Wednesday, November 3, 2010

Foreclosure home bought in Old Town of Western Springs

This post on Trulia has really gotten me upset with the information that people believe on internet sites. If this home really compares to the homes listed in the upper 500's and low 600's some of the buyers are really getting ripped off! After closing on this home the buyer has proceeded to list it for sale for $799,000. In my opinion that is still an excellent buy. It will probable sell this week. If anyone would like to go see it please call me to be your buyer agent. Linda Hanley Kelly, Charles Rutenberg Realty,


  1. How does a home like this get sold for $610,000 in the first place?

  2. How indeed?

    House was foreclosed (Les Pendes) in April of 2008. On August 31, 2010, the owners owed the bank $1,133,643. The bank let it go for $610,500 to the realtor who now lists it for $799,900. Zillow's estimate in August was $936,000. The 2008 property taxes were $17,636.

    Interesting to say the least.

  3. Not sure why this gets you upset. I see a lot of homes in the upper 5's/low 6's listed but not sold. Perhaps this is the true value of the home and the Western Springs market. The reality is foreclosures represent a large portion of sales and are not "abnormal" prices any more.

  4. The part that upsets me is the comparables Trulia is using are far lesser homes than the one that sold for $610,500. It is obvious that the person who bought it feels so too or it wouldn't be listed for $799,999 right after the purchase.

    I agree with you that foreclosures are a reality and they cannot be treated as "abnormal" prices. Some of the foreclosures are not a good deal even at the price the buyer is paying and some are excellent deals. My true concern in my original blog was how we are starting to look for appraisals from websites like Trulia, Tribune, Zillow, etc when it is just a pooling of data and then zestimates are made. I would be shocked if you found the houses in the upper 500's to be good comps for the home on Chestnut. And if you did the 799,999 has to be off. Like on of the people said about Zillow had it at $936,000. Trulia is going with its 610 price and comparing it to those homes. I do think Zillow was pretty close to the what it should have been listed for.