I’ve been watching sellers reduce their prices lower and lower and the houses still are not selling. Here’s an example. This model went for anywhere from 540K – 560K in 2005 and 2006. It’s in the Valdemosa tract in Temecula. Here’s a short sale for 420K WITH UPGRADES! This is 20% – 25% less than this model would have sold for just a few months ago and it’s STILL SITTING ON THE MARKET! No buyers.
xx272 Seraphina RD, TEMECULA, 92591
Price: 420,000
Bedrooms: 3
Bathrooms: 3.00
House size 2,676 sq. feet
Year of construction 2005
There was a protest going on in front, with a huge banner “Largest Mortgage Scam Ever.” Lots of people, and another sign I saw was something like “Hold the Broker responsible.”
That says something about how Temecula/Murrieta real estate market is going right now.
There was a protest going on in front, with a huge banner “Largest Mortgage Scam Ever.” Lots of people, and another sign I saw was something like “Hold the Broker responsible.”
That says something about how Temecula/Murrieta real estate market is going right now.
While I agree that Temecula is going to be hit hard, in this specific case, it’s different.
According to the description, it’s a short sale. In a short sale, the asking price is often meaningless. That is, it’s the lender who decides whether to accept the offer. Often time, the seller intentionally set a low asking price hoping to generate a bidding war.
The fact that the house is still on the MLS could mean:
1. There were offer(s), but not accepted by the lender. Or,
2. There were no offer.
While I agree that Temecula is going to be hit hard, in this specific case, it’s different.
According to the description, it’s a short sale. In a short sale, the asking price is often meaningless. That is, it’s the lender who decides whether to accept the offer. Often time, the seller intentionally set a low asking price hoping to generate a bidding war.
The fact that the house is still on the MLS could mean:
1. There were offer(s), but not accepted by the lender. Or,
2. There were no offer.
