Short sale jitters

So a couple days ago, I put an offer on a house for 150k on a house that was listed for 165k. The next day we wanted to go through the house for another walk through and our realtor told us that the sellers did not want any walk throughs until after the holiday. The next day, the houses listing price went from 165k to 254k!! The value of the home according to the township its in aswell as zillow is only 170k. Any idea on what is going on here? Any input helps. The only thing i can really think of is that they jacked the price up to keep people away for a week or so?

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Permalink Reply by Kevin - Greenville, SC on December 22, 2011 at 7:02pm

Have you asked your Agent?

Permalink Reply by Smitty on December 23, 2011 at 9:22am

Did they SIGN your offer?  My guess is the house got listed and you likely put in an offer fairly quickly?? Is that correct?  If you did the seller may think the list agent under priced the house (which I doubt) but then told the list agent to up the price.  I've seen it happen to a friend of mine.  The sellers pretty much felt the house was worth more than it was and told the agent to up the price.

Ask your agent.  I'm with Kevin

Permalink Reply by Tara Samney on December 26, 2011 at 4:26pm

Ditto with Kevin and Smitty.  Ask your agent. Was your offer signed- if not you have nothing. The seller is allowed to take a break from showing their house (they don't have to jack up the price)- they just put it in the MLS that way and defer future showings until a later date.  The fact price went up leads me to think they had an appraisal done or the bank has set a pre-approval price (or they have an idea of what it would be).  Zillow and tax assessment checks mean nothing as to what the bank will accept or what property is actually worth.

It could have also simply been a typo. Ask you agent- it's the easiest way without overthinking it.

Permalink Reply by Robert B on December 26, 2011 at 6:13pm

No offers have been signed. I spoke to my realtor and she said that the sellers agent was not very clear on what was going on as far as the price gouge goes... Seemed kinda skeptical. The current price has been raised and it is ligit. As far as the new 250k asking price goes, there are brand new homes in the same neighborhood that are roughly 1000sq ft bigger with bigger lots selling for less then 250k in a private sale. My offer was 150k. If that house was to sell for 180, I'd feel bad for the buyer and the bank makes out good.

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