New Home Buyer-Pasco County-Please Help. Listing Misrepresentation (low income, sale)

[algia10]

In Florida you have to look at: "square footage heated" for the true square footage...it usually lists both heated, and total, and it never affects the listing price.

$248k in Pasco is LOT, I would not pay $248k for THAT. Sorry.

This is true:

I don't agree that model homes are build better...I believe they are similar but the only difference is the amount of upgrades...no builder cares about the quality but just the cosmetics part which is a selling point.

This IS just another subdivision and NOT a custom home where the BUYER chooses the materials.

[floridagirl777]

I'm wondering why this listing sold for so much less than the new listing price. According to Zillow, it was sold just 3 months ago for $169K:

4407 Anaconda Dr, New Port Richey, FL 34655 - Zillow

Be careful. This seems a little fishy to me. And the price you are paying for this location and this home is way too high. Comps in the area sold for well under 200K.

[floridagirl777]

And is there a reason you picked New Port Richey over some of the other areas?

I'm just thinking for the price you are thinking of paying for this home, you could do a lot better a bit further south. I know you aren't from this area, so you probably aren't aware of the difference in locations. The area you picked is pretty and convenient, but your resale value will be stronger if you spend the same amount of money in East Lake, Palm Harbor, Safety Harbor, and most other places in Northern Pinellas County.

Just something to think about.

[gypsychic]

Originally Posted by bentlebee

Btw if garage has A/C than it is correct to incl. it in sqft even though it is now a garage again...sqft of a house is measured by the heated/ac area....I don't think the listing agent did anything wrong.

Neighbors and assumptions are the worst to go by...neighbors are nice to be nice to but not to get accurate info about an offer.

Why someone else backed out is only for that person to know and for anybody else a guess since even the realtor may not know the real reason unless the buyer was disqualified for a loan.

I don't think you should buy this home since you will never loose the feeling of being scammed and you better look else where...but that is just my opinion.

Many posters replied and you still don't trust it so why would you move forward?

Keep in mind that neighbors can be honest about the info given to them but how do you know who gave it and how reliable it is...

This is great advice - I agree with every point.

Listings are always filled with inaccuracies, anyway. When we bought our home 4 years ago, ours was FILLED with inaccuracies/representations, but we loved it and bought it anyway and are not sorry.

Good luck to you, I always think a builder's model is a good buy since you get more upgrades with it.

[EngGirl]

Originally Posted by floridagirl777

I'm wondering why this listing sold for so much less than the new listing price. According to Zillow, it was sold just 3 months ago for $169K:

4407 Anaconda Dr, New Port Richey, FL 34655 - Zillow

Be careful. This seems a little fishy to me. And the price you are paying for this location and this home is way too high. Comps in the area sold for well under 200K.

Because investors bought that house. Look at the owner's name on the screen shot for pasco property appraisal site in the first post...

I see a lot of houses that had been purchased for cash for cheap and listed for sale within few months for much higher price...

[EngGirl]

Originally Posted by bentlebee

I don't agree that model homes are build better...I believe they are similar but the only difference is the amount of upgrades...no builder cares about the quality but just the cosmetics part which is a selling point.

+1
The matter of fact, I looked at few models in Wesley Chapel/Land O lakes communities and each model has some signs of not very carefull building. For example, the wall at one house was not straight and you can only notice it when looking at that wall from certain angle with certain light... Or another house has a bathtub installed incorrectly in my opinion (the way the water will stand due to incorrect slope - I know what I am talking about since we have similar problem at our current place).
I think models are usuallt all about upgrades and better wall colors, decor, but at for construction - it was built the same.

[Pragmaticus]

Investors flip houses all the time. In my neck of woods, an investor bought a bank owned gutted property on October of last year for 172K and sold it in December for 258K. I can clearly see a lot of things that the investor did: complete new kitchen, hardwoods, paint (in and outside) and bring the pool and patio back where it should be. Whether the price difference and needed renovation are far apart or not is for the buyer to figure that out. I can see how investors "sky rocket home prices" if you are a buyer and how they "can help recover" the housing market, if you are a home owner in the area. You pick the side .

[EngGirl]

Maybe flipped houses are good for community overall (no empty houses, neighbourhood houses appraised higher, the outside look of the vacant house was taken care of incl. landscape), but I personally will not buy a house from the investor.

One thing is to fix the house (like for your family to live in it) and resolve all issues, and another thing to make it look nice (upgrades mainly to make buyers eyes feel happy), but still have hidden issues and over pay for it...

All these kitchen/countertops/paint (interior and exterior)/new carpet - are just to make a good impression and hide potential issues. For example, house was painted outside. What if that house had problems with stucco? It means the house might had some issues and had a quick fix done - sealed all cracks and painted. And it will be the matter of time (2-4 years) when cracks will appear again. The same thing with interior painting - this is the best way to hind problem areas like water damaged walls... this been said no one will think about mold inspection for good looking house...

I am wondering if anyone had an experience with the flipped house being appraised for asking price... I think it's silly to buy a house that appraises only 75% of asking price - it's the way to being under water if it's not a cash deal or maybe less that 20% down...

[EngGirl]

I looked at the house in WC. It was purchased a little under 160K and put back on the market for 250K. All investors did were landscape, paint (in and out), new carpet, granite in secondary bathrooms. They didn't even bother to clean stove or other kitchen appliences and all of it look so disgusting... 90K in upgrades??? No wonder this house is still on the market...

[bentlebee]

I did some research and on the listing the agent is disclosing that she is related to the owner.

On sunbiz it shows clearly that the agents husband or brother is the owner...I think it is her husband who bought it and is now trying to flip it within 3 months...

Is it legal, yes!

Would I buy it...? Hell NO!

This is not a good investment but if you want to overpay...go ahead since the market value is approx. $ 200K at the most depending on what it looks like.

The OP is smart enough to see a red flag even though I don't see anything wrong with what the agent is doing since it is disclosed that the sqft. came from the property appraisers website and that she is related to the owner...