Does this short sale pass the smell test?

[bearishgurl]

Oh, he’s speaking for another Pigg, now, lol! The comment below doesn’t merit a response except to say that upon reading it, just consider the source.

Don’t you have some recycling to do about now, sdr? Those bottles are piling up. Get busy!

[sdrealtor]

[quote=urbanrealtor][quote=joewhite]Was not a rental, and actually owned by a real estate agent (maybe broker?). From private conversations with well-versed agent, they know this was a bogus transaction. Unlike a place a few doors down which has been completely gutted, this place was not completely rebuilt. I would be shocked if more than 100K was put into it.[/quote]

So back in the world of adult conversations:

So Joe,
You knew this was a fake deal and were just having a piss?
You do realize agents have these childish (see above thread) and sensationalized discussions all the time.
We do boring things for a living and sometimes try to make it more interesting by saying we know something we don’t.
Its not a big secret.

So in the bogus (I don’t yet know if that term applies) transaction, who benefited?

Who was getting a piece at whose expense?

Was the the listing or selling or flipper agent kicking a referral to the original seller?

Please explain.[/quote]

FWIW how can you not see the obvious fraud here? Property is listed at $2.5M and gets sold as a short sale closer to $1M with no price reductions. Could there have been a buyer if the price was reduced to 1.8 or 1.7 or 1.6 or 1.5 or 1.4 or 1.3M etc? The proper way to do it is to test the market and to let the market decide what the FMV is. It is NOT to accept an offer about 60% of the listed price and never try for a better price. Its a fricking 1/2 acre lot in Malibu dude!!! It would be worth more than 1M in Encinitas!!!

[bearishgurl]

[quote=sdrealtor]Dude,
It sounds like the pressure of the biz is getting to you. This is just entertainment for me. I actually earn aliving in this business instead of pretending to….[/quote]

Actually, acc to one of your recent posts, you actually earn 40% of your “living” in this “business.”

Submitted by sdrealtor on November 5, 2011 – 7:40pm.

…BTW, 40% of my real estate sales income this year was from short sales and I generate income from a few other endeavors outside of being a realtor so its not close to my primary source of income.

see: http://piggington.com/buying_again_2_years_after_short_sale_questions_for_you_pros

Pray tell, sdr, the Piggs are waiting with baited breath . . . how do you make the “other 60%” of your “living?”

[sdrealtor]

Plastics!

[bearishgurl]

Is that in “recycling?” ;=]

[sdrealtor]

No, as in Mr Maguire to Benjamin

[urbanrealtor]

sdr:
Are you selling weed?
Is that what this is about?

As far as the short sale, I do not know jack shit about the area and I don’t feel comfortable making broad assumptions like that.

I don’t say there wasn’t fraud but I don’t see it just based on those numbers.
I DO see enough to make me ask questions.

If your assertion is that you are an agent knowledgeable in 4 counties, then I am afraid that is the point of departure in the credibility department.

Speaking for myself, I know SD county well, the Temecula area passably (not the rest of Riverside county), and I know my hometown somewhat (but not the rest of Sonoma county).

Thats pretty much it.

And I am a pretty avid comp reader and I make 100% of my income from this.

I am not calling you a liar but I do not believe you are that guy or that you are that capable (or that anyone is).

And last night you were typing like you were drunk.

The childish back and forth between the two of you (sdr and bg) undermines your reputation on a board where your posts are, for the most part, positive and thoughtful contributions.

Honestly, sdr, I am disappointed in seeing this from you.

[sdrealtor]

Quite to contrary I said I am an active agent who does alot of business which includes a body of knowledge in shorts sales very few people possess and that even though I actually do business in other parts of Socal i wouldnt begin to make the assumptions she has.

Furthermore i went back and read my posts which are far from incoherent or disjointed. They were straight forward and to the point.

As for the Malibu sale it stinks to high holy hell. I cant beleive how someone who claims to understand this business could not see a problem with accepting an offer 60% below the asking price. Simple question for you UR. Would you EVER have a client accept an offer at 40% of their asking price UNDER ANY CIRCUMSTANCES without testing the market at prices below that asking price? I’m certain you would not and that you could not put forth a single reasonable answer for someone to do so. I am firmly with the OP on this one and not speaking against a clear example of irresponsible behavior by an agent undermines your reputation.

[urbanrealtor]

You suggested your skill in 4 counties.
I didn’t imagine it.
Its in the post.

I don’t think your posts were either incoherent or disjointed.
I found them uncharacteristically vitriolic and petty.
Your telling me that you posted that while totally sober?
Seriously?

Re the sale in question.
Asking price is meaningless.
Lots of dumb agents start with a high price and change it dramatically.

I would never put a price super high that I did not think I could get.

I don’t know enough about that area or the property to make that assessment.

I am not saying its not irresponsible behavior but I don’t know where the disconnect lies.

Is it an issue of a dumb agent?
Is it fraud?
Is there a side deal with the short sale lender that is not showing up in the public site?
I don’t know anything about that.

I would be curious to see what an appraisal pre flip shows.

Dave, you can say rude things to me about not being perceptive but I won’t pretend I see something that I don’t.

I see the following things:
A property openly offered as a short sale fixer.
A sale well below asking.
A flip after several months.

I see stuff like that a lot around town.
Sometimes there is cause for believing its fraud.
However just those facts by themselves don’t convince me.

And I am not someone known to be terribly charitable to other agents.

[sdrealtor]

Here’s my post verbatim.

“I actually do business in LA along with OC, SD, Riverside and SB counties. I wouldnt begin to comment on the market value of a property in Malibu and I’m an active agent. She hasnt represented a buyer in a transaction in probably a decade!!! Her commenting on values in Malibu is an absolute joke and compeltely irresponsible”

Dont know how much clearer I could be. i said I actually do business and wouldnt begin to comment on the market value in Malibu. Its clearly a market I have no clue about. Someone who hasnt done business in over a decade anywhere and never in LA County commenting on market values there?

C’mon Man!!!!

[sdrealtor]

[quote=urbanrealtor]You suggested your skill in 4 counties.
I didn’t imagine it.
Its in the post.

I don’t think your posts were either incoherent or disjointed.
I found them uncharacteristically vitriolic and petty.
Your telling me that you posted that while totally sober?
Seriously?

Re the sale in question.
Asking price is meaningless.
Lots of dumb agents start with a high price and change it dramatically.

I would never put a price super high that I did not think I could get.

I don’t know enough about that area or the property to make that assessment.

I am not saying its not irresponsible behavior but I don’t know where the disconnect lies.

Is it an issue of a dumb agent?
Is it fraud?
Is there a side deal with the short sale lender that is not showing up in the public site?
I don’t know anything about that.

I would be curious to see what an appraisal pre flip shows.

Dave, you can say rude things to me about not being perceptive but I won’t pretend I see something that I don’t.

I see the following things:
A property openly offered as a short sale fixer.
A sale well below asking.
A flip after several months.

I see stuff like that a lot around town.
Sometimes there is cause for believing its fraud.
However just those facts by themselves don’t convince me.

And I am not someone known to be terribly charitable to other agents.[/quote]

Really UR? REALLY? Again I ask give me one plausible explanation for accepting an over 60% below asking price that doesnt involve fraud and/or irresposnible behavior. please show me examples of sales closing at 60% below asking price all over town because I havent seen any. Do that and we can go forward but until then I dont understand the dance you are doing because this transaction stinks to high holy hell!!!

[bearishgurl]

Of course, time will tell, but the “current agent/seller” is asking $2,495,000. WE DON’T KNOW THE EXTENT OF THE WORK WAS THAT THE CURRENT BUYER DID!!

We don’t know if the current “asking price” is legitimate based upon the livability of the *new* property today vs. what it WAS in April 2011.

And WE DON’T YET KNOW what it will actually sell for!

Therefore, it is all speculation from here. Just because an “agent” (lol) “prices it”, this has NO BEARING on the actual purchase price. This is a predominantly CASH BUYER area and THESE BUYERS ARE NOT STUPID!

Calm down, boyz … and stay attuned. I have confidence that joewhite will “keep us in the loop.”

[sdrealtor]

Stop hitting the box!! There is no speculation. It already closed for $1,050,000. No matter what is wrong with the property the responsible and prudent thing is to lower the price until you find the market. They never did that. I dont care what you are selling. Thats what prudent sellers do.

[Author]

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