Another short steal

[no_such_reality]

I’m in OC not SD. I’d have to go back and do some in depth checking. My initial reaction last week was literally, ‘oh, it’s still for sale’ when I pulled up my prior search…

We looked at so many homes… most have sold. Many were shorts, many were flips (REOshark flips), many I think went back to the bank, a handful still listed.

I’m looking at a home on Redfin that says listed 82 days. I know it’s been on the market for over a year. They apparently reduced the price 82 days ago because that price is below yours and it was definitely above ours.

There is another home we looked at 9 months before we bought, it had been out of escrow once before we looked at it (buyer couldn’t close). Needed work and seller knew it so willing to take offers lower but… Since been in escrow once, looking for something close. A year later, sold for 5% more than I was told was ‘too’ low to take forward by the selling agent but still 20% below what he was asking. I doubt the buyer was naive or weak. The original one that fell out was likely another story.

[CA renter]

[quote=researcher9] Back to 6721 Camphor … called the Listing Agent (who btw also happens to be some RE Legal/Attorney type) … Wanted to put in the offer but was told “already accepted and locked one in … Not accepting any backup offers” … Reminded her that it’s not ethical to represnt both sides while shorting the bank, neighbourhood and other potential buyers. Was told in a lawyer speak …. “Its OK to do it by Law and legally an agent can represent both sides … Ethics are well Non-technical stuff and its nice to have those too”.

How many times have you seen a deal that looks like this …

Active -> Contigent -> Pending –> “Changed Price while pending” –> Sold.

Lesson learned … if you want to get the “Deal” … join them … there are many out there representing both Seller’s side and Buyer’s Side in a short sale.
Another example from the nearby hood is 1278 Mariposa .. Lost on that one too … learned the same lesson there too.[/quote]

That agent is pure scum, and deserves to lose his license.

I’ve also seen that listing “pattern,” and even worse — where it NEVER was listed as active, just “contingent” the moment it was listed. Otherwise, the same pattern you’ve mentioned. This is why I think the govt needs to get involved, especially if any taxpayer money was used to bail out any of these lenders or mortgage insurance companies. If the banks take a hit themselves, I couldn’t care less, but when the taxpayers are taking losses on these, the govt needs to be fully regulating/controlling every sale.

[CA renter]

[quote=researcher9] Back to 6721 Camphor … called the Listing Agent (who btw also happens to be some RE Legal/Attorney type) … Wanted to put in the offer but was told “already accepted and locked one in … Not accepting any backup offers” … Reminded her that it’s not ethical to represnt both sides while shorting the bank, neighbourhood and other potential buyers. Was told in a lawyer speak …. “Its OK to do it by Law and legally an agent can represent both sides … Ethics are well Non-technical stuff and its nice to have those too”.

How many times have you seen a deal that looks like this …

Active -> Contigent -> Pending –> “Changed Price while pending” –> Sold.

Lesson learned … if you want to get the “Deal” … join them … there are many out there representing both Seller’s side and Buyer’s Side in a short sale.
Another example from the nearby hood is 1278 Mariposa .. Lost on that one too … learned the same lesson there too.[/quote]

That agent is pure scum, and deserves to lose his license.

I’ve also seen that listing “pattern,” and even worse — where it NEVER was listed as active, just “contingent” the moment it was listed. Otherwise, the same pattern you’ve mentioned. This is why I think the govt needs to get involved, especially if any taxpayer money was used to bail out any of these lenders or mortgage insurance companies. If the banks take a hit themselves, I couldn’t care less, but when the taxpayers are taking losses on these, the govt needs to be fully regulating/controlling every sale.

[CA renter]

[quote=researcher9] Back to 6721 Camphor … called the Listing Agent (who btw also happens to be some RE Legal/Attorney type) … Wanted to put in the offer but was told “already accepted and locked one in … Not accepting any backup offers” … Reminded her that it’s not ethical to represnt both sides while shorting the bank, neighbourhood and other potential buyers. Was told in a lawyer speak …. “Its OK to do it by Law and legally an agent can represent both sides … Ethics are well Non-technical stuff and its nice to have those too”.

How many times have you seen a deal that looks like this …

Active -> Contigent -> Pending –> “Changed Price while pending” –> Sold.

Lesson learned … if you want to get the “Deal” … join them … there are many out there representing both Seller’s side and Buyer’s Side in a short sale.
Another example from the nearby hood is 1278 Mariposa .. Lost on that one too … learned the same lesson there too.[/quote]

That agent is pure scum, and deserves to lose his license.

I’ve also seen that listing “pattern,” and even worse — where it NEVER was listed as active, just “contingent” the moment it was listed. Otherwise, the same pattern you’ve mentioned. This is why I think the govt needs to get involved, especially if any taxpayer money was used to bail out any of these lenders or mortgage insurance companies. If the banks take a hit themselves, I couldn’t care less, but when the taxpayers are taking losses on these, the govt needs to be fully regulating/controlling every sale.

[CA renter]

[quote=researcher9] Back to 6721 Camphor … called the Listing Agent (who btw also happens to be some RE Legal/Attorney type) … Wanted to put in the offer but was told “already accepted and locked one in … Not accepting any backup offers” … Reminded her that it’s not ethical to represnt both sides while shorting the bank, neighbourhood and other potential buyers. Was told in a lawyer speak …. “Its OK to do it by Law and legally an agent can represent both sides … Ethics are well Non-technical stuff and its nice to have those too”.

How many times have you seen a deal that looks like this …

Active -> Contigent -> Pending –> “Changed Price while pending” –> Sold.

Lesson learned … if you want to get the “Deal” … join them … there are many out there representing both Seller’s side and Buyer’s Side in a short sale.
Another example from the nearby hood is 1278 Mariposa .. Lost on that one too … learned the same lesson there too.[/quote]

That agent is pure scum, and deserves to lose his license.

I’ve also seen that listing “pattern,” and even worse — where it NEVER was listed as active, just “contingent” the moment it was listed. Otherwise, the same pattern you’ve mentioned. This is why I think the govt needs to get involved, especially if any taxpayer money was used to bail out any of these lenders or mortgage insurance companies. If the banks take a hit themselves, I couldn’t care less, but when the taxpayers are taking losses on these, the govt needs to be fully regulating/controlling every sale.

[CA renter]

[quote=researcher9] Back to 6721 Camphor … called the Listing Agent (who btw also happens to be some RE Legal/Attorney type) … Wanted to put in the offer but was told “already accepted and locked one in … Not accepting any backup offers” … Reminded her that it’s not ethical to represnt both sides while shorting the bank, neighbourhood and other potential buyers. Was told in a lawyer speak …. “Its OK to do it by Law and legally an agent can represent both sides … Ethics are well Non-technical stuff and its nice to have those too”.

How many times have you seen a deal that looks like this …

Active -> Contigent -> Pending –> “Changed Price while pending” –> Sold.

Lesson learned … if you want to get the “Deal” … join them … there are many out there representing both Seller’s side and Buyer’s Side in a short sale.
Another example from the nearby hood is 1278 Mariposa .. Lost on that one too … learned the same lesson there too.[/quote]

That agent is pure scum, and deserves to lose his license.

I’ve also seen that listing “pattern,” and even worse — where it NEVER was listed as active, just “contingent” the moment it was listed. Otherwise, the same pattern you’ve mentioned. This is why I think the govt needs to get involved, especially if any taxpayer money was used to bail out any of these lenders or mortgage insurance companies. If the banks take a hit themselves, I couldn’t care less, but when the taxpayers are taking losses on these, the govt needs to be fully regulating/controlling every sale.

[researcher9]

As a normal buyer its becoming more and more frustrating. I am working with a knowledgable and experienced Buyer’s Agent. But after such experiences I have now decided to not engage him with any potential short sales (knowing the risks involved).
In my target zip (92011), its really very competitive for anything decent that comes up as a reasonably priced regular sale. In 700-900k range, it seems there are multiple motivated buyers who are watching like hawks with “Laser Like Focus”. In Dec-Jan (low season) and with 24×7 Negative news about Real Estate, anything decent went pending at the asking price in a blink (e.g. Barberry, Cassins, Sitio Sago).
My Conclusion for my price range and in my target zip: Those nicer Ocean View dream homes (with pool, yard and swaying palms) … the ones that we all want … well those are not going to be impacted any significntly by this down turn no matter how many DoubleDips we have. There are honestly no Deals/Steals on those in a regular sale or even in a straight REO/short sale (check 6647 Thrasher, 6636 surf crest). For each one of those there are multiple potential buyers who are ready for blood bath.
Only way you can get some discount on those is by risking it … either buy those at the courthouse steps all-cash or by joining some manipulative deal, being executed in the name of “Foreclosure Crisis”. Otherwise simply change your criteria and look elsewhere. After all there is a big “Opportunity Cost” in terms of time, energy and peace-of-mind that gets spent in doing all this research.

[researcher9]

As a normal buyer its becoming more and more frustrating. I am working with a knowledgable and experienced Buyer’s Agent. But after such experiences I have now decided to not engage him with any potential short sales (knowing the risks involved).
In my target zip (92011), its really very competitive for anything decent that comes up as a reasonably priced regular sale. In 700-900k range, it seems there are multiple motivated buyers who are watching like hawks with “Laser Like Focus”. In Dec-Jan (low season) and with 24×7 Negative news about Real Estate, anything decent went pending at the asking price in a blink (e.g. Barberry, Cassins, Sitio Sago).
My Conclusion for my price range and in my target zip: Those nicer Ocean View dream homes (with pool, yard and swaying palms) … the ones that we all want … well those are not going to be impacted any significntly by this down turn no matter how many DoubleDips we have. There are honestly no Deals/Steals on those in a regular sale or even in a straight REO/short sale (check 6647 Thrasher, 6636 surf crest). For each one of those there are multiple potential buyers who are ready for blood bath.
Only way you can get some discount on those is by risking it … either buy those at the courthouse steps all-cash or by joining some manipulative deal, being executed in the name of “Foreclosure Crisis”. Otherwise simply change your criteria and look elsewhere. After all there is a big “Opportunity Cost” in terms of time, energy and peace-of-mind that gets spent in doing all this research.

[researcher9]

As a normal buyer its becoming more and more frustrating. I am working with a knowledgable and experienced Buyer’s Agent. But after such experiences I have now decided to not engage him with any potential short sales (knowing the risks involved).
In my target zip (92011), its really very competitive for anything decent that comes up as a reasonably priced regular sale. In 700-900k range, it seems there are multiple motivated buyers who are watching like hawks with “Laser Like Focus”. In Dec-Jan (low season) and with 24×7 Negative news about Real Estate, anything decent went pending at the asking price in a blink (e.g. Barberry, Cassins, Sitio Sago).
My Conclusion for my price range and in my target zip: Those nicer Ocean View dream homes (with pool, yard and swaying palms) … the ones that we all want … well those are not going to be impacted any significntly by this down turn no matter how many DoubleDips we have. There are honestly no Deals/Steals on those in a regular sale or even in a straight REO/short sale (check 6647 Thrasher, 6636 surf crest). For each one of those there are multiple potential buyers who are ready for blood bath.
Only way you can get some discount on those is by risking it … either buy those at the courthouse steps all-cash or by joining some manipulative deal, being executed in the name of “Foreclosure Crisis”. Otherwise simply change your criteria and look elsewhere. After all there is a big “Opportunity Cost” in terms of time, energy and peace-of-mind that gets spent in doing all this research.

[researcher9]

As a normal buyer its becoming more and more frustrating. I am working with a knowledgable and experienced Buyer’s Agent. But after such experiences I have now decided to not engage him with any potential short sales (knowing the risks involved).
In my target zip (92011), its really very competitive for anything decent that comes up as a reasonably priced regular sale. In 700-900k range, it seems there are multiple motivated buyers who are watching like hawks with “Laser Like Focus”. In Dec-Jan (low season) and with 24×7 Negative news about Real Estate, anything decent went pending at the asking price in a blink (e.g. Barberry, Cassins, Sitio Sago).
My Conclusion for my price range and in my target zip: Those nicer Ocean View dream homes (with pool, yard and swaying palms) … the ones that we all want … well those are not going to be impacted any significntly by this down turn no matter how many DoubleDips we have. There are honestly no Deals/Steals on those in a regular sale or even in a straight REO/short sale (check 6647 Thrasher, 6636 surf crest). For each one of those there are multiple potential buyers who are ready for blood bath.
Only way you can get some discount on those is by risking it … either buy those at the courthouse steps all-cash or by joining some manipulative deal, being executed in the name of “Foreclosure Crisis”. Otherwise simply change your criteria and look elsewhere. After all there is a big “Opportunity Cost” in terms of time, energy and peace-of-mind that gets spent in doing all this research.

[researcher9]

As a normal buyer its becoming more and more frustrating. I am working with a knowledgable and experienced Buyer’s Agent. But after such experiences I have now decided to not engage him with any potential short sales (knowing the risks involved).
In my target zip (92011), its really very competitive for anything decent that comes up as a reasonably priced regular sale. In 700-900k range, it seems there are multiple motivated buyers who are watching like hawks with “Laser Like Focus”. In Dec-Jan (low season) and with 24×7 Negative news about Real Estate, anything decent went pending at the asking price in a blink (e.g. Barberry, Cassins, Sitio Sago).
My Conclusion for my price range and in my target zip: Those nicer Ocean View dream homes (with pool, yard and swaying palms) … the ones that we all want … well those are not going to be impacted any significntly by this down turn no matter how many DoubleDips we have. There are honestly no Deals/Steals on those in a regular sale or even in a straight REO/short sale (check 6647 Thrasher, 6636 surf crest). For each one of those there are multiple potential buyers who are ready for blood bath.
Only way you can get some discount on those is by risking it … either buy those at the courthouse steps all-cash or by joining some manipulative deal, being executed in the name of “Foreclosure Crisis”. Otherwise simply change your criteria and look elsewhere. After all there is a big “Opportunity Cost” in terms of time, energy and peace-of-mind that gets spent in doing all this research.

[no_such_reality]

[quote]Jan 31, 2011 Sold (MLS) (Sold) $720,000 — Inactive SANDICOR #100056091
Oct 25, 2010 Price Changed $750,000 — Inactive SANDICOR #100056091
Oct 18, 2010 Pending (Contingent) — — Inactive SANDICOR #100056091
Sep 19, 2010 Listed (Active) $850,000 — Inactive SANDICOR #100056091 [/quote]

So what time on September 19th did you call to place your offer?

[no_such_reality]

[quote]Jan 31, 2011 Sold (MLS) (Sold) $720,000 — Inactive SANDICOR #100056091
Oct 25, 2010 Price Changed $750,000 — Inactive SANDICOR #100056091
Oct 18, 2010 Pending (Contingent) — — Inactive SANDICOR #100056091
Sep 19, 2010 Listed (Active) $850,000 — Inactive SANDICOR #100056091 [/quote]

So what time on September 19th did you call to place your offer?

[no_such_reality]

[quote]Jan 31, 2011 Sold (MLS) (Sold) $720,000 — Inactive SANDICOR #100056091
Oct 25, 2010 Price Changed $750,000 — Inactive SANDICOR #100056091
Oct 18, 2010 Pending (Contingent) — — Inactive SANDICOR #100056091
Sep 19, 2010 Listed (Active) $850,000 — Inactive SANDICOR #100056091 [/quote]

So what time on September 19th did you call to place your offer?

[no_such_reality]

[quote]Jan 31, 2011 Sold (MLS) (Sold) $720,000 — Inactive SANDICOR #100056091
Oct 25, 2010 Price Changed $750,000 — Inactive SANDICOR #100056091
Oct 18, 2010 Pending (Contingent) — — Inactive SANDICOR #100056091
Sep 19, 2010 Listed (Active) $850,000 — Inactive SANDICOR #100056091 [/quote]

So what time on September 19th did you call to place your offer?

[Author]

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