Submitted by urbanrealtor on May 7, 2009 - 10:34am.
Full disclosure: I don't actually have inside info here.
It looks to me like the list price was perpetually too high.
This deal was double ended which means the listing agent brought their own buyer.
It was also a short sale.
My guess is that the agent knew what the bank would likely accept and convinced his buyer to make a lowball knowing that he could slam it through the bank.
Then he left the price high while his patient buyer waited for the bank negotiations to play out.
There are no victims here but I think its a little unfair to leave a price noticeably above what you know the bank will accept.
Submitted by 5yearwaiter on May 7, 2009 - 12:22pm.
urbanrealtor wrote:
Full disclosure: I don't actually have inside info here.
It looks to me like the list price was perpetually too high.
This deal was double ended which means the listing agent brought their own buyer.
It was also a short sale.
My guess is that the agent knew what the bank would likely accept and convinced his buyer to make a lowball knowing that he could slam it through the bank.
Then he left the price high while his patient buyer waited for the bank negotiations to play out.
There are no victims here but I think its a little unfair to leave a price noticeably above what you know the bank will accept.
5year you can drive by the home to get the number of the listing agent. If you see the home on realtor.com or anywhere else, the listing agent contact info is usually there.
Funny how this is a Century 21 deal and the shenanigans post I put up recently was another Century 21 deal. Im not saying anything, I am just sayin....
5year you can drive by the home to get the number of the listing agent. If you see the home on realtor.com or anywhere else, the listing agent contact info is usually there.
Funny how this is a Century 21 deal and the shenanigans post I put up recently was another Century 21 deal. Im not saying anything, I am just sayin....
SDrealtor : How this might have gone such a killer deal? What's your theory on this SOLD? are you agree the info from Urbanrealtor's thoughts on this SOLD one?
Well from a ppsf persective yeah it is not a bad deal but do you know the area? I actually like Sunrise Canyon ALOT but that is the north side of Poway Road not the south side.
Anyways for what it is worth I called the listing agent...
1 - The listing agent had 2-3 offers previously into the lender where those buyers walked away. Those offers were higher then the SOLD offer and he had approval for them but they walked for various reasons that included remediation needed on the home.
2 - The buyer did end up kicking about 7k to the second note holder to get them to release the lien. Not refected in the price.
3 - The buyer had to pay for all termite remediation, another 4k.
4 - The home has several major problems with it in the kitchen and floor.
Again, this is all according to the listing agent. Take it for what it is worth but IMO this agent seemed to be pretty honest over the phone. What do I know though?
Anyways 5year, this guy seemed to be on the up and up and I think he was telling the truth. He said after the offer was accepted and they got into escrow he said he could have definitely gotten alot more considering the market conditions but this buyer came in right before the big wave hit. Sounded like he had approval in early March or late Feb and by the time he got the written lien releases from each lender it was mid March.
Adjusted for inflation, the 1998 sale price of $407k would be $531k. This guy got it within $20k of inflation adjusted 1998 pricing. that is not bad at all.
not to nip pick, but that pool is awfully close to the house, essentially they get no yard at all with that pool in there. then there's the huge slope in the back. SDR, how much would you discount a house like this vs if it had a good lot without the giant slope?
OCR like I was saying you go to the other side of the street (Poway Rd) and check out some of the homes in Sunrise Canyon and you are looking at million dollar homes. Although there are also some real clunkers in Sunrise Canyon as well, it is an odd mix. I hafta beg off giving you a ppsf quote for now as I am kind of swamped today but will return to it when I can.
In this particular case it looks like everyone did, "okay"... The seller dumped the home, the buyer got a good price, the agent got a fat double ended deal. As much as it looks shady my ever expanding gut call is that it was on the up and up but again... you just... never...know.
Yep... looks like a damn good deal. They are out there.
Full disclosure: I don't actually have inside info here.
It looks to me like the list price was perpetually too high.
This deal was double ended which means the listing agent brought their own buyer.
It was also a short sale.
My guess is that the agent knew what the bank would likely accept and convinced his buyer to make a lowball knowing that he could slam it through the bank.
Then he left the price high while his patient buyer waited for the bank negotiations to play out.
There are no victims here but I think its a little unfair to leave a price noticeably above what you know the bank will accept.
My 2 bits.
It looks to me like the list price was perpetually too high.
This deal was double ended which means the listing agent brought their own buyer.
It was also a short sale.
My guess is that the agent knew what the bank would likely accept and convinced his buyer to make a lowball knowing that he could slam it through the bank.
Then he left the price high while his patient buyer waited for the bank negotiations to play out.
There are no victims here but I think its a little unfair to leave a price noticeably above what you know the bank will accept.
My 2 bits.
How you get listing agent when you find property?
5year you can drive by the home to get the number of the listing agent. If you see the home on realtor.com or anywhere else, the listing agent contact info is usually there.
Funny how this is a Century 21 deal and the shenanigans post I put up recently was another Century 21 deal. Im not saying anything, I am just sayin....
Funny how this is a Century 21 deal and the shenanigans post I put up recently was another Century 21 deal. Im not saying anything, I am just sayin....
SDrealtor : How this might have gone such a killer deal? What's your theory on this SOLD? are you agree the info from Urbanrealtor's thoughts on this SOLD one?
Well from a ppsf persective yeah it is not a bad deal but do you know the area? I actually like Sunrise Canyon ALOT but that is the north side of Poway Road not the south side.
Anyways for what it is worth I called the listing agent...
1 - The listing agent had 2-3 offers previously into the lender where those buyers walked away. Those offers were higher then the SOLD offer and he had approval for them but they walked for various reasons that included remediation needed on the home.
2 - The buyer did end up kicking about 7k to the second note holder to get them to release the lien. Not refected in the price.
3 - The buyer had to pay for all termite remediation, another 4k.
4 - The home has several major problems with it in the kitchen and floor.
Again, this is all according to the listing agent. Take it for what it is worth but IMO this agent seemed to be pretty honest over the phone. What do I know though?
Anyways 5year, this guy seemed to be on the up and up and I think he was telling the truth. He said after the offer was accepted and they got into escrow he said he could have definitely gotten alot more considering the market conditions but this buyer came in right before the big wave hit. Sounded like he had approval in early March or late Feb and by the time he got the written lien releases from each lender it was mid March.
Nice deal. Too bad honest Realtors get the shaft.
08/10/2004: $820,000
06/15/2000: $474,000
07/31/1998: $407,000
Adjusted for inflation, the 1998 sale price of $407k would be $531k. This guy got it within $20k of inflation adjusted 1998 pricing. that is not bad at all.
not to nip pick, but that pool is awfully close to the house, essentially they get no yard at all with that pool in there. then there's the huge slope in the back. SDR, how much would you discount a house like this vs if it had a good lot without the giant slope?
OCR like I was saying you go to the other side of the street (Poway Rd) and check out some of the homes in Sunrise Canyon and you are looking at million dollar homes. Although there are also some real clunkers in Sunrise Canyon as well, it is an odd mix. I hafta beg off giving you a ppsf quote for now as I am kind of swamped today but will return to it when I can.
In this particular case it looks like everyone did, "okay"... The seller dumped the home, the buyer got a good price, the agent got a fat double ended deal. As much as it looks shady my ever expanding gut call is that it was on the up and up but again... you just... never...know.
landfill
Also consider that there is a landfill north of the property. That may play some part in lowering the price of the property.
Now see, this yard was designed by someone who REALLY wants their kids to get exercise.
They put the bball court on the edge of the top of the steep hill, and put the swimming pool at the bottom of it.
Every time the ball bounces strangely, the kid has to run all the way down the monstrous hill, fish it out of the pool, then run back up.
Pant, pant, pant.
Bedroom 4 Bathroom home located at:
13332 Via Stephen Poway 92064
List price: $499000
Estimated Sq. Ft: 2250 On Market for 1 days.