For Sale property was sold for 2x price a year ago, what do you assume?

[Vincent Donato]

I'm seeking out distressed property on Long Island that could use some rehab. I have come across a handful of properties that are for sale, but were sold within the last 2 or 1 year for sometimes double or triple the price. 

Example: November 2023 sold for 500k
Listed under foreclosure for 260k now.
Photos don't show any updates or signs of any rehab being started.

My first guess it these were bought as rehabs without inspection and people found severe structural issues that they cant afford to remedy, which is common with the amount of water around us on Long Island.

What other assumptions or conclusions would you draw from seeing listing like this one?

[Chris Seveney]

Quote from @Vincent Donato:

I'm seeking out distressed property on Long Island that could use some rehab. I have come across a handful of properties that are for sale, but were sold within the last 2 or 1 year for sometimes double or triple the price. 

Example: November 2023 sold for 500k
Listed under foreclosure for 260k now.
Photos don't show any updates or signs of any rehab being started.

My first guess it these were bought as rehabs without inspection and people found severe structural issues that they cant afford to remedy, which is common with the amount of water around us on Long Island.

What other assumptions or conclusions would you draw from seeing listing like this one?

 where you getting this data? If its zillow or a site like that it may not be accurate. Also if it was foreclosed the bank may have bid their payoff on the loan to take it back. Honestly, I would not really care. 

[Vincent Donato]

Quote from @Chris Seveney:

Quote from @Vincent Donato:

I'm seeking out distressed property on Long Island that could use some rehab. I have come across a handful of properties that are for sale, but were sold within the last 2 or 1 year for sometimes double or triple the price. 

Example: November 2023 sold for 500k
Listed under foreclosure for 260k now.
Photos don't show any updates or signs of any rehab being started.

My first guess it these were bought as rehabs without inspection and people found severe structural issues that they cant afford to remedy, which is common with the amount of water around us on Long Island.

What other assumptions or conclusions would you draw from seeing listing like this one?

 where you getting this data? If its zillow or a site like that it may not be accurate. Also if it was foreclosed the bank may have bid their payoff on the loan to take it back. Honestly, I would not really care. 

 Correct, Zillow. This was just most recent property I was looking at before making this post. There are others that aren't foreclosed with similar data.

[Mohammed Rahman]

Hey @Vincent Donato - your assumption may be correct, but the data on public sites isn't always accurate. 

One other theory that comes to mind is that just because its listed for sale at half the price, doesn't mean that's what it's going to sell for. 

Could just be a listing that's directing buyers to a possible auction date.