I live around the corner (rent) and walk by it once a week or so. Clearly vacated and with a lock box, dead grass, etc.....but has never been listed. I bet it's been 4 months, maybe more. Shadow inventory?
Someone's ears are burning...this was just listed today. Unbelievable, it took them 5 months to get it on the market. Plus they are asking 15K higher than recent sales. This ought to be fun to watch.
Someone's ears are burning...this was just listed today. Unbelievable, it took them 5 months to get it on the market. Plus they are asking 15K higher than recent sales. This ought to be fun to watch.
It has been my experience that the lenders who now own these REO's really vary in their skill level.
Lenders with a crapload (technical term) of inventory (think Wells, Countrywide, Fannie, Freddie, WaMu) tend to move faster and get things listed in a few weeks. Lesser-known groups tend to take longer and do it in a more haphazard or dysfunctional way. One of my favorite conversations was with an asset manager during the beginning of the current wave of foreclosures. Basically, he said they do what normal buyers did during the boom. They call 3 agents and ask all to give price opinions. The agent with the highest opinion got the listing. The effect was predictable.
I may be mistaken but the situation you reference sounds like on of these cases. Again, these phenomena are experienced anecdotally but regularly.
Does anyone else have something to contribute on this front?
I rent around the corner too. He probably could have listed it higher but about a month ago I watched the old owners carting out the built-in grill from the backyard and other assorted things which require heavy tools and strong men to remove. We have been waiting to see what it was going to go for. There is one on Copper ct right down the street that just went under as well. Lockbox on the door. We will see when it gets listed.
1532 Crescent is somewhere close to the same boat. It was listed at $550K a few months back as a short, then went off the market. The owners haven't paid their 12/07 taxes.
The 'best' houses in this area have been going for 615K in recent months. Given the Crescent reference above, I would expect the new price in SEH to be between 550-575 this fall and probably lower in the spring as the rest of the shadows go on the market.
Submitted by SD Realtor on August 18, 2008 - 10:47pm.
"Does anyone else have something to contribute on this front?"
My limited opinion is that BPO's are pretty pathetic. Formal appraisals at least back up numbers with some formal analysis and even comps. I have gone through the runaround with some asset managers regarding BPO's they have for short sales I have been involved with. I literally have sent them comps I dug up along to back up my arguments. Similarly I have had the asset manager reference properties to me that were used as comps for the BPO and when I dug them up those properties were cancelleds or expireds.
Submitted by urbanrealtor on August 18, 2008 - 11:33pm.
SD (sorry, lesser Yoda), I have an anecdote (as I always do) that is the other version of this.
It is part of what helped me form my present opinion on the relative skill of certain lenders.
A couple of months ago, I took a listing for one of my neighbors. We listed it at a price that I believed would generate enthusiasm by buyers. This was a short sale and so he was not making a dime. He was walking away and so showing was easy because it was vacant.
We got 5 offers in 2 weeks.
The bank had an appraisal done and assigned a negotiator within 3 weeks.
We would be closed by now but for my seller deciding that he was tired of signing things. This was almost my defining short sale war story but for my ignoring of the human factor. I still don't know of way to account for depression.
Wells actually acted better than any short sale story I have heard.
I have heard that their REOs are quick and decisive also.
We will see how true my theory proves in the coming year.
Yep... owned by Consumer Solutions REO and purchased at trustee sale back in March. Just sitting and sitting.
Wow. It's one thing to read about this but a whole other thing to see it live - it certainly makes it more believable.
Why would the REO company not want to list this?
http://www.sdlookup.com/MLS-080057607-16...
Someone's ears are burning...this was just listed today. Unbelievable, it took them 5 months to get it on the market. Plus they are asking 15K higher than recent sales. This ought to be fun to watch.
Someone's ears are burning...this was just listed today. Unbelievable, it took them 5 months to get it on the market. Plus they are asking 15K higher than recent sales. This ought to be fun to watch.
It has been my experience that the lenders who now own these REO's really vary in their skill level.
Lenders with a crapload (technical term) of inventory (think Wells, Countrywide, Fannie, Freddie, WaMu) tend to move faster and get things listed in a few weeks. Lesser-known groups tend to take longer and do it in a more haphazard or dysfunctional way. One of my favorite conversations was with an asset manager during the beginning of the current wave of foreclosures. Basically, he said they do what normal buyers did during the boom. They call 3 agents and ask all to give price opinions. The agent with the highest opinion got the listing. The effect was predictable.
I may be mistaken but the situation you reference sounds like on of these cases. Again, these phenomena are experienced anecdotally but regularly.
Does anyone else have something to contribute on this front?
I rent around the corner too. He probably could have listed it higher but about a month ago I watched the old owners carting out the built-in grill from the backyard and other assorted things which require heavy tools and strong men to remove. We have been waiting to see what it was going to go for. There is one on Copper ct right down the street that just went under as well. Lockbox on the door. We will see when it gets listed.
1532 Crescent is somewhere close to the same boat. It was listed at $550K a few months back as a short, then went off the market. The owners haven't paid their 12/07 taxes.
The 'best' houses in this area have been going for 615K in recent months. Given the Crescent reference above, I would expect the new price in SEH to be between 550-575 this fall and probably lower in the spring as the rest of the shadows go on the market.
"Does anyone else have something to contribute on this front?"
My limited opinion is that BPO's are pretty pathetic. Formal appraisals at least back up numbers with some formal analysis and even comps. I have gone through the runaround with some asset managers regarding BPO's they have for short sales I have been involved with. I literally have sent them comps I dug up along to back up my arguments. Similarly I have had the asset manager reference properties to me that were used as comps for the BPO and when I dug them up those properties were cancelleds or expireds.
It is really pretty bad.
SD (sorry, lesser Yoda), I have an anecdote (as I always do) that is the other version of this.
It is part of what helped me form my present opinion on the relative skill of certain lenders.
A couple of months ago, I took a listing for one of my neighbors. We listed it at a price that I believed would generate enthusiasm by buyers. This was a short sale and so he was not making a dime. He was walking away and so showing was easy because it was vacant.
We got 5 offers in 2 weeks.
The bank had an appraisal done and assigned a negotiator within 3 weeks.
We would be closed by now but for my seller deciding that he was tired of signing things. This was almost my defining short sale war story but for my ignoring of the human factor. I still don't know of way to account for depression.
Wells actually acted better than any short sale story I have heard.
I have heard that their REOs are quick and decisive also.
We will see how true my theory proves in the coming year.