For starters scooterbug, the property listed on this thread was purchased almost 7 years ago, I haven't seen a poverty declaration, and futher, I do not think there are any listings out there from sellers asking 2X what they paid a couple of years ago. It's quite evident from your naivette that you neither own property or are in the market for real estate.
I found it rather gauche for someone to comment on someones low cost basis and potential profit, hence my comment, which has brought forth so much debate.
For the record, I have researched cost basis when buying property and would do the same in the current Sowal real estate environment if I were in the market to buy "Investments" that I planned to hold short and sell for profit. The point earlier I was trying to make is if one is an end user, (someone who wants to live on said property or use as second home) and other lots are selling for significantly higher in the same development that the one I may be interested in is, and one is ready to buy now, the sellers cost basis is irrelevent when there is a meeting of minds on price. A buyer could lowball an offer all they like, but there is a price point where a seller will wait for their price when they have a low cost basis. If the property is well priced, the buyers will come.
I know someone selling a home due to relocation.(not in Sowal) She dropped her price and had 16 showings in one week.
Five families coming back next week for second viewings, however one clown decided to throw out an offer for significantly less than the reduced asking price, and has been doing this all around town.
People like this waste the time of realtors and sellers.
With five families returning next week, I think there's a good chance she will come to a meeting of minds with one of them.
