Possible interest in short sale property
DH and I have found a propery on line ("new this week!") that we may be interested in. According to the state real property database, the owners purchased in 2004 for $535,400. The listing is for $405,000.
I was surprised at the price listed on realtor.com. We haven't found any closed sales in this development in public records for under $500,000, but there have been one three sold in the past year. The last house we looked at in the development (we lost out to another buyer) sold for about $440K (not yet closed); that one was 2200 square feet, whereas this one is 3300.
According to the Re/Max website, it's a short sale and subject to third party approval.
Why would they ask such a low price? Could it be that their mortgage company has not approved their asking price?