1610 Sagewood – San Elijo Hills – Shadow Inventory?

[waiting for bottom]

http://www.sdlookup.com/MLS-080057607-1610_Sagewood_San_Marcos_Ca_92078

Someone’s ears are burning…this was just listed today. Unbelievable, it took them 5 months to get it on the market. Plus they are asking 15K higher than recent sales. This ought to be fun to watch.

[urbanrealtor]

[quote=waiting for bottom]http://www.sdlookup.com/MLS-080057607-1610_Sagewood_San_Marcos_Ca_92078

Someone’s ears are burning…this was just listed today. Unbelievable, it took them 5 months to get it on the market. Plus they are asking 15K higher than recent sales. This ought to be fun to watch.[/quote]

It has been my experience that the lenders who now own these REO’s really vary in their skill level.

Lenders with a crapload (technical term) of inventory (think Wells, Countrywide, Fannie, Freddie, WaMu) tend to move faster and get things listed in a few weeks. Lesser-known groups tend to take longer and do it in a more haphazard or dysfunctional way. One of my favorite conversations was with an asset manager during the beginning of the current wave of foreclosures. Basically, he said they do what normal buyers did during the boom. They call 3 agents and ask all to give price opinions. The agent with the highest opinion got the listing. The effect was predictable.

I may be mistaken but the situation you reference sounds like on of these cases. Again, these phenomena are experienced anecdotally but regularly.

Does anyone else have something to contribute on this front?

[urbanrealtor]

[quote=waiting for bottom]http://www.sdlookup.com/MLS-080057607-1610_Sagewood_San_Marcos_Ca_92078

Someone’s ears are burning…this was just listed today. Unbelievable, it took them 5 months to get it on the market. Plus they are asking 15K higher than recent sales. This ought to be fun to watch.[/quote]

It has been my experience that the lenders who now own these REO’s really vary in their skill level.

Lenders with a crapload (technical term) of inventory (think Wells, Countrywide, Fannie, Freddie, WaMu) tend to move faster and get things listed in a few weeks. Lesser-known groups tend to take longer and do it in a more haphazard or dysfunctional way. One of my favorite conversations was with an asset manager during the beginning of the current wave of foreclosures. Basically, he said they do what normal buyers did during the boom. They call 3 agents and ask all to give price opinions. The agent with the highest opinion got the listing. The effect was predictable.

I may be mistaken but the situation you reference sounds like on of these cases. Again, these phenomena are experienced anecdotally but regularly.

Does anyone else have something to contribute on this front?

[urbanrealtor]

[quote=waiting for bottom]http://www.sdlookup.com/MLS-080057607-1610_Sagewood_San_Marcos_Ca_92078

Someone’s ears are burning…this was just listed today. Unbelievable, it took them 5 months to get it on the market. Plus they are asking 15K higher than recent sales. This ought to be fun to watch.[/quote]

It has been my experience that the lenders who now own these REO’s really vary in their skill level.

Lenders with a crapload (technical term) of inventory (think Wells, Countrywide, Fannie, Freddie, WaMu) tend to move faster and get things listed in a few weeks. Lesser-known groups tend to take longer and do it in a more haphazard or dysfunctional way. One of my favorite conversations was with an asset manager during the beginning of the current wave of foreclosures. Basically, he said they do what normal buyers did during the boom. They call 3 agents and ask all to give price opinions. The agent with the highest opinion got the listing. The effect was predictable.

I may be mistaken but the situation you reference sounds like on of these cases. Again, these phenomena are experienced anecdotally but regularly.

Does anyone else have something to contribute on this front?

[urbanrealtor]

[quote=waiting for bottom]http://www.sdlookup.com/MLS-080057607-1610_Sagewood_San_Marcos_Ca_92078

Someone’s ears are burning…this was just listed today. Unbelievable, it took them 5 months to get it on the market. Plus they are asking 15K higher than recent sales. This ought to be fun to watch.[/quote]

It has been my experience that the lenders who now own these REO’s really vary in their skill level.

Lenders with a crapload (technical term) of inventory (think Wells, Countrywide, Fannie, Freddie, WaMu) tend to move faster and get things listed in a few weeks. Lesser-known groups tend to take longer and do it in a more haphazard or dysfunctional way. One of my favorite conversations was with an asset manager during the beginning of the current wave of foreclosures. Basically, he said they do what normal buyers did during the boom. They call 3 agents and ask all to give price opinions. The agent with the highest opinion got the listing. The effect was predictable.

I may be mistaken but the situation you reference sounds like on of these cases. Again, these phenomena are experienced anecdotally but regularly.

Does anyone else have something to contribute on this front?

[urbanrealtor]

[quote=waiting for bottom]http://www.sdlookup.com/MLS-080057607-1610_Sagewood_San_Marcos_Ca_92078

Someone’s ears are burning…this was just listed today. Unbelievable, it took them 5 months to get it on the market. Plus they are asking 15K higher than recent sales. This ought to be fun to watch.[/quote]

It has been my experience that the lenders who now own these REO’s really vary in their skill level.

Lenders with a crapload (technical term) of inventory (think Wells, Countrywide, Fannie, Freddie, WaMu) tend to move faster and get things listed in a few weeks. Lesser-known groups tend to take longer and do it in a more haphazard or dysfunctional way. One of my favorite conversations was with an asset manager during the beginning of the current wave of foreclosures. Basically, he said they do what normal buyers did during the boom. They call 3 agents and ask all to give price opinions. The agent with the highest opinion got the listing. The effect was predictable.

I may be mistaken but the situation you reference sounds like on of these cases. Again, these phenomena are experienced anecdotally but regularly.

Does anyone else have something to contribute on this front?

[tothjj]

I rent around the corner too. He probably could have listed it higher but about a month ago I watched the old owners carting out the built-in grill from the backyard and other assorted things which require heavy tools and strong men to remove. We have been waiting to see what it was going to go for. There is one on Copper ct right down the street that just went under as well. Lockbox on the door. We will see when it gets listed.

[tothjj]

I rent around the corner too. He probably could have listed it higher but about a month ago I watched the old owners carting out the built-in grill from the backyard and other assorted things which require heavy tools and strong men to remove. We have been waiting to see what it was going to go for. There is one on Copper ct right down the street that just went under as well. Lockbox on the door. We will see when it gets listed.

[tothjj]

I rent around the corner too. He probably could have listed it higher but about a month ago I watched the old owners carting out the built-in grill from the backyard and other assorted things which require heavy tools and strong men to remove. We have been waiting to see what it was going to go for. There is one on Copper ct right down the street that just went under as well. Lockbox on the door. We will see when it gets listed.

[tothjj]

I rent around the corner too. He probably could have listed it higher but about a month ago I watched the old owners carting out the built-in grill from the backyard and other assorted things which require heavy tools and strong men to remove. We have been waiting to see what it was going to go for. There is one on Copper ct right down the street that just went under as well. Lockbox on the door. We will see when it gets listed.

[tothjj]

I rent around the corner too. He probably could have listed it higher but about a month ago I watched the old owners carting out the built-in grill from the backyard and other assorted things which require heavy tools and strong men to remove. We have been waiting to see what it was going to go for. There is one on Copper ct right down the street that just went under as well. Lockbox on the door. We will see when it gets listed.

[waiting for bottom]

1532 Crescent is somewhere close to the same boat. It was listed at $550K a few months back as a short, then went off the market. The owners haven’t paid their 12/07 taxes.

The ‘best’ houses in this area have been going for 615K in recent months. Given the Crescent reference above, I would expect the new price in SEH to be between 550-575 this fall and probably lower in the spring as the rest of the shadows go on the market.

[waiting for bottom]

1532 Crescent is somewhere close to the same boat. It was listed at $550K a few months back as a short, then went off the market. The owners haven’t paid their 12/07 taxes.

The ‘best’ houses in this area have been going for 615K in recent months. Given the Crescent reference above, I would expect the new price in SEH to be between 550-575 this fall and probably lower in the spring as the rest of the shadows go on the market.

[waiting for bottom]

1532 Crescent is somewhere close to the same boat. It was listed at $550K a few months back as a short, then went off the market. The owners haven’t paid their 12/07 taxes.

The ‘best’ houses in this area have been going for 615K in recent months. Given the Crescent reference above, I would expect the new price in SEH to be between 550-575 this fall and probably lower in the spring as the rest of the shadows go on the market.

[waiting for bottom]

1532 Crescent is somewhere close to the same boat. It was listed at $550K a few months back as a short, then went off the market. The owners haven’t paid their 12/07 taxes.

The ‘best’ houses in this area have been going for 615K in recent months. Given the Crescent reference above, I would expect the new price in SEH to be between 550-575 this fall and probably lower in the spring as the rest of the shadows go on the market.

[Author]

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