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Does it really matter what the seller previously paid for the home?
As a Realtor in Fort Wayne, I get asked certain questions by my buyers a LOT.
One of them is always "What did the seller pay for the home when they bought it?"
It's obvious why my buyers ask this question so much. They don't want to over pay for a home. It's that simple.
Here is my response to every buyer that has ever asked me that question:
It doesn't matter.
Gasp! What? What do you mean it doesn't matter???
The home in question was a flipped home. The owner bought it as a foreclosure for $35,000. He put X amount into it, and put it on the market in amazing condition at fair market value at $89,900.
My buyer was concerned that she may be over paying for the home based on the $35,000 purchase price. I understand her concern, but explained it to her and showed her the current market, and that it was priced to sell.
She understood and purchased the home for $88,900.
The home in question was previously purchased for $200,000 in 2005. It was listed for $225,000.
My buyers were ... more
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