Another short steal

[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.

[no_such_reality]

sdrealtor, technically correct, however let’s think about it. The seller, and BTW, it’s still the sellers deal to sell. Wants it done. Starting to flip flop with offers with the bank is a formula for a giant PITA for the seller.

As SD Realtor said, at a screaming deal, the seller should have received multiple offers that first day if there’s only one or two others that have sold in the last year comparable.

Everybody wants the deal at $720K. How many can do the deal at $750K when it’s a $720K mortgage and $30K cash to the 2nd? How many are running to the bar at the $850K listing?

How many are like SD R’ deal where the 2nd bank comes back saying we want $$ and all eight back-up offers fold…

So now the seller has the bank’s saying we’ll take X & Y. There may be multiple people willing to buy it at that point… or should the seller start over and send whatever potshot comes in from someone trying to pay a little more to get what now looks like a good deal, a week later? Two weeks later?

The seller wants it sold. Actually, the seller, probably just wants it over. Either take the offer bank or foreclose.

[no_such_reality]

sdrealtor, technically correct, however let’s think about it. The seller, and BTW, it’s still the sellers deal to sell. Wants it done. Starting to flip flop with offers with the bank is a formula for a giant PITA for the seller.

As SD Realtor said, at a screaming deal, the seller should have received multiple offers that first day if there’s only one or two others that have sold in the last year comparable.

Everybody wants the deal at $720K. How many can do the deal at $750K when it’s a $720K mortgage and $30K cash to the 2nd? How many are running to the bar at the $850K listing?

How many are like SD R’ deal where the 2nd bank comes back saying we want $$ and all eight back-up offers fold…

So now the seller has the bank’s saying we’ll take X & Y. There may be multiple people willing to buy it at that point… or should the seller start over and send whatever potshot comes in from someone trying to pay a little more to get what now looks like a good deal, a week later? Two weeks later?

The seller wants it sold. Actually, the seller, probably just wants it over. Either take the offer bank or foreclose.

[no_such_reality]

sdrealtor, technically correct, however let’s think about it. The seller, and BTW, it’s still the sellers deal to sell. Wants it done. Starting to flip flop with offers with the bank is a formula for a giant PITA for the seller.

As SD Realtor said, at a screaming deal, the seller should have received multiple offers that first day if there’s only one or two others that have sold in the last year comparable.

Everybody wants the deal at $720K. How many can do the deal at $750K when it’s a $720K mortgage and $30K cash to the 2nd? How many are running to the bar at the $850K listing?

How many are like SD R’ deal where the 2nd bank comes back saying we want $$ and all eight back-up offers fold…

So now the seller has the bank’s saying we’ll take X & Y. There may be multiple people willing to buy it at that point… or should the seller start over and send whatever potshot comes in from someone trying to pay a little more to get what now looks like a good deal, a week later? Two weeks later?

The seller wants it sold. Actually, the seller, probably just wants it over. Either take the offer bank or foreclose.

[no_such_reality]

sdrealtor, technically correct, however let’s think about it. The seller, and BTW, it’s still the sellers deal to sell. Wants it done. Starting to flip flop with offers with the bank is a formula for a giant PITA for the seller.

As SD Realtor said, at a screaming deal, the seller should have received multiple offers that first day if there’s only one or two others that have sold in the last year comparable.

Everybody wants the deal at $720K. How many can do the deal at $750K when it’s a $720K mortgage and $30K cash to the 2nd? How many are running to the bar at the $850K listing?

How many are like SD R’ deal where the 2nd bank comes back saying we want $$ and all eight back-up offers fold…

So now the seller has the bank’s saying we’ll take X & Y. There may be multiple people willing to buy it at that point… or should the seller start over and send whatever potshot comes in from someone trying to pay a little more to get what now looks like a good deal, a week later? Two weeks later?

The seller wants it sold. Actually, the seller, probably just wants it over. Either take the offer bank or foreclose.

[no_such_reality]

sdrealtor, technically correct, however let’s think about it. The seller, and BTW, it’s still the sellers deal to sell. Wants it done. Starting to flip flop with offers with the bank is a formula for a giant PITA for the seller.

As SD Realtor said, at a screaming deal, the seller should have received multiple offers that first day if there’s only one or two others that have sold in the last year comparable.

Everybody wants the deal at $720K. How many can do the deal at $750K when it’s a $720K mortgage and $30K cash to the 2nd? How many are running to the bar at the $850K listing?

How many are like SD R’ deal where the 2nd bank comes back saying we want $$ and all eight back-up offers fold…

So now the seller has the bank’s saying we’ll take X & Y. There may be multiple people willing to buy it at that point… or should the seller start over and send whatever potshot comes in from someone trying to pay a little more to get what now looks like a good deal, a week later? Two weeks later?

The seller wants it sold. Actually, the seller, probably just wants it over. Either take the offer bank or foreclose.

[SD Realtor]

sdr dont you think something is missing here? I mean the listing history does indicate it was on the market as an active listing for awhile before marked as contingent and then marked down.

Given the nature of the buyers pool for this particular area, as well as the familiarity of the area with local agents, it would seem the listing brokerage is running a hell of a risk to double end this home with respect to someone filing a complaint and raising a fuss.

I am not saying this transaction is not problematic but given this environment, lack of inventory of quality and buyer demand for such a home indicate to me that something is being missed here.

[SD Realtor]

sdr dont you think something is missing here? I mean the listing history does indicate it was on the market as an active listing for awhile before marked as contingent and then marked down.

Given the nature of the buyers pool for this particular area, as well as the familiarity of the area with local agents, it would seem the listing brokerage is running a hell of a risk to double end this home with respect to someone filing a complaint and raising a fuss.

I am not saying this transaction is not problematic but given this environment, lack of inventory of quality and buyer demand for such a home indicate to me that something is being missed here.

[SD Realtor]

sdr dont you think something is missing here? I mean the listing history does indicate it was on the market as an active listing for awhile before marked as contingent and then marked down.

Given the nature of the buyers pool for this particular area, as well as the familiarity of the area with local agents, it would seem the listing brokerage is running a hell of a risk to double end this home with respect to someone filing a complaint and raising a fuss.

I am not saying this transaction is not problematic but given this environment, lack of inventory of quality and buyer demand for such a home indicate to me that something is being missed here.

[SD Realtor]

sdr dont you think something is missing here? I mean the listing history does indicate it was on the market as an active listing for awhile before marked as contingent and then marked down.

Given the nature of the buyers pool for this particular area, as well as the familiarity of the area with local agents, it would seem the listing brokerage is running a hell of a risk to double end this home with respect to someone filing a complaint and raising a fuss.

I am not saying this transaction is not problematic but given this environment, lack of inventory of quality and buyer demand for such a home indicate to me that something is being missed here.

[SD Realtor]

sdr dont you think something is missing here? I mean the listing history does indicate it was on the market as an active listing for awhile before marked as contingent and then marked down.

Given the nature of the buyers pool for this particular area, as well as the familiarity of the area with local agents, it would seem the listing brokerage is running a hell of a risk to double end this home with respect to someone filing a complaint and raising a fuss.

I am not saying this transaction is not problematic but given this environment, lack of inventory of quality and buyer demand for such a home indicate to me that something is being missed here.

[sdrealtor]

nsr
You are talking to someone that has done close to 100 short sale lisitngs and knows the scenarios you laid out as well as anyone. However, there are alot more people like that out there than you think. I have 3 clients right now with all cash who would have bought a home like that in a heartbeat. Over the years I regularly run into people over 60 with all cash looking for a 1 story ocean view home. I used to work in the businest office in this area and not a week went buy that at least one agent didnt stand up at the weekly meeting asking if anyone knew about a 1 story real ocean view home w? at least 2000 sf coming up. It is unquestionably the hardest to find and hottest commodity out there. You put that house on the market as an equity sale at $1M, clean it up a little, make it easy to show and within 30 to 60 days it would have sold.

SD R
Its not hard to put a listing in and say no showing in the remarks and then remove that once you slip your own buyer in. There are so many ways it could have been played to their advantage. They are a small player and probably dont know or care about the risks. We all know there is little to no enforcement any way. It really sucks but it is what it is.

[sdrealtor]

nsr
You are talking to someone that has done close to 100 short sale lisitngs and knows the scenarios you laid out as well as anyone. However, there are alot more people like that out there than you think. I have 3 clients right now with all cash who would have bought a home like that in a heartbeat. Over the years I regularly run into people over 60 with all cash looking for a 1 story ocean view home. I used to work in the businest office in this area and not a week went buy that at least one agent didnt stand up at the weekly meeting asking if anyone knew about a 1 story real ocean view home w? at least 2000 sf coming up. It is unquestionably the hardest to find and hottest commodity out there. You put that house on the market as an equity sale at $1M, clean it up a little, make it easy to show and within 30 to 60 days it would have sold.

SD R
Its not hard to put a listing in and say no showing in the remarks and then remove that once you slip your own buyer in. There are so many ways it could have been played to their advantage. They are a small player and probably dont know or care about the risks. We all know there is little to no enforcement any way. It really sucks but it is what it is.

[sdrealtor]

nsr
You are talking to someone that has done close to 100 short sale lisitngs and knows the scenarios you laid out as well as anyone. However, there are alot more people like that out there than you think. I have 3 clients right now with all cash who would have bought a home like that in a heartbeat. Over the years I regularly run into people over 60 with all cash looking for a 1 story ocean view home. I used to work in the businest office in this area and not a week went buy that at least one agent didnt stand up at the weekly meeting asking if anyone knew about a 1 story real ocean view home w? at least 2000 sf coming up. It is unquestionably the hardest to find and hottest commodity out there. You put that house on the market as an equity sale at $1M, clean it up a little, make it easy to show and within 30 to 60 days it would have sold.

SD R
Its not hard to put a listing in and say no showing in the remarks and then remove that once you slip your own buyer in. There are so many ways it could have been played to their advantage. They are a small player and probably dont know or care about the risks. We all know there is little to no enforcement any way. It really sucks but it is what it is.

[sdrealtor]

nsr
You are talking to someone that has done close to 100 short sale lisitngs and knows the scenarios you laid out as well as anyone. However, there are alot more people like that out there than you think. I have 3 clients right now with all cash who would have bought a home like that in a heartbeat. Over the years I regularly run into people over 60 with all cash looking for a 1 story ocean view home. I used to work in the businest office in this area and not a week went buy that at least one agent didnt stand up at the weekly meeting asking if anyone knew about a 1 story real ocean view home w? at least 2000 sf coming up. It is unquestionably the hardest to find and hottest commodity out there. You put that house on the market as an equity sale at $1M, clean it up a little, make it easy to show and within 30 to 60 days it would have sold.

SD R
Its not hard to put a listing in and say no showing in the remarks and then remove that once you slip your own buyer in. There are so many ways it could have been played to their advantage. They are a small player and probably dont know or care about the risks. We all know there is little to no enforcement any way. It really sucks but it is what it is.

[Author]

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