A local gem from craigslist. This for real?

[JJGittes]

I posted this in another thread, but it got buried. Its worth a look. Also, check out the guy’s website, he put some work into this. Can he really OWE over $700k on it? Quite shocking if for real.

http://sandiego.craigslist.org/rfs/177582345.html

[powayseller]

I read it on your earlier post. He owes the current asking price of $785K. The $60K is the pool cost.

He doesn’t want to use a realtor. Buyers have too many choices, so why should they choose him? Without MLS exposure, he is really limiting his pool of buyers. My guess: he’ll be in foreclosure soon enough.

[Bugs]

Too little, too late.

This one’s probably going back to the bank. This seller is being stubborn. As far as I can see they would need to drop at least another $25k to get any serious interest. Lots more if they actually do need to do it in the next 30 days. Having a hole in the backyard is going to be a problem, not an amenity, for most buyers right now.

[North County Jim]

Having a hole in the backyard is going to be a problem, not an amenity, for most buyers right now.

Pretty darn funny and a pearl of wisdom to boot!

BTW, a very telling picture of the pool. The weeds growing through the steel tell me he stopped paying the contractor a while ago.

[ocrenter]

there’s a couple of homes in this “exclusive gated community” currently in pre-foreclosure. found info on one of them. this is probably not the home in question. but it does offer some insight into the type of home and pricing.

1xx8 Via Vera Cruz is in default on a $670,000 loan. Purchase price in 1/2003 was only $430,000. sqft doesn’t quite fit as it only has 3,346 sqft. NOD filed 6/8/06, so still has 2 months until NOTS hits home.

[Bugs]

Quick anecdote No. 1. One of my younger son’s long time time friends have a brother who is a mortgage broker. He’s was making pretty good money at it, had bought the big car and some toys and such. Just a couple months ago he was talking about the new house they were buying.

But now the bottom’s fallen out for them. They’re not only NOT following through with the purchase of the house, but they’re moving in this week with the brother because they’re broke. It seems their credit cards are too maxed to even stay in their rental.

Quick anecdote No. 2. A couple months ago I was reviewing an appraisal for one of my clients on a single family res in E. Vista. The appraisal was pretty bad and I ended up disagreeing with the value conclusion by over $100,000, which basically means rejecting it. That property is now currently listed as a bank-owned foreclosure. Had we not caught the funky appraisal that borrower might have bought themselves a little time at my client’s expense.

Quick anecdote No. 3. That same client, one of a nation’s largest banks, maintains a do-not-accept list of appraisers their QC department has identified as untrustworthy. That list is growing quickly as more and more appraisers attempt to maintain their volumes in the face of a declining market.

These are all the same indicators I saw the last time we went through this. Maybe it’s just my own biases, but it seems like the main difference is how quickly it’s progressing this time.

[rankandfile]

Way overpriced IMHO. Yes, it’s a big house (according to specs) with some nice amenities, but it still has fleas. San Marcos is, well, San Marcos, the pool is an eye sore and a liability, and I don’t like the transformers cutting in the front yard. I’d be curious as to what easements are located there. I also think that the listed square footage is off. The master suite and living rooms don’t look all that big. And the backyard is tiny. I would pay between $300-$400 for a home such as this. I know, I know, you’re going to laugh me out of the room. It’s amazing how desensitized we have come that if we see $300K we think there is something wrong with it or it is a double-wide and made of aluminum.

[LookoutBelow]

300K ? I wouldnt pay 100K for that disaster. I woudnt even pay 50K for it. Please tell me someone out there is not that dumb to think its really worth more than that ?

[mixxalot]

You gotta be F@$$#%$! kidding me! 780K for this dump! What a ripoff! The bank will take the home back unless a sucker pays the price.

[speaker]

Let me see if I understand this correctly:
This lunatic realizes he is about to be foreclosed upon and subsequently lose the house, but he refuses to budge on price? And he really expects someone to buy an overinflated, heavily leveraged home with an incomplete pool (requiring more money to finish)!? Stop the insanity!!

I seriously hope this is a joke.

“End of line.”

[Anonymous]

Chris Johnston

Bugs – I love your insights, keep em coming!

[UP IN ARMS]

Shoot thats a GOOD deal I’m looking at this home today. I can finish the pool by just adding water and calling it my own lake side estate. Can’t imagine why any of u’s hasn’t jumped on this.

[Author]

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