[quote=bearishgurl][quote=SD Squatter][quote=SD Squatter]With San Diego inventory at all time lows, I find it disturbing that short-sale flopping is still happening right in the open:
1-minute midnight listing at way-below market price marked pending check!
Crappy pictures with discouraging description check!
Agent not answering phone, nor accepting other offers check!
Listing agent also representing the buyer check!
The bank not giving a … about it check!
When will it stop?[/quote]
(…)
CT Homes seems to do all the “right things” to make a successful profit. Did you think they work for free, SD Squatter? You DO realize that within that $225K, they have to recoup the cost of labor, materials and closing costs on both transactions, right??
It’s a free country, SD Squatter. You either think it’s worth the price they’re asking and make an “acceptable” offer … or you don’t.
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You obviously misunderstood the point I was making, bearishgurl. I have absolutely nothing against fixing and flipping houses for profit. It’s beneficial for the neighborhood and if there are people willing to pay someone for that, that’s great.
[quote=bearishgurl]
Your other option was to buy it last year “as-is” for $450K and pay the closing costs, while you lived somewhere else since then and do what flippers do. Take your pick.
If you knew about the listing when it was “in the rough,” why didn’t you make an offer back then?
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If CT Homes purchased this Tierrasanta listing as a “short-sale,” at least they were an “arm’s-length” buyer (unlike the “crooked” SS’s selling to “relatives”). CT paid was it was worth to them at the time and the bank approved the sale. They now have the good fortune of marketing it in rising market but likely did not know at the time of purchase they would be able to ask $675K.
You can’t win if you don’t play.[/quote]
The point I was trying to make was that the original sale was not really an “arm’s-length”, obviously you’ve missed that part (see my check list in the original post). So no, it was not really possible to purchase the house back then and CT Homes did not really pay the market price, since the house was never in the open market. Here is the original listing again including fabulous photos of that flop that went pending the same day it was listed:
