Are banks holding back on foreclosed properties in San Diego?

[jimg111]

Listing agent doesn’t determine the listing price, the selling bank does. Listing agent submits their valuation, then an appraisal ordered and another agent valuation for the bank to determine where (value) they would like to list it. Unless the listing bank agrees to a strategy of lowball listing price to attract multiple offers, which I doubt, the agent is probably coming in with a low value on the original valuation. Some banks will fire you for repeated low ball values as they rely on the agent to give them honest information on what price the asset will sell at in roughly 30-60 days.

[CA renter]

I think the lowball listings are exactly what’s needed to fix the housing mess.

If a house is priced low, we have ample evidence to show it gets quickly bid up to market price: what buyers are willing and able to pay at that particular time.

Why would that be a bad strategy? Seems like the banks could clear their inventory, we could get true price discovery, and strong buyers would be able to buy homes for their families — instead of waiting for years as all the stuck flippers and banks come to the realization that the bubble isn’t coming back to save them.

[CA renter]

I think the lowball listings are exactly what’s needed to fix the housing mess.

If a house is priced low, we have ample evidence to show it gets quickly bid up to market price: what buyers are willing and able to pay at that particular time.

Why would that be a bad strategy? Seems like the banks could clear their inventory, we could get true price discovery, and strong buyers would be able to buy homes for their families — instead of waiting for years as all the stuck flippers and banks come to the realization that the bubble isn’t coming back to save them.

[CA renter]

I think the lowball listings are exactly what’s needed to fix the housing mess.

If a house is priced low, we have ample evidence to show it gets quickly bid up to market price: what buyers are willing and able to pay at that particular time.

Why would that be a bad strategy? Seems like the banks could clear their inventory, we could get true price discovery, and strong buyers would be able to buy homes for their families — instead of waiting for years as all the stuck flippers and banks come to the realization that the bubble isn’t coming back to save them.

[CA renter]

I think the lowball listings are exactly what’s needed to fix the housing mess.

If a house is priced low, we have ample evidence to show it gets quickly bid up to market price: what buyers are willing and able to pay at that particular time.

Why would that be a bad strategy? Seems like the banks could clear their inventory, we could get true price discovery, and strong buyers would be able to buy homes for their families — instead of waiting for years as all the stuck flippers and banks come to the realization that the bubble isn’t coming back to save them.

[CA renter]

I think the lowball listings are exactly what’s needed to fix the housing mess.

If a house is priced low, we have ample evidence to show it gets quickly bid up to market price: what buyers are willing and able to pay at that particular time.

Why would that be a bad strategy? Seems like the banks could clear their inventory, we could get true price discovery, and strong buyers would be able to buy homes for their families — instead of waiting for years as all the stuck flippers and banks come to the realization that the bubble isn’t coming back to save them.

[jimg111]

Because if one sells for below market closings in that area they have to answer to the investors who own the paper as to why they accepted a price significantly below market value. I agree it’s not a bad strategy but many times asset managers will take the first offer in if it’s at the listed price and move on to another file, in that instance the listing agent did a disservice to the owner of the asset.

[jimg111]

Because if one sells for below market closings in that area they have to answer to the investors who own the paper as to why they accepted a price significantly below market value. I agree it’s not a bad strategy but many times asset managers will take the first offer in if it’s at the listed price and move on to another file, in that instance the listing agent did a disservice to the owner of the asset.

[jimg111]

Because if one sells for below market closings in that area they have to answer to the investors who own the paper as to why they accepted a price significantly below market value. I agree it’s not a bad strategy but many times asset managers will take the first offer in if it’s at the listed price and move on to another file, in that instance the listing agent did a disservice to the owner of the asset.

[jimg111]

Because if one sells for below market closings in that area they have to answer to the investors who own the paper as to why they accepted a price significantly below market value. I agree it’s not a bad strategy but many times asset managers will take the first offer in if it’s at the listed price and move on to another file, in that instance the listing agent did a disservice to the owner of the asset.

[jimg111]

Because if one sells for below market closings in that area they have to answer to the investors who own the paper as to why they accepted a price significantly below market value. I agree it’s not a bad strategy but many times asset managers will take the first offer in if it’s at the listed price and move on to another file, in that instance the listing agent did a disservice to the owner of the asset.

[SD Realtor]

Hi Jim

My bad for wording my postings so poorly. So let me try to word it better, does the listing agent have any input into the lender for the original list price? Since I do not get any REO listings I don’t want to post something that I do not know about. You seem to be more connected with obtaining REO listings and per your earlier post it seems that the appraisal and BPO are 100% the determining factors.

So with that said it seems that the Chapalita list price was way way way out of whack. I don’t see how the heck a BPO or appraisal could have come in at 360k.

Now I am positive the listing will sell for much higher but would you classify the list price on that home as a boner by the appraiser and BPO? Also if you check out the other Greg Scott listing (search by list agent) would you say the same thing?

[SD Realtor]

Hi Jim

My bad for wording my postings so poorly. So let me try to word it better, does the listing agent have any input into the lender for the original list price? Since I do not get any REO listings I don’t want to post something that I do not know about. You seem to be more connected with obtaining REO listings and per your earlier post it seems that the appraisal and BPO are 100% the determining factors.

So with that said it seems that the Chapalita list price was way way way out of whack. I don’t see how the heck a BPO or appraisal could have come in at 360k.

Now I am positive the listing will sell for much higher but would you classify the list price on that home as a boner by the appraiser and BPO? Also if you check out the other Greg Scott listing (search by list agent) would you say the same thing?

[SD Realtor]

Hi Jim

My bad for wording my postings so poorly. So let me try to word it better, does the listing agent have any input into the lender for the original list price? Since I do not get any REO listings I don’t want to post something that I do not know about. You seem to be more connected with obtaining REO listings and per your earlier post it seems that the appraisal and BPO are 100% the determining factors.

So with that said it seems that the Chapalita list price was way way way out of whack. I don’t see how the heck a BPO or appraisal could have come in at 360k.

Now I am positive the listing will sell for much higher but would you classify the list price on that home as a boner by the appraiser and BPO? Also if you check out the other Greg Scott listing (search by list agent) would you say the same thing?

[SD Realtor]

Hi Jim

My bad for wording my postings so poorly. So let me try to word it better, does the listing agent have any input into the lender for the original list price? Since I do not get any REO listings I don’t want to post something that I do not know about. You seem to be more connected with obtaining REO listings and per your earlier post it seems that the appraisal and BPO are 100% the determining factors.

So with that said it seems that the Chapalita list price was way way way out of whack. I don’t see how the heck a BPO or appraisal could have come in at 360k.

Now I am positive the listing will sell for much higher but would you classify the list price on that home as a boner by the appraiser and BPO? Also if you check out the other Greg Scott listing (search by list agent) would you say the same thing?

[Author]

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