Another short steal

[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.

[no_such_reality]

[quote=sdrealtor]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.
[/quote]
Agreed. Now, this isn’t an equity seller. No body is cleaning it up. In fact, it’s getting quazi-stripped. It isn’t selling in 30 to 60 days. It’s not easy to show. The seller doesn’t care. It may not sell at all cuz the bank or 2nd says screw-it.

And… $720K probably isn’t the real price.

BTW, (not a dig) but I’m assuming none of your three that would put an offer in did. They didn’t see it. They weren’t actively looking. No standing search for it?

Clean it up and make it an equity sale at a $1Million? Then $720K plus 2nd kick, replacement high end pool BBQ, appliances and lipstick for the pig will give a flipper about $100K profit on their $850K investment gamble.

Can the system be gamed? Heck yeah. Does the MLS tell the story – hell no.

It could be a pocket listing.
It could be stupid banks.
It could be rougher than anybody thinks inside.
It could be a huge second that took a bath that could buy out the first.
It could be a straight up deal that if you didn’t hit day one had a dozen people in line.

Would I buy it at a $720K, yeah. Could it sell for a million, yeah, as you said dressed and equity seller.

Would your buyers buy it missing the pool BBQ island, the appliances and probably missing the normal beautiful home gloss and looking kind of piggy?

How much? Much much they willing to go knowing it’s $720K to clear the first and not knowing how much to clear the second and they’ve got some pig slop to clean up?

[no_such_reality]

[quote=sdrealtor]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.
[/quote]
Agreed. Now, this isn’t an equity seller. No body is cleaning it up. In fact, it’s getting quazi-stripped. It isn’t selling in 30 to 60 days. It’s not easy to show. The seller doesn’t care. It may not sell at all cuz the bank or 2nd says screw-it.

And… $720K probably isn’t the real price.

BTW, (not a dig) but I’m assuming none of your three that would put an offer in did. They didn’t see it. They weren’t actively looking. No standing search for it?

Clean it up and make it an equity sale at a $1Million? Then $720K plus 2nd kick, replacement high end pool BBQ, appliances and lipstick for the pig will give a flipper about $100K profit on their $850K investment gamble.

Can the system be gamed? Heck yeah. Does the MLS tell the story – hell no.

It could be a pocket listing.
It could be stupid banks.
It could be rougher than anybody thinks inside.
It could be a huge second that took a bath that could buy out the first.
It could be a straight up deal that if you didn’t hit day one had a dozen people in line.

Would I buy it at a $720K, yeah. Could it sell for a million, yeah, as you said dressed and equity seller.

Would your buyers buy it missing the pool BBQ island, the appliances and probably missing the normal beautiful home gloss and looking kind of piggy?

How much? Much much they willing to go knowing it’s $720K to clear the first and not knowing how much to clear the second and they’ve got some pig slop to clean up?

[no_such_reality]

[quote=sdrealtor]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.
[/quote]
Agreed. Now, this isn’t an equity seller. No body is cleaning it up. In fact, it’s getting quazi-stripped. It isn’t selling in 30 to 60 days. It’s not easy to show. The seller doesn’t care. It may not sell at all cuz the bank or 2nd says screw-it.

And… $720K probably isn’t the real price.

BTW, (not a dig) but I’m assuming none of your three that would put an offer in did. They didn’t see it. They weren’t actively looking. No standing search for it?

Clean it up and make it an equity sale at a $1Million? Then $720K plus 2nd kick, replacement high end pool BBQ, appliances and lipstick for the pig will give a flipper about $100K profit on their $850K investment gamble.

Can the system be gamed? Heck yeah. Does the MLS tell the story – hell no.

It could be a pocket listing.
It could be stupid banks.
It could be rougher than anybody thinks inside.
It could be a huge second that took a bath that could buy out the first.
It could be a straight up deal that if you didn’t hit day one had a dozen people in line.

Would I buy it at a $720K, yeah. Could it sell for a million, yeah, as you said dressed and equity seller.

Would your buyers buy it missing the pool BBQ island, the appliances and probably missing the normal beautiful home gloss and looking kind of piggy?

How much? Much much they willing to go knowing it’s $720K to clear the first and not knowing how much to clear the second and they’ve got some pig slop to clean up?

[no_such_reality]

[quote=sdrealtor]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.
[/quote]
Agreed. Now, this isn’t an equity seller. No body is cleaning it up. In fact, it’s getting quazi-stripped. It isn’t selling in 30 to 60 days. It’s not easy to show. The seller doesn’t care. It may not sell at all cuz the bank or 2nd says screw-it.

And… $720K probably isn’t the real price.

BTW, (not a dig) but I’m assuming none of your three that would put an offer in did. They didn’t see it. They weren’t actively looking. No standing search for it?

Clean it up and make it an equity sale at a $1Million? Then $720K plus 2nd kick, replacement high end pool BBQ, appliances and lipstick for the pig will give a flipper about $100K profit on their $850K investment gamble.

Can the system be gamed? Heck yeah. Does the MLS tell the story – hell no.

It could be a pocket listing.
It could be stupid banks.
It could be rougher than anybody thinks inside.
It could be a huge second that took a bath that could buy out the first.
It could be a straight up deal that if you didn’t hit day one had a dozen people in line.

Would I buy it at a $720K, yeah. Could it sell for a million, yeah, as you said dressed and equity seller.

Would your buyers buy it missing the pool BBQ island, the appliances and probably missing the normal beautiful home gloss and looking kind of piggy?

How much? Much much they willing to go knowing it’s $720K to clear the first and not knowing how much to clear the second and they’ve got some pig slop to clean up?

[no_such_reality]

[quote=sdrealtor]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.
[/quote]
Agreed. Now, this isn’t an equity seller. No body is cleaning it up. In fact, it’s getting quazi-stripped. It isn’t selling in 30 to 60 days. It’s not easy to show. The seller doesn’t care. It may not sell at all cuz the bank or 2nd says screw-it.

And… $720K probably isn’t the real price.

BTW, (not a dig) but I’m assuming none of your three that would put an offer in did. They didn’t see it. They weren’t actively looking. No standing search for it?

Clean it up and make it an equity sale at a $1Million? Then $720K plus 2nd kick, replacement high end pool BBQ, appliances and lipstick for the pig will give a flipper about $100K profit on their $850K investment gamble.

Can the system be gamed? Heck yeah. Does the MLS tell the story – hell no.

It could be a pocket listing.
It could be stupid banks.
It could be rougher than anybody thinks inside.
It could be a huge second that took a bath that could buy out the first.
It could be a straight up deal that if you didn’t hit day one had a dozen people in line.

Would I buy it at a $720K, yeah. Could it sell for a million, yeah, as you said dressed and equity seller.

Would your buyers buy it missing the pool BBQ island, the appliances and probably missing the normal beautiful home gloss and looking kind of piggy?

How much? Much much they willing to go knowing it’s $720K to clear the first and not knowing how much to clear the second and they’ve got some pig slop to clean up?

[sdrealtor]

FWIW, the 3 clients werent mine at the time so they dont matter. The point is that I have 3 now and I’m sure the thousands of other agents had plenty of buyers also. It wasnt in the MLS for 720K it was in for 850K. It probably was difficult if not impossible to show which allowed listng office to procure their own buyer. I dont really understand what we are arguing about. It was a steal at 720K even if a buyer kicked in another 30K and I doubt that. Like I said, I’ve done close to 100 of these. The first on this was over $1.02M and the 2nd only 250K. No way the 1st lets the 2nd get that much money while taking a loss of over 300K themselves.

[sdrealtor]

FWIW, the 3 clients werent mine at the time so they dont matter. The point is that I have 3 now and I’m sure the thousands of other agents had plenty of buyers also. It wasnt in the MLS for 720K it was in for 850K. It probably was difficult if not impossible to show which allowed listng office to procure their own buyer. I dont really understand what we are arguing about. It was a steal at 720K even if a buyer kicked in another 30K and I doubt that. Like I said, I’ve done close to 100 of these. The first on this was over $1.02M and the 2nd only 250K. No way the 1st lets the 2nd get that much money while taking a loss of over 300K themselves.

[sdrealtor]

FWIW, the 3 clients werent mine at the time so they dont matter. The point is that I have 3 now and I’m sure the thousands of other agents had plenty of buyers also. It wasnt in the MLS for 720K it was in for 850K. It probably was difficult if not impossible to show which allowed listng office to procure their own buyer. I dont really understand what we are arguing about. It was a steal at 720K even if a buyer kicked in another 30K and I doubt that. Like I said, I’ve done close to 100 of these. The first on this was over $1.02M and the 2nd only 250K. No way the 1st lets the 2nd get that much money while taking a loss of over 300K themselves.

[sdrealtor]

FWIW, the 3 clients werent mine at the time so they dont matter. The point is that I have 3 now and I’m sure the thousands of other agents had plenty of buyers also. It wasnt in the MLS for 720K it was in for 850K. It probably was difficult if not impossible to show which allowed listng office to procure their own buyer. I dont really understand what we are arguing about. It was a steal at 720K even if a buyer kicked in another 30K and I doubt that. Like I said, I’ve done close to 100 of these. The first on this was over $1.02M and the 2nd only 250K. No way the 1st lets the 2nd get that much money while taking a loss of over 300K themselves.

[sdrealtor]

FWIW, the 3 clients werent mine at the time so they dont matter. The point is that I have 3 now and I’m sure the thousands of other agents had plenty of buyers also. It wasnt in the MLS for 720K it was in for 850K. It probably was difficult if not impossible to show which allowed listng office to procure their own buyer. I dont really understand what we are arguing about. It was a steal at 720K even if a buyer kicked in another 30K and I doubt that. Like I said, I’ve done close to 100 of these. The first on this was over $1.02M and the 2nd only 250K. No way the 1st lets the 2nd get that much money while taking a loss of over 300K themselves.

[no_such_reality]

The 2nd probably got five cents on the dollar if they’re lucky with the first holding that boat.

As for the steal. Or deal depends. Seems like a lot of people feel that this house, in this situation, even listed at $850K should have been sold for a million.

Given your experience, and other’s concerns of fraud, how much below ‘short sale’ market do you think this was with the rumors what the state of affairs on the property (i.e BBQ island)?

At $850K listing last September, how many offers do you think they should have gotten given the typical short sale experience of trying to get people to see it?

[no_such_reality]

The 2nd probably got five cents on the dollar if they’re lucky with the first holding that boat.

As for the steal. Or deal depends. Seems like a lot of people feel that this house, in this situation, even listed at $850K should have been sold for a million.

Given your experience, and other’s concerns of fraud, how much below ‘short sale’ market do you think this was with the rumors what the state of affairs on the property (i.e BBQ island)?

At $850K listing last September, how many offers do you think they should have gotten given the typical short sale experience of trying to get people to see it?

[no_such_reality]

The 2nd probably got five cents on the dollar if they’re lucky with the first holding that boat.

As for the steal. Or deal depends. Seems like a lot of people feel that this house, in this situation, even listed at $850K should have been sold for a million.

Given your experience, and other’s concerns of fraud, how much below ‘short sale’ market do you think this was with the rumors what the state of affairs on the property (i.e BBQ island)?

At $850K listing last September, how many offers do you think they should have gotten given the typical short sale experience of trying to get people to see it?

[no_such_reality]

The 2nd probably got five cents on the dollar if they’re lucky with the first holding that boat.

As for the steal. Or deal depends. Seems like a lot of people feel that this house, in this situation, even listed at $850K should have been sold for a million.

Given your experience, and other’s concerns of fraud, how much below ‘short sale’ market do you think this was with the rumors what the state of affairs on the property (i.e BBQ island)?

At $850K listing last September, how many offers do you think they should have gotten given the typical short sale experience of trying to get people to see it?

[Author]

Posts