San Diego Housing Bubble News and Analysis

You can call the local board at 858-715-8000. Enough piggs are upset enough about this kind of activity that you might want to go down together in person and speak with someone(can't remember who) that handles ethics complaints.The operator at the number above can give you the details.

The address is:
4845 Ronson Court
San Diego, Ca 92111

You can go the DRE route too. However, I would insist that the Board look into it, if it were something that mattered to me, because of the bureaucracy you will be faced with at the DRE. Maybe I am wrong on this point.It is just what I imagine from this type of organization.

www.dre.ca.gov

I am pretty pessimistic about finding anyone who actually gives a damn. I hope I am wrong but I am starting to believe that if you want any justice you have to hire a PI and a attorney that has enough leverage to get your complaint in front of the authorities. In these kinds of cases,if there is wrong doing, it seems like that's what you have to do and most of us don't want to pay for it.
I really hope I am wrong.

I hope you're wrong too. Seems like people would be more interested in fraud amounting to $130,000! I was thinking about also contacting the bank that holds the mortgage. I'm not really interested in the house, but the fraud pisses me off.

I'm also thinking about complaining directly to the listing agent's office, and sending a letter to the house itself letting them know that I will be filing a complaint and contacting the authorities.

Does anybody have a number for the listing agents broker? I can't find it myself.

One would think the financially interested party--the bank--would really like to know about this. Let them have the facts. They have a lot at stake in minimizing their loss, so should have the incentive to act accordingly.
Of course, this assumes they are economically rational.......

You would hope so, EconProf.

Mike, I don't feel comfortable putting the listing agents name out. It has always been my policy not to risk being a e-gossip about the participants in listings. Your agent should be glad to give you that information.I would give the info via email if you still want it.

If we were in a rational market, the lenders would be very actively chasing fraud. Why are they not chasing fraud? Because the government has sent signals to all and sundry that they will pick up the tab if mortgages are not repaid. If you're a bank, and you make $2 in fees for every $100 of fresh loans, and your losses are paid by the govt, why would you stir the wrath of your paymaster by going after frauds and deadbeats? Barney Frank and Chris Dodd would subpoena you to appear before their committees, and question why you are holding up the free flow of credit.

I wasn't looking for the name of the agent. I was interested in the phone number for the brokerage she is working for to complain more in general about a shady deal within their company. The company was listed on the SDLookup page, but I couldn't find a number.

BTW it is already listed as sale pending.

I meant to say broker,Mike. It does sound like a fishy deal. Good luck.

run a google search for todd lackner, he is a san diego appraiser that has been working for/consulting with regulators and law enforcement and he's gotten a lot done. Here's an article but there are tons of them, a little digging and you should find some contact info, he should be able to direct you to the right place or might be interested himself.

http://www.signonsandiego.com/uniontrib/...

and one by kelly bennet on vosd, she posts here so e-mailing her should get you in touch with todd if he's not listed in the phone book.

http://www.voiceofsandiego.org/articles/...

I was fraternity brothers with todd in college, he's a good dude, I'd give you his info myself or tell you to tell him i sent you but that would blow my cover as an international man of mystery so you gotta get it on your own.

My last question is why is this a shady deal, seems to be priced right at $203 a foot in mira mesa for a circa 1970's, but if you say that's a screaming deal that it must be a scam, i'll take your word for it and offer my condolences, please wait on those at least another year, that thing has 200k written all over it. I found a neighbor house with a 175k 1999 price, I'd say 250k is overpriced.

Yes indeed it looks very shady. However just to correct something Mike. Yes the purchase was recorded in 2006 and they owe 475k not 380k. They financed the original purchase 100%. Second the interspousal deed was recorded back in 2006 so it is not like they just did the interspousal deed recently to list the property.

The extra low listing price is an eyeopener. I would venture to guess that it was done in order to get a bidding war. The home is not in default but it is a short sale. The listing agent does have both sides. Funny they listed it as pending because I would imagine there is no way they have approval on the short sale yet unless they got a heck of an offer.

So from that standpoint yeah I would be skeptical as well. The listing agent works for a mortgage brokerage.

SD, if you can explain why this is shady, I will listen. See below.

"When you list a short sale, you are REQUIRED TO INDICATE “Y” IN THE COURT/LENDER APPROVAL NEEDED FIELD. Later, when the seller has accepted an offer and you are waiting for lender approval, you do NOT have to change the status of the listing to pending, BUT YOU MUST EDIT THE MANDATORY REMARKS by using the drop down menu and choosing “Offer Accepted Pending Lender Approval of Short Sale” posted 11/07/08"

This is the guideline for shorts listed on the home page of Sandicor MLS (www.sandicor.com).

As has become common in these posts, the example given does not look shady in the least unless you only look at public access MLS sites.

Those remarks are on like half of all listings. However, generally, they are not in the publicly viewable remarks. They are usually in the confidential remarks (with the lockbox code and the owners personal cell phone).
The fact that the seller is listing it herself is also rather common. If I had to sell right now it would be short and the listing would look similar. Because short sales have to be listed low to get any offers, I would likely have tentative acceptance within 1 week.
Further, most of the public access sites have piss-poor public records access. If you can reasonably string together this same argument after viewing all records tied to this property (the assessor is at 1600 Pacific Hwy, North side of bldg), then I will listen but nothing appears amiss here.
The interspousal has a recording date of the same day that they bought the place (July 06). That is common and not sketchy.

This post is a good example of why it is a bad idea to get shrill regarding something about which one has little understanding.

What seems like a red flag Dan, is whether or not this is an arms length transaction. The suspicion is there, not confirmed.

Edit, sorry re-read and see you think it is unlikely to be other than an arms length deal.So you have considered that... at least to some degree.

I was going to say the same thing urban said but i would have been nicer in the end, I'm just playing urban, we appreciate the info but this isn't the place to tell everyone they don't know anything, be nice, have a glass of wine, i'll even buy.

I am a lot less worried about the banks not caring, they are going to care about things starting today now that Paulson has decided to change course and let the mortgages fall and foreclose, no bailout for toxic mortgages, suprised nobody posted the news stories from today about that.

At that low price they should not put it in pending as they would continue receiving offers until the cows come home. The listing agent has both ends and probably does not want to see other offers.

This is the same exact situation we were discussing in the "new kind of fraud" and the listing in 92011 Carlsbad threads (sorry, don't remember exact post topics).

FWIW, I called the FBI the other day to see if this was indeed fraud, because urbanrealtor and DaCounselor (among others?) said there was nothing fraudulent about the deal. The FBI is checking into it, and I will post here when they get back to me.

Again, I wouldn't have a problem with it if all the lenders were taking the hit themselves; but these days, it's the taxpayers who are paying for everything...not to mention all the people who will suffer as a result of all the fraud that's occured over the past decade or so. This recession/depression is a direct result of speculation, fraud and lack of regulations/enforcement of laws in the lending industry.

I don't say this to try to quash the exchange of ideas or to tell people they are ignorant.

However, when all you have to trade on is your name, words matter.

My family has been in this business for over a century.

Many see this profession as being roughly equivalent to being a used car salesman or telemarketer.

Besmirching a professional's reputation (and adding to this perception) without suspicious reasons is irresponsible and harmful.

For another professional to be doing that in a public forum is really unprofessional in my opinion.

I don't know if this deal or this agent is shady but it seems unfair to make assertions without some kind of evidence. Perhaps there is evidence but I have not seen it here.

Am I mistaken?

Urban, content is fine, it's the delivery. Also don't try to defend the profession here, it's a tough audience. I wouldn't defend anyone that I didn't know, even if we shared professions, shady comes in every flavor and sispicion isn't conviction. In fact your explanation was perfect, except the last part, the part that made me, the reader, feel like we weren't allowed to question things.

Nobody said it was fraud, just that it looked shady to them and where would they report it. If they reported it and it checked out ok, no harm no foul, in fact it vindicates the realtor and in that instance the profession. Also there is nothing wrong with used car salesmen, there are good ones and bad ones, like anything. If I were a good used car salesman, i would encourage the investigation of my peers so the bad ones could be weeded out.

making assertions and accusations is good, in all things, the culprit here is the lack of transparancy of the MLS. Other than lock box codes, the MLS is perpetuating the distrust of the industry, if the OP could see what you see, there would be no suspicion. We are americans, we question our leaders, our government, our doctors and out professionals and nothing but good comes from those questions, it might be a pain, but it's productive.

And while it may seem like your profession is getting bad rap, it's because it deserves it, not all of you, but some. They will be weeded out and the true professionals will survive. both Sd and sd realtors have been posting for years here and both have my respect and admiration, I'd drink with them and do business with them if given the opportunity. you are writing to a highly intelligent crowd, don't worry about us using a broad brush to paint pictures.

No Realtor has claimed to have any evidence. To speculate on commission hording by defending an early low ball or deal steering at this point, considering what people are posting is not irresponsible or unreasonable. There is no intent to harm. There is certainly nothing wrong with saying, "if you have X suspicion this is how you can look into it". Even if it isn't criminal behavior, what's wrong with people not liking what they see and making some complaints if they suspect something? Maybe they bring about some changes... maybe they learn something.I think we do the "profession" a service by letting people see that transparency is an acceptable idea.

Fair point.
I agree with the transparency desire.

However, I see derogatory terms (fraud, shady, sketchy) used a lot here.
They are referenced to specific agents.
Thats what bothers me.
These are often not framed as "is this acceptable or shady?" but more like "where do I report these shady deals and liars?". (eg: this thread)
In most of the recent examples here there is no indication of dishonesty.

We are calling people liars without there being a lie. Considering that this has a direct effect with regard to them putting food on the table, I don't see the benefit in jumping to conclusions.

Don't get me wrong. I believe in airing grievances but I just think responsibility matters.

But TG is right, I should do better with delivery.

And for the record: I don't know that this example is innocent. I just don't see any indication of sketch.

UR as sdr mentioned at that price no way should it be listed as pending. Based on what I have seen for comps of that nature the home would go for much higher then 250k. Now perhaps they did indeed receive that much by day 2 but something tells me they did not. Someone should make a call to the LA to see why they are not even considering other offers.

Also the activity in Mira Mesa for homes of this size in this price range is very heavy. I am pretty close to this market and NEVER have I seen a short sale go pending there this quickly.

What you said does indeed make good sense and I should have used a less damning description such as abnormal.

Point well taken.

Your point is well taken by Rustico as well Dan, It is a good reminder.

After reading the opening post I assumed that Mike was frustrated or disappointed ,regardless of the facts, so the title didn't seem so extreme. I can't blame him, or the others, even though I don't completely understand some of the "watch dog" behavior. He may have something he may not.

Check out the short sale on Madison. With that pricing this will be a fun one to watch. Warning The listing has the square footage 700 too high and the "casita" is really a bedroom w/bath that has a private entrance. Who can I report this to?