I saw a house on Zillow near me that is listed for $224,000. According to the records, it was just purchased in June of '09 for $463,500. This is currently also the Zestimate with a Zillow price range showing of $394K - $515K.
It is described as a great investment opportunity and as needing a new roof and several other repairs. The listing also states that the pool and spa are "not working".
I'm going to take a look at it this weekend, but in the meantime I wanted to find out what everyone thinks. How could the value have plunged $240,000? I'm thinking perhaps it's been gutted, but even then, a price drop almost equal to the asking price?
Also, I am just starting and my head is full of facts and ideas and I can't always recall where I saw something when I need to refer back. I know somewhere Dean told us where we can go to find out what the owner currently owes on the house. Just don't know where I saw it. Can anyone please steer me in the right direction?
Thanks much. Have a great day!
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