I like the agent, and doubt she’s lying about the number. But yes, I’d question the ability of the offerees to withstand the next 3-4 months of short sale proceedings. By the time the lender’s negotiator gets around to making a decision, those three offerees will be long gone, and the two foreclosures-in-process down the street will be ready for harvest.
I have shown this house a couple of times, and it definitely has it flaws. It could slide a lot further down the scale, the longer it takes.
I think the banks are in for a big surprise in the 92127 high-end market. This year 90 new listings have come on the market over $1,400,000, and only two of those have closed escrow, one for $1,500,000 and the other for $3,800,000.
I know all the homeowners around there are probably thinking they are worth $2 million-plus, but there isn’t much evdience of such.
Currently there are 94 active listings in 92127 between $1.4 and $7.4. There just aren’t enough willing buyers for 94 homes in that price range – especially buyers willing to pay $500 to $1,000 per month in mello-roos.
