Another short steal

[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. 😉

[no_such_reality]

Still didn’t answer the question, did you attempt to put the bid in on the 19th? I’m being a dick for a reason, day late doesn’t matter how many dollars you bring. The girl has left the party.

Frankly, it sounds like you want it easy, like walking into the grocery store and picking up a can soup. That’s not a short sale, especially an unapproved short sale. I hear a lot of that. I agree more transparency is good, but how do you eilminate concessions when the sellers aren’t realistic about their house until the inspection tanks the deal.

It’s also just like buying or selling a used car. If you’ve ever private sold one, you know the people that call two weeks after it’s listed and then say stupid stuff like ‘oh man you shouldn’t of sold, I’d have paid XX (more)’

Timing is everything. Going back to the lender is a loser for the seller. IF the lender is willing to sell, they’re willing sell. It doessn’t matter if the house is worth $900K, if the first holds a $700K mortgage. The 2nd is screwed. BEcause the DS is burnt out and done. They either get it sold or they walk and the 1st forecloses. For the 2nd, foreclosure is too big a risk.

So it might be a steal for the terms of a great deal. It doesn’t make it fraud. It makes it a deal for the person that got on the spot and could do the deal.

When people walk into pawn shops, they sell stuff the exact same way. Short sales are just the pawn shop of houses.

If you were walled out on the 19th, then the agent needs a spanking.

[no_such_reality]

Still didn’t answer the question, did you attempt to put the bid in on the 19th? I’m being a dick for a reason, day late doesn’t matter how many dollars you bring. The girl has left the party.

Frankly, it sounds like you want it easy, like walking into the grocery store and picking up a can soup. That’s not a short sale, especially an unapproved short sale. I hear a lot of that. I agree more transparency is good, but how do you eilminate concessions when the sellers aren’t realistic about their house until the inspection tanks the deal.

It’s also just like buying or selling a used car. If you’ve ever private sold one, you know the people that call two weeks after it’s listed and then say stupid stuff like ‘oh man you shouldn’t of sold, I’d have paid XX (more)’

Timing is everything. Going back to the lender is a loser for the seller. IF the lender is willing to sell, they’re willing sell. It doessn’t matter if the house is worth $900K, if the first holds a $700K mortgage. The 2nd is screwed. BEcause the DS is burnt out and done. They either get it sold or they walk and the 1st forecloses. For the 2nd, foreclosure is too big a risk.

So it might be a steal for the terms of a great deal. It doesn’t make it fraud. It makes it a deal for the person that got on the spot and could do the deal.

When people walk into pawn shops, they sell stuff the exact same way. Short sales are just the pawn shop of houses.

If you were walled out on the 19th, then the agent needs a spanking.

[no_such_reality]

Still didn’t answer the question, did you attempt to put the bid in on the 19th? I’m being a dick for a reason, day late doesn’t matter how many dollars you bring. The girl has left the party.

Frankly, it sounds like you want it easy, like walking into the grocery store and picking up a can soup. That’s not a short sale, especially an unapproved short sale. I hear a lot of that. I agree more transparency is good, but how do you eilminate concessions when the sellers aren’t realistic about their house until the inspection tanks the deal.

It’s also just like buying or selling a used car. If you’ve ever private sold one, you know the people that call two weeks after it’s listed and then say stupid stuff like ‘oh man you shouldn’t of sold, I’d have paid XX (more)’

Timing is everything. Going back to the lender is a loser for the seller. IF the lender is willing to sell, they’re willing sell. It doessn’t matter if the house is worth $900K, if the first holds a $700K mortgage. The 2nd is screwed. BEcause the DS is burnt out and done. They either get it sold or they walk and the 1st forecloses. For the 2nd, foreclosure is too big a risk.

So it might be a steal for the terms of a great deal. It doesn’t make it fraud. It makes it a deal for the person that got on the spot and could do the deal.

When people walk into pawn shops, they sell stuff the exact same way. Short sales are just the pawn shop of houses.

If you were walled out on the 19th, then the agent needs a spanking.

[no_such_reality]

Still didn’t answer the question, did you attempt to put the bid in on the 19th? I’m being a dick for a reason, day late doesn’t matter how many dollars you bring. The girl has left the party.

Frankly, it sounds like you want it easy, like walking into the grocery store and picking up a can soup. That’s not a short sale, especially an unapproved short sale. I hear a lot of that. I agree more transparency is good, but how do you eilminate concessions when the sellers aren’t realistic about their house until the inspection tanks the deal.

It’s also just like buying or selling a used car. If you’ve ever private sold one, you know the people that call two weeks after it’s listed and then say stupid stuff like ‘oh man you shouldn’t of sold, I’d have paid XX (more)’

Timing is everything. Going back to the lender is a loser for the seller. IF the lender is willing to sell, they’re willing sell. It doessn’t matter if the house is worth $900K, if the first holds a $700K mortgage. The 2nd is screwed. BEcause the DS is burnt out and done. They either get it sold or they walk and the 1st forecloses. For the 2nd, foreclosure is too big a risk.

So it might be a steal for the terms of a great deal. It doesn’t make it fraud. It makes it a deal for the person that got on the spot and could do the deal.

When people walk into pawn shops, they sell stuff the exact same way. Short sales are just the pawn shop of houses.

If you were walled out on the 19th, then the agent needs a spanking.

[no_such_reality]

Still didn’t answer the question, did you attempt to put the bid in on the 19th? I’m being a dick for a reason, day late doesn’t matter how many dollars you bring. The girl has left the party.

Frankly, it sounds like you want it easy, like walking into the grocery store and picking up a can soup. That’s not a short sale, especially an unapproved short sale. I hear a lot of that. I agree more transparency is good, but how do you eilminate concessions when the sellers aren’t realistic about their house until the inspection tanks the deal.

It’s also just like buying or selling a used car. If you’ve ever private sold one, you know the people that call two weeks after it’s listed and then say stupid stuff like ‘oh man you shouldn’t of sold, I’d have paid XX (more)’

Timing is everything. Going back to the lender is a loser for the seller. IF the lender is willing to sell, they’re willing sell. It doessn’t matter if the house is worth $900K, if the first holds a $700K mortgage. The 2nd is screwed. BEcause the DS is burnt out and done. They either get it sold or they walk and the 1st forecloses. For the 2nd, foreclosure is too big a risk.

So it might be a steal for the terms of a great deal. It doesn’t make it fraud. It makes it a deal for the person that got on the spot and could do the deal.

When people walk into pawn shops, they sell stuff the exact same way. Short sales are just the pawn shop of houses.

If you were walled out on the 19th, then the agent needs a spanking.

[SD Realtor]

NSR stop making sense. The problem here is that you are dealing with the reality of the situation in a competitive market place. That the bottom line is if there is something out there that you think works for you, ESPECIALLY in as tightly a constrained area as researcher described, then it seems like you should be going after it with guns blazing immediately. If this home is such a steal then it would seem that even at 800k or close to 850k they would have had many many offers. In a situation like that it seems pretty brazen for the agent to shun all those offers in order to take a 720k plus cash to the second offer. There would be a substantially high risk that one of those shunned people would indeed have a well documented offer and then put in a complaint.

Something is not quite adding up here.

Researcher did you call the day it was listed and offer something close to the 850k listing price? Given the neighborhood wouldn’t that listing price at least be considered in the neighborhood of fair value?

[SD Realtor]

NSR stop making sense. The problem here is that you are dealing with the reality of the situation in a competitive market place. That the bottom line is if there is something out there that you think works for you, ESPECIALLY in as tightly a constrained area as researcher described, then it seems like you should be going after it with guns blazing immediately. If this home is such a steal then it would seem that even at 800k or close to 850k they would have had many many offers. In a situation like that it seems pretty brazen for the agent to shun all those offers in order to take a 720k plus cash to the second offer. There would be a substantially high risk that one of those shunned people would indeed have a well documented offer and then put in a complaint.

Something is not quite adding up here.

Researcher did you call the day it was listed and offer something close to the 850k listing price? Given the neighborhood wouldn’t that listing price at least be considered in the neighborhood of fair value?

[SD Realtor]

NSR stop making sense. The problem here is that you are dealing with the reality of the situation in a competitive market place. That the bottom line is if there is something out there that you think works for you, ESPECIALLY in as tightly a constrained area as researcher described, then it seems like you should be going after it with guns blazing immediately. If this home is such a steal then it would seem that even at 800k or close to 850k they would have had many many offers. In a situation like that it seems pretty brazen for the agent to shun all those offers in order to take a 720k plus cash to the second offer. There would be a substantially high risk that one of those shunned people would indeed have a well documented offer and then put in a complaint.

Something is not quite adding up here.

Researcher did you call the day it was listed and offer something close to the 850k listing price? Given the neighborhood wouldn’t that listing price at least be considered in the neighborhood of fair value?

[SD Realtor]

NSR stop making sense. The problem here is that you are dealing with the reality of the situation in a competitive market place. That the bottom line is if there is something out there that you think works for you, ESPECIALLY in as tightly a constrained area as researcher described, then it seems like you should be going after it with guns blazing immediately. If this home is such a steal then it would seem that even at 800k or close to 850k they would have had many many offers. In a situation like that it seems pretty brazen for the agent to shun all those offers in order to take a 720k plus cash to the second offer. There would be a substantially high risk that one of those shunned people would indeed have a well documented offer and then put in a complaint.

Something is not quite adding up here.

Researcher did you call the day it was listed and offer something close to the 850k listing price? Given the neighborhood wouldn’t that listing price at least be considered in the neighborhood of fair value?

[SD Realtor]

NSR stop making sense. The problem here is that you are dealing with the reality of the situation in a competitive market place. That the bottom line is if there is something out there that you think works for you, ESPECIALLY in as tightly a constrained area as researcher described, then it seems like you should be going after it with guns blazing immediately. If this home is such a steal then it would seem that even at 800k or close to 850k they would have had many many offers. In a situation like that it seems pretty brazen for the agent to shun all those offers in order to take a 720k plus cash to the second offer. There would be a substantially high risk that one of those shunned people would indeed have a well documented offer and then put in a complaint.

Something is not quite adding up here.

Researcher did you call the day it was listed and offer something close to the 850k listing price? Given the neighborhood wouldn’t that listing price at least be considered in the neighborhood of fair value?

[sdrealtor]

NSR
Actually with a short sale it is different and an offer can come in a day or week later and make a difference. Until the short sale is approved and escrow is opened an accepted short sale offer is not a binding contract upon anyone. You also cannot compare the $/sf price of a 4500 to 5000 sq ft home on Coneflower or Petunia with a 2500 sq ft home. The cost per sq ft ALWAYS drops dramatically as you move up in size because so much of the costs involved in a home are fixed costs that dont vary much with size.

researcher
I understand your frustration and this sucks, it really does. But the reality is that house could and should have sold closer to $1M (maybe even a little more). So while you are frustrated that someone got a steal in the 700’s or that you didnt get a great deal in the mid 800’s – the truth is if that house was properly marketed as an open market sale I dont beleive you would have been a serious contender for it. There are too many aging baby boomers and retirees with alot more money than you looking for exactly that kind of property.

The real loser here is the bagholders on those loans.

[sdrealtor]

NSR
Actually with a short sale it is different and an offer can come in a day or week later and make a difference. Until the short sale is approved and escrow is opened an accepted short sale offer is not a binding contract upon anyone. You also cannot compare the $/sf price of a 4500 to 5000 sq ft home on Coneflower or Petunia with a 2500 sq ft home. The cost per sq ft ALWAYS drops dramatically as you move up in size because so much of the costs involved in a home are fixed costs that dont vary much with size.

researcher
I understand your frustration and this sucks, it really does. But the reality is that house could and should have sold closer to $1M (maybe even a little more). So while you are frustrated that someone got a steal in the 700’s or that you didnt get a great deal in the mid 800’s – the truth is if that house was properly marketed as an open market sale I dont beleive you would have been a serious contender for it. There are too many aging baby boomers and retirees with alot more money than you looking for exactly that kind of property.

The real loser here is the bagholders on those loans.

[sdrealtor]

NSR
Actually with a short sale it is different and an offer can come in a day or week later and make a difference. Until the short sale is approved and escrow is opened an accepted short sale offer is not a binding contract upon anyone. You also cannot compare the $/sf price of a 4500 to 5000 sq ft home on Coneflower or Petunia with a 2500 sq ft home. The cost per sq ft ALWAYS drops dramatically as you move up in size because so much of the costs involved in a home are fixed costs that dont vary much with size.

researcher
I understand your frustration and this sucks, it really does. But the reality is that house could and should have sold closer to $1M (maybe even a little more). So while you are frustrated that someone got a steal in the 700’s or that you didnt get a great deal in the mid 800’s – the truth is if that house was properly marketed as an open market sale I dont beleive you would have been a serious contender for it. There are too many aging baby boomers and retirees with alot more money than you looking for exactly that kind of property.

The real loser here is the bagholders on those loans.

[sdrealtor]

NSR
Actually with a short sale it is different and an offer can come in a day or week later and make a difference. Until the short sale is approved and escrow is opened an accepted short sale offer is not a binding contract upon anyone. You also cannot compare the $/sf price of a 4500 to 5000 sq ft home on Coneflower or Petunia with a 2500 sq ft home. The cost per sq ft ALWAYS drops dramatically as you move up in size because so much of the costs involved in a home are fixed costs that dont vary much with size.

researcher
I understand your frustration and this sucks, it really does. But the reality is that house could and should have sold closer to $1M (maybe even a little more). So while you are frustrated that someone got a steal in the 700’s or that you didnt get a great deal in the mid 800’s – the truth is if that house was properly marketed as an open market sale I dont beleive you would have been a serious contender for it. There are too many aging baby boomers and retirees with alot more money than you looking for exactly that kind of property.

The real loser here is the bagholders on those loans.

[Author]

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