My new neighbors paid $411,000 for their house according to zillow.com. The asking price was $850,000. (this is in San Francisco, this is a three bedrom 1700 sq ft home). What the heck happened? Was this tax fraud on the part of the seller (full balance cash under the table) or did I just miss an awesome deal?
2007-03-04 11:18:44 · 9 answers · asked by GrainOfSalt 2 in Business & Finance ➔ Renting & Real Estate
Just so you know, if you lived in San Francisco you would be extremely interested to know how anyone can afford to buy a house. Anyway, if anyone denies being interested in the selling price of houses in their neighborhood is lying.
2007-03-04 15:19:51 · update #1
Maybe the website was wrong. Is that price confirmed by the buyer? Sometimes, in very rare cases, the seller may want to drop the price because they need the cash or are willing to part with the home for less than the value. Or, they lucked out. Without any hard evidence it doesn't seem like any crime has been committed.
2007-03-04 11:23:02 · answer #1 · answered by Melanie P 3 · 2⤊ 0⤋
No way to know for sure but I'd BET it's NOT tax fraud since it must go through escrow and many checks and balances to make certain this doesn't happen. You never know if the seller sold to family cheap or perhaps they were under pressure and had to sell quick and take what they get. Also List Prices are just that. The only real way to know the value is what price the market brings and can bear.
2007-03-04 11:23:36 · answer #2 · answered by javajavgrl 3 · 1⤊ 0⤋
Chances are that is exactly what happened but maybe the home wasnt all it was cracked up to be. if I could find a house in san fran for that price I would buy it quick
2007-03-04 11:23:44 · answer #3 · answered by Anonymous · 1⤊ 1⤋
Sounds like it was an inside deal that probably would not have been available to you or anyone else anyway. It's hard to say if the deal was shady without more information. With just the information you provided, I see no crime.
2007-03-04 11:24:57 · answer #4 · answered by jimmyjohn 4 · 1⤊ 0⤋
The only crime committed was using zillow for anything. Their info is garbage. And why would you automatically assume tax fraud? Since you're so inquisitive about your neighbors assets go knock on his door and ask him...
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Sure, it's one thing to want to know what your neighbors sold their homes for....it's another to thing to post a question on a message board asking if a crime has been committed and basing your tax fraud scenario on info you pulled off a website.
2007-03-04 12:28:33 · answer #5 · answered by Anonymous · 3⤊ 1⤋
Maybe a typo.
What tax are you talking about? You don't necessarily pay tax on the sale of your house. Profit has to be > 1 million & only if you do not rebuy.
2007-03-04 11:24:16 · answer #6 · answered by ♣Hey jude♣ 5 · 1⤊ 1⤋
It could have been, but perhaps something happened that precipitated the seller drastically reducing the price. You will have to ask.
2007-03-04 11:23:27 · answer #7 · answered by 1235 4 · 1⤊ 1⤋
I wouldn't count on zillow.com to tell me what time it is ... never mind a sales price.
Their information can be grossly inaccurate.
2007-03-04 12:33:34 · answer #8 · answered by BoomChikkaBoom 6 · 3⤊ 0⤋
maybe u need to check and see if Ur house want up in price too .. the market has been claiming highly . look into it and if so sell Ur home asap make Ur money
2007-03-04 11:23:37 · answer #9 · answered by amal L 3 · 0⤊ 2⤋