the house was underpriced. I knew that as I had been looking in that neighborhood for a year. Diligence pays off!
BTW, Zillow shows the house to be now worth about five times what I paid for it in June of 1996 which turned out to be the very bottom of a big market dip in the area.
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Pardon my ignorance for a change, but what is a CDM, CA house?
You were very fortunate when you purchased your house and it would seem that there was something better in your offer than the other three.
It makes you wonder if that agent gave the results of comparable sales in the neighborhood, and shared the results with the seller. OR -- perhaps, because the times were at the bottom of a bad real estate market, she advised the seller to list at a low price to create interest and get the house sold.
I believe at that time (1996), The Villages real estate cooperated with all brokers, and not only their own Villages' agents. Do you recall if that is correct during that time frame?
Don't take Zillow's estimate of house values to heart. Those figures are usually grossly overpriced.