1610 Sagewood – San Elijo Hills – Shadow Inventory?

[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.

[SD Realtor]

“Does anyone else have something to contribute on this front?”

My limited opinion is that BPO’s are pretty pathetic. Formal appraisals at least back up numbers with some formal analysis and even comps. I have gone through the runaround with some asset managers regarding BPO’s they have for short sales I have been involved with. I literally have sent them comps I dug up along to back up my arguments. Similarly I have had the asset manager reference properties to me that were used as comps for the BPO and when I dug them up those properties were cancelleds or expireds.

It is really pretty bad.

[SD Realtor]

“Does anyone else have something to contribute on this front?”

My limited opinion is that BPO’s are pretty pathetic. Formal appraisals at least back up numbers with some formal analysis and even comps. I have gone through the runaround with some asset managers regarding BPO’s they have for short sales I have been involved with. I literally have sent them comps I dug up along to back up my arguments. Similarly I have had the asset manager reference properties to me that were used as comps for the BPO and when I dug them up those properties were cancelleds or expireds.

It is really pretty bad.

[SD Realtor]

“Does anyone else have something to contribute on this front?”

My limited opinion is that BPO’s are pretty pathetic. Formal appraisals at least back up numbers with some formal analysis and even comps. I have gone through the runaround with some asset managers regarding BPO’s they have for short sales I have been involved with. I literally have sent them comps I dug up along to back up my arguments. Similarly I have had the asset manager reference properties to me that were used as comps for the BPO and when I dug them up those properties were cancelleds or expireds.

It is really pretty bad.

[SD Realtor]

“Does anyone else have something to contribute on this front?”

My limited opinion is that BPO’s are pretty pathetic. Formal appraisals at least back up numbers with some formal analysis and even comps. I have gone through the runaround with some asset managers regarding BPO’s they have for short sales I have been involved with. I literally have sent them comps I dug up along to back up my arguments. Similarly I have had the asset manager reference properties to me that were used as comps for the BPO and when I dug them up those properties were cancelleds or expireds.

It is really pretty bad.

[SD Realtor]

“Does anyone else have something to contribute on this front?”

My limited opinion is that BPO’s are pretty pathetic. Formal appraisals at least back up numbers with some formal analysis and even comps. I have gone through the runaround with some asset managers regarding BPO’s they have for short sales I have been involved with. I literally have sent them comps I dug up along to back up my arguments. Similarly I have had the asset manager reference properties to me that were used as comps for the BPO and when I dug them up those properties were cancelleds or expireds.

It is really pretty bad.

[urbanrealtor]

SD (sorry, lesser Yoda), I have an anecdote (as I always do) that is the other version of this.
It is part of what helped me form my present opinion on the relative skill of certain lenders.

A couple of months ago, I took a listing for one of my neighbors. We listed it at a price that I believed would generate enthusiasm by buyers. This was a short sale and so he was not making a dime. He was walking away and so showing was easy because it was vacant.
We got 5 offers in 2 weeks.
The bank had an appraisal done and assigned a negotiator within 3 weeks.

We would be closed by now but for my seller deciding that he was tired of signing things. This was almost my defining short sale war story but for my ignoring of the human factor. I still don’t know of way to account for depression.

Wells actually acted better than any short sale story I have heard.

I have heard that their REOs are quick and decisive also.

We will see how true my theory proves in the coming year.

[urbanrealtor]

SD (sorry, lesser Yoda), I have an anecdote (as I always do) that is the other version of this.
It is part of what helped me form my present opinion on the relative skill of certain lenders.

A couple of months ago, I took a listing for one of my neighbors. We listed it at a price that I believed would generate enthusiasm by buyers. This was a short sale and so he was not making a dime. He was walking away and so showing was easy because it was vacant.
We got 5 offers in 2 weeks.
The bank had an appraisal done and assigned a negotiator within 3 weeks.

We would be closed by now but for my seller deciding that he was tired of signing things. This was almost my defining short sale war story but for my ignoring of the human factor. I still don’t know of way to account for depression.

Wells actually acted better than any short sale story I have heard.

I have heard that their REOs are quick and decisive also.

We will see how true my theory proves in the coming year.

[urbanrealtor]

SD (sorry, lesser Yoda), I have an anecdote (as I always do) that is the other version of this.
It is part of what helped me form my present opinion on the relative skill of certain lenders.

A couple of months ago, I took a listing for one of my neighbors. We listed it at a price that I believed would generate enthusiasm by buyers. This was a short sale and so he was not making a dime. He was walking away and so showing was easy because it was vacant.
We got 5 offers in 2 weeks.
The bank had an appraisal done and assigned a negotiator within 3 weeks.

We would be closed by now but for my seller deciding that he was tired of signing things. This was almost my defining short sale war story but for my ignoring of the human factor. I still don’t know of way to account for depression.

Wells actually acted better than any short sale story I have heard.

I have heard that their REOs are quick and decisive also.

We will see how true my theory proves in the coming year.

[urbanrealtor]

SD (sorry, lesser Yoda), I have an anecdote (as I always do) that is the other version of this.
It is part of what helped me form my present opinion on the relative skill of certain lenders.

A couple of months ago, I took a listing for one of my neighbors. We listed it at a price that I believed would generate enthusiasm by buyers. This was a short sale and so he was not making a dime. He was walking away and so showing was easy because it was vacant.
We got 5 offers in 2 weeks.
The bank had an appraisal done and assigned a negotiator within 3 weeks.

We would be closed by now but for my seller deciding that he was tired of signing things. This was almost my defining short sale war story but for my ignoring of the human factor. I still don’t know of way to account for depression.

Wells actually acted better than any short sale story I have heard.

I have heard that their REOs are quick and decisive also.

We will see how true my theory proves in the coming year.

[urbanrealtor]

SD (sorry, lesser Yoda), I have an anecdote (as I always do) that is the other version of this.
It is part of what helped me form my present opinion on the relative skill of certain lenders.

A couple of months ago, I took a listing for one of my neighbors. We listed it at a price that I believed would generate enthusiasm by buyers. This was a short sale and so he was not making a dime. He was walking away and so showing was easy because it was vacant.
We got 5 offers in 2 weeks.
The bank had an appraisal done and assigned a negotiator within 3 weeks.

We would be closed by now but for my seller deciding that he was tired of signing things. This was almost my defining short sale war story but for my ignoring of the human factor. I still don’t know of way to account for depression.

Wells actually acted better than any short sale story I have heard.

I have heard that their REOs are quick and decisive also.

We will see how true my theory proves in the coming year.

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