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  • March 16, 2008 at 12:19 PM #12126
    dharmagirl
    Participant

    Hello,

    We are new to the Temecula area and met with an agent yesterday. We saw a house that seemed to meet with our wants/needs (bigger lot, space, etc), but the agent wouldnt even show it to us.

    She explained that short sales ARE a nightmare and that buyers make offers which the bank ignores for 8-10 weeks. She added that when the bank gets around to looking at the offer they may reject it because it’s not the price they feel is appropriate.

    Can anyone verify that this is really the case? Because there seem to be a lot of short sales out there, and I’d hate to work with an agent that wont even consider them as a possibility.

    One more thing: why are homes that have been on the market for 100+ days holding firm to a price that seems wildly unrealistic (when the comps dont support it?). We looked at a house in Pasel del Sol that is listed at $862K!!! Yes, it was a former model but the house looks tired and worn. I think the most expensive stuff around it is in the $600Ks.

    http://www.redfin.com/stingray/do/printable-listing?listing-id=1466419

    The agent actually told us that former models are NOT desirable because builders often throw them up in a hurry and then do lots of “smoke and mirrors” with nice upgrades. There is probably no way this seller will get $862. I just dont get it.

    Thanks!

    March 16, 2008 at 12:51 PM #170878
    NotCranky
    Participant

    There is some truth to what the agent is saying about the short sales. It is also getting better. There is a possibility that he/she is being a little lazy and steering you towards and easier commission.Maybe they are really frightened of the prospects of short sales but I doubt that.

    About the model homes, I don’t know if the quality issues are true or not.I wasn’t there when they built it. I tend to doubt it. It sounds more like your agent is steering you away from them because the supply is limited and it may be tough to get you into one… easy commission again. Take what I say with a grain of salt. I am not there but it sounds like the person doesn’t want to go out there and command the best deal according to the direction you are hoping to go in. Your way doesn’t necessarily sound like the easy way but is fair enough.

    March 16, 2008 at 12:51 PM #171208
    NotCranky
    Participant

    There is some truth to what the agent is saying about the short sales. It is also getting better. There is a possibility that he/she is being a little lazy and steering you towards and easier commission.Maybe they are really frightened of the prospects of short sales but I doubt that.

    About the model homes, I don’t know if the quality issues are true or not.I wasn’t there when they built it. I tend to doubt it. It sounds more like your agent is steering you away from them because the supply is limited and it may be tough to get you into one… easy commission again. Take what I say with a grain of salt. I am not there but it sounds like the person doesn’t want to go out there and command the best deal according to the direction you are hoping to go in. Your way doesn’t necessarily sound like the easy way but is fair enough.

    March 16, 2008 at 12:51 PM #171216
    NotCranky
    Participant

    There is some truth to what the agent is saying about the short sales. It is also getting better. There is a possibility that he/she is being a little lazy and steering you towards and easier commission.Maybe they are really frightened of the prospects of short sales but I doubt that.

    About the model homes, I don’t know if the quality issues are true or not.I wasn’t there when they built it. I tend to doubt it. It sounds more like your agent is steering you away from them because the supply is limited and it may be tough to get you into one… easy commission again. Take what I say with a grain of salt. I am not there but it sounds like the person doesn’t want to go out there and command the best deal according to the direction you are hoping to go in. Your way doesn’t necessarily sound like the easy way but is fair enough.

    March 16, 2008 at 12:51 PM #171235
    NotCranky
    Participant

    There is some truth to what the agent is saying about the short sales. It is also getting better. There is a possibility that he/she is being a little lazy and steering you towards and easier commission.Maybe they are really frightened of the prospects of short sales but I doubt that.

    About the model homes, I don’t know if the quality issues are true or not.I wasn’t there when they built it. I tend to doubt it. It sounds more like your agent is steering you away from them because the supply is limited and it may be tough to get you into one… easy commission again. Take what I say with a grain of salt. I am not there but it sounds like the person doesn’t want to go out there and command the best deal according to the direction you are hoping to go in. Your way doesn’t necessarily sound like the easy way but is fair enough.

    March 16, 2008 at 12:51 PM #171315
    NotCranky
    Participant

    There is some truth to what the agent is saying about the short sales. It is also getting better. There is a possibility that he/she is being a little lazy and steering you towards and easier commission.Maybe they are really frightened of the prospects of short sales but I doubt that.

    About the model homes, I don’t know if the quality issues are true or not.I wasn’t there when they built it. I tend to doubt it. It sounds more like your agent is steering you away from them because the supply is limited and it may be tough to get you into one… easy commission again. Take what I say with a grain of salt. I am not there but it sounds like the person doesn’t want to go out there and command the best deal according to the direction you are hoping to go in. Your way doesn’t necessarily sound like the easy way but is fair enough.

    March 16, 2008 at 1:02 PM #170892
    dharmagirl
    Participant

    Hi Rustico,

    Just to clarify: the $862K home that I mentioned WAS a model home. The selling agent is actually living in it (as a rental)and when we said, “oh, a model – that’s great” his reply was that buying a model home is not always a good option because during the boom, the developers sometimes “threw them up in a few days” to meet the extraordinary demand.

    I thought it was odd that the agent was willing to share this with us but, then again, we also made it clear that an $800K house was WAY out of our price league.

    What you said about the agent wanting an easy commission,and not wanting to bust their butt on a short sale makes a LOT of sense.

    Thanks!

    DharmaGirl
    Temecula, CA

    March 16, 2008 at 1:02 PM #171223
    dharmagirl
    Participant

    Hi Rustico,

    Just to clarify: the $862K home that I mentioned WAS a model home. The selling agent is actually living in it (as a rental)and when we said, “oh, a model – that’s great” his reply was that buying a model home is not always a good option because during the boom, the developers sometimes “threw them up in a few days” to meet the extraordinary demand.

    I thought it was odd that the agent was willing to share this with us but, then again, we also made it clear that an $800K house was WAY out of our price league.

    What you said about the agent wanting an easy commission,and not wanting to bust their butt on a short sale makes a LOT of sense.

    Thanks!

    DharmaGirl
    Temecula, CA

    March 16, 2008 at 1:02 PM #171231
    dharmagirl
    Participant

    Hi Rustico,

    Just to clarify: the $862K home that I mentioned WAS a model home. The selling agent is actually living in it (as a rental)and when we said, “oh, a model – that’s great” his reply was that buying a model home is not always a good option because during the boom, the developers sometimes “threw them up in a few days” to meet the extraordinary demand.

    I thought it was odd that the agent was willing to share this with us but, then again, we also made it clear that an $800K house was WAY out of our price league.

    What you said about the agent wanting an easy commission,and not wanting to bust their butt on a short sale makes a LOT of sense.

    Thanks!

    DharmaGirl
    Temecula, CA

    March 16, 2008 at 1:02 PM #171251
    dharmagirl
    Participant

    Hi Rustico,

    Just to clarify: the $862K home that I mentioned WAS a model home. The selling agent is actually living in it (as a rental)and when we said, “oh, a model – that’s great” his reply was that buying a model home is not always a good option because during the boom, the developers sometimes “threw them up in a few days” to meet the extraordinary demand.

    I thought it was odd that the agent was willing to share this with us but, then again, we also made it clear that an $800K house was WAY out of our price league.

    What you said about the agent wanting an easy commission,and not wanting to bust their butt on a short sale makes a LOT of sense.

    Thanks!

    DharmaGirl
    Temecula, CA

    March 16, 2008 at 1:02 PM #171331
    dharmagirl
    Participant

    Hi Rustico,

    Just to clarify: the $862K home that I mentioned WAS a model home. The selling agent is actually living in it (as a rental)and when we said, “oh, a model – that’s great” his reply was that buying a model home is not always a good option because during the boom, the developers sometimes “threw them up in a few days” to meet the extraordinary demand.

    I thought it was odd that the agent was willing to share this with us but, then again, we also made it clear that an $800K house was WAY out of our price league.

    What you said about the agent wanting an easy commission,and not wanting to bust their butt on a short sale makes a LOT of sense.

    Thanks!

    DharmaGirl
    Temecula, CA

    March 16, 2008 at 1:38 PM #170913
    pizzaman
    Participant

    I don’t know if this is the beginning of a trend or not but OCWEN announced that they have stopped doing ANY short sales.

    Read about it here
    http://blog.mariah.com/2008/03/ocwen-picks-up-its-marbles/

    March 16, 2008 at 1:38 PM #171244
    pizzaman
    Participant

    I don’t know if this is the beginning of a trend or not but OCWEN announced that they have stopped doing ANY short sales.

    Read about it here
    http://blog.mariah.com/2008/03/ocwen-picks-up-its-marbles/

    March 16, 2008 at 1:38 PM #171250
    pizzaman
    Participant

    I don’t know if this is the beginning of a trend or not but OCWEN announced that they have stopped doing ANY short sales.

    Read about it here
    http://blog.mariah.com/2008/03/ocwen-picks-up-its-marbles/

    March 16, 2008 at 1:38 PM #171270
    pizzaman
    Participant

    I don’t know if this is the beginning of a trend or not but OCWEN announced that they have stopped doing ANY short sales.

    Read about it here
    http://blog.mariah.com/2008/03/ocwen-picks-up-its-marbles/

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