Why You Need a Property History Report
The other day we got a call from a first time homebuyer interested in a home that just came on the market. As Exclusive Buyer Agents who only work for buyers, we began our investigation. Was that home really “just on the market”, or perhaps something else …
What we discovered and the 3 reasons you need this report …
The property history report will show you the historical record of the pricing of the home.
The report not only shows the current asking price but will show you previous price changes.
For the home in question: It once listed for $179,000 but now was selling for $88,000. Hmmm.
The property history report shows how many times the home has been for sale in the past.
Did you know that as long as the Seller takes their home off the market for a 60 day period they can re-list it and the days on market number (important number to know) resets back to zero? On the surface this can make it appear as a newer listing, when in truth, they had trouble selling it the first time it went up for sale.
For the home in question: The property history report showed that it had been for sale at least 5 different times with 5 different selling agents and 5 different real estate companies with no success.
The property history report shows if the home had ever gone under contract and if the deal fell apart.
Why do deals fall apart? Sometimes the Buyer cannot get their financing in order, or sometimes there is a building inspection and the Buyer either gets spooked by the results or they cannot come to terms with the Seller. If you see a property going in and out of contract several times on a property history report … there’s a good chance there is a problem.
So back to the home in question and what we found out through a property history report and digging a little deeper:
- It had been for sale 5 different times before with 5 different companies
- It once listed for $179,000 but was now selling for $88,000.
- It had been in and out of contract never going to closing.
And last, but not least, via another report, the home was actually in a Flood Plain! (Game Over)
If you need a property history report for any St. Louis Real Estate please contact us at 636-532-4200.
As Exclusive Buyer Agents who only work for Buyers, we will provide you with relevant data and reporting to help you make the best possible purchase for your money. Even the government is talking about Exclusive Buyer Agents. Call us if you would like a property history report.