Another short steal

[SD Realtor]

Sounds bad researcher and I am sorry to see that it happened. So when it first came out active at 850k you made the inquiry and were told at that time that there was an accepted offer already? Well that kind of sucks.

So next time you or others in the same position get stonewalled I would advise as follows… Again, get something into the agent in writing. Also when you called and were stonewalled by the agent, why didn’t you go to the broker? That would be the next logical step. Remember listings belong to brokers and not agents. Obviously per your post you have been looking for a long time and this was what you considered a great deal. However the manner in which you lost out on it sucks. Conversely the methodology you took to try to procure it was not done in such a manner that it would discourage this type of fraudulent behavior. It is one thing to lose out on a home in a “fair” bidding war but another to lose out in this manner. Taking more concrete steps will at least prevent that in the future.

I understand your decision to throw in the towel and work directly with the listing agent but that may not work. I know everyone thinks more agents participate in fraud like this then less, but it is my experience that it is the other way around. Anyways it does suck and even with no documentation, it would not be a bad thing to go to the brokerage and sit down with the broker and tell him/her what went down. You also can still file a complaint to the dre.

Can’t hurt.

[CA renter]

[quote=bearishgurl]If I was looking in a very specific area to buy for as long as researcher9 has and I had at least a 20% downpayment and kept getting ignored in favor of “inside” or “seller’s agent-represented” buyers who offered less, I would take a stand, even writing the payoff dept of the 1st TD lender directly and mailing it certified – about ten seconds after the game was played against me, with a copy of my offer that was “rejected” (dated shortly after the listing went public), and also with any recent SOLD comps supporting my offer. In it, I would name the seller’s agent with her explanation why my offer could not be presented.

Since we still seem to have a ways to go to “wade” thru “short sales,” reform is needed in this area, IMO.

[/quote]

Again, I could not agree with you more, BG. More buyers should be contacting the lenders (and other regulators) about these deals. Years ago, I contacted the FBI about these types of deals, but they said they didn’t think there were enough cases like this to warrant their attention. I wonder what they think of it now.

[CA renter]

[quote=bearishgurl]If I was looking in a very specific area to buy for as long as researcher9 has and I had at least a 20% downpayment and kept getting ignored in favor of “inside” or “seller’s agent-represented” buyers who offered less, I would take a stand, even writing the payoff dept of the 1st TD lender directly and mailing it certified – about ten seconds after the game was played against me, with a copy of my offer that was “rejected” (dated shortly after the listing went public), and also with any recent SOLD comps supporting my offer. In it, I would name the seller’s agent with her explanation why my offer could not be presented.

Since we still seem to have a ways to go to “wade” thru “short sales,” reform is needed in this area, IMO.

[/quote]

Again, I could not agree with you more, BG. More buyers should be contacting the lenders (and other regulators) about these deals. Years ago, I contacted the FBI about these types of deals, but they said they didn’t think there were enough cases like this to warrant their attention. I wonder what they think of it now.

[CA renter]

[quote=bearishgurl]If I was looking in a very specific area to buy for as long as researcher9 has and I had at least a 20% downpayment and kept getting ignored in favor of “inside” or “seller’s agent-represented” buyers who offered less, I would take a stand, even writing the payoff dept of the 1st TD lender directly and mailing it certified – about ten seconds after the game was played against me, with a copy of my offer that was “rejected” (dated shortly after the listing went public), and also with any recent SOLD comps supporting my offer. In it, I would name the seller’s agent with her explanation why my offer could not be presented.

Since we still seem to have a ways to go to “wade” thru “short sales,” reform is needed in this area, IMO.

[/quote]

Again, I could not agree with you more, BG. More buyers should be contacting the lenders (and other regulators) about these deals. Years ago, I contacted the FBI about these types of deals, but they said they didn’t think there were enough cases like this to warrant their attention. I wonder what they think of it now.

[CA renter]

[quote=bearishgurl]If I was looking in a very specific area to buy for as long as researcher9 has and I had at least a 20% downpayment and kept getting ignored in favor of “inside” or “seller’s agent-represented” buyers who offered less, I would take a stand, even writing the payoff dept of the 1st TD lender directly and mailing it certified – about ten seconds after the game was played against me, with a copy of my offer that was “rejected” (dated shortly after the listing went public), and also with any recent SOLD comps supporting my offer. In it, I would name the seller’s agent with her explanation why my offer could not be presented.

Since we still seem to have a ways to go to “wade” thru “short sales,” reform is needed in this area, IMO.

[/quote]

Again, I could not agree with you more, BG. More buyers should be contacting the lenders (and other regulators) about these deals. Years ago, I contacted the FBI about these types of deals, but they said they didn’t think there were enough cases like this to warrant their attention. I wonder what they think of it now.

[CA renter]

[quote=bearishgurl]If I was looking in a very specific area to buy for as long as researcher9 has and I had at least a 20% downpayment and kept getting ignored in favor of “inside” or “seller’s agent-represented” buyers who offered less, I would take a stand, even writing the payoff dept of the 1st TD lender directly and mailing it certified – about ten seconds after the game was played against me, with a copy of my offer that was “rejected” (dated shortly after the listing went public), and also with any recent SOLD comps supporting my offer. In it, I would name the seller’s agent with her explanation why my offer could not be presented.

Since we still seem to have a ways to go to “wade” thru “short sales,” reform is needed in this area, IMO.

[/quote]

Again, I could not agree with you more, BG. More buyers should be contacting the lenders (and other regulators) about these deals. Years ago, I contacted the FBI about these types of deals, but they said they didn’t think there were enough cases like this to warrant their attention. I wonder what they think of it now.

[CA renter]

[quote=bearishgurl]Meanwhile, the $7K, $12K, $20K or $30K in cash that a buyer “kicks in” to satisfy the “DS’s” 2nd TD/HELOC holder’s claim is NOT part of the purchase price and therefore in not included in the “sold comp” amount or as a starting point for the assessed value of said property. All the properties around that property (of the same model, block and/or tract) (even those of owners who purchased REO’s SINCE the bubble) have possibly just lost $7K, $12K, $20K or $30K in value. This is due to a new nearby “short-sale sold comp” which had an undisclosed-to-the-public portion of the sales proceeds “kicked back” to the previous owner’s 2nd TD/HELOC holder so these DS’s could be “released” and “come out clean.”

[/quote]

BG,

I understand your complaint, especially from a seller’s/owner’s POV; however, buyers have to deal with the same mispricing issues on the opposite end — those “seller’s concessions” to buyers, for “closing costs,” etc. are often NOT deducted from the sales price, meaning that the comps are OVERvalued.

Either way, I think the whole “concessions” game need to be eliminated. It distorts prices both ways.

[CA renter]

[quote=bearishgurl]Meanwhile, the $7K, $12K, $20K or $30K in cash that a buyer “kicks in” to satisfy the “DS’s” 2nd TD/HELOC holder’s claim is NOT part of the purchase price and therefore in not included in the “sold comp” amount or as a starting point for the assessed value of said property. All the properties around that property (of the same model, block and/or tract) (even those of owners who purchased REO’s SINCE the bubble) have possibly just lost $7K, $12K, $20K or $30K in value. This is due to a new nearby “short-sale sold comp” which had an undisclosed-to-the-public portion of the sales proceeds “kicked back” to the previous owner’s 2nd TD/HELOC holder so these DS’s could be “released” and “come out clean.”

[/quote]

BG,

I understand your complaint, especially from a seller’s/owner’s POV; however, buyers have to deal with the same mispricing issues on the opposite end — those “seller’s concessions” to buyers, for “closing costs,” etc. are often NOT deducted from the sales price, meaning that the comps are OVERvalued.

Either way, I think the whole “concessions” game need to be eliminated. It distorts prices both ways.

[CA renter]

[quote=bearishgurl]Meanwhile, the $7K, $12K, $20K or $30K in cash that a buyer “kicks in” to satisfy the “DS’s” 2nd TD/HELOC holder’s claim is NOT part of the purchase price and therefore in not included in the “sold comp” amount or as a starting point for the assessed value of said property. All the properties around that property (of the same model, block and/or tract) (even those of owners who purchased REO’s SINCE the bubble) have possibly just lost $7K, $12K, $20K or $30K in value. This is due to a new nearby “short-sale sold comp” which had an undisclosed-to-the-public portion of the sales proceeds “kicked back” to the previous owner’s 2nd TD/HELOC holder so these DS’s could be “released” and “come out clean.”

[/quote]

BG,

I understand your complaint, especially from a seller’s/owner’s POV; however, buyers have to deal with the same mispricing issues on the opposite end — those “seller’s concessions” to buyers, for “closing costs,” etc. are often NOT deducted from the sales price, meaning that the comps are OVERvalued.

Either way, I think the whole “concessions” game need to be eliminated. It distorts prices both ways.

[CA renter]

[quote=bearishgurl]Meanwhile, the $7K, $12K, $20K or $30K in cash that a buyer “kicks in” to satisfy the “DS’s” 2nd TD/HELOC holder’s claim is NOT part of the purchase price and therefore in not included in the “sold comp” amount or as a starting point for the assessed value of said property. All the properties around that property (of the same model, block and/or tract) (even those of owners who purchased REO’s SINCE the bubble) have possibly just lost $7K, $12K, $20K or $30K in value. This is due to a new nearby “short-sale sold comp” which had an undisclosed-to-the-public portion of the sales proceeds “kicked back” to the previous owner’s 2nd TD/HELOC holder so these DS’s could be “released” and “come out clean.”

[/quote]

BG,

I understand your complaint, especially from a seller’s/owner’s POV; however, buyers have to deal with the same mispricing issues on the opposite end — those “seller’s concessions” to buyers, for “closing costs,” etc. are often NOT deducted from the sales price, meaning that the comps are OVERvalued.

Either way, I think the whole “concessions” game need to be eliminated. It distorts prices both ways.

[CA renter]

[quote=bearishgurl]Meanwhile, the $7K, $12K, $20K or $30K in cash that a buyer “kicks in” to satisfy the “DS’s” 2nd TD/HELOC holder’s claim is NOT part of the purchase price and therefore in not included in the “sold comp” amount or as a starting point for the assessed value of said property. All the properties around that property (of the same model, block and/or tract) (even those of owners who purchased REO’s SINCE the bubble) have possibly just lost $7K, $12K, $20K or $30K in value. This is due to a new nearby “short-sale sold comp” which had an undisclosed-to-the-public portion of the sales proceeds “kicked back” to the previous owner’s 2nd TD/HELOC holder so these DS’s could be “released” and “come out clean.”

[/quote]

BG,

I understand your complaint, especially from a seller’s/owner’s POV; however, buyers have to deal with the same mispricing issues on the opposite end — those “seller’s concessions” to buyers, for “closing costs,” etc. are often NOT deducted from the sales price, meaning that the comps are OVERvalued.

Either way, I think the whole “concessions” game need to be eliminated. It distorts prices both ways.

[CA renter]

[quote=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.[/quote]

Yes, it’s very frustrating. We’re looking in the same general area (different zips, nearby) and are seeing the same things you are.

Best of luck in your house hunt. Let’s hope the “double dip” comes to this area soon. 😉

[CA renter]

[quote=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.[/quote]

Yes, it’s very frustrating. We’re looking in the same general area (different zips, nearby) and are seeing the same things you are.

Best of luck in your house hunt. Let’s hope the “double dip” comes to this area soon. 😉

[CA renter]

[quote=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.[/quote]

Yes, it’s very frustrating. We’re looking in the same general area (different zips, nearby) and are seeing the same things you are.

Best of luck in your house hunt. Let’s hope the “double dip” comes to this area soon. 😉

[CA renter]

[quote=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.[/quote]

Yes, it’s very frustrating. We’re looking in the same general area (different zips, nearby) and are seeing the same things you are.

Best of luck in your house hunt. Let’s hope the “double dip” comes to this area soon. 😉

[Author]

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