Is this fraud?

[CA renter]

Could one of our resident realtors see what’s going on with this price action?

They increased the price and then went pending a few days later, from what I can tell.

Looks like typical cash-back fraud. Any ideas? Thanks!

http://www.sdlookup.com/MLS-080055578-199_La_Costa_Ave_Encinitas_Ca_92024

[CA renter]

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[CA renter]

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[urbanrealtor]

Could be but does not look like it.
The current PPSF is within market.
More likely, it was listed really low and got a ton of offers and then raised the asking at the owner’s request.
I have seen this a lot in the downtown area. Sometimes on new construction (for the last unit or the promotional loss leader) or on shorts (to keep buyers motivated and bidding) or on REO’s (to blast it off the books).

The only way to tell for sure is to wait until close and then check the note. I am doubting (though I could be wrong) that it is 100% financed (which is generally required for cash back fraud).

Considering this was for sale at 3.3M last year, I am doubting it is anything more than a motivated builder short on cash. We’ll see when it closes.

[urbanrealtor]

Could be but does not look like it.
The current PPSF is within market.
More likely, it was listed really low and got a ton of offers and then raised the asking at the owner’s request.
I have seen this a lot in the downtown area. Sometimes on new construction (for the last unit or the promotional loss leader) or on shorts (to keep buyers motivated and bidding) or on REO’s (to blast it off the books).

The only way to tell for sure is to wait until close and then check the note. I am doubting (though I could be wrong) that it is 100% financed (which is generally required for cash back fraud).

Considering this was for sale at 3.3M last year, I am doubting it is anything more than a motivated builder short on cash. We’ll see when it closes.

[urbanrealtor]

Could be but does not look like it.
The current PPSF is within market.
More likely, it was listed really low and got a ton of offers and then raised the asking at the owner’s request.
I have seen this a lot in the downtown area. Sometimes on new construction (for the last unit or the promotional loss leader) or on shorts (to keep buyers motivated and bidding) or on REO’s (to blast it off the books).

The only way to tell for sure is to wait until close and then check the note. I am doubting (though I could be wrong) that it is 100% financed (which is generally required for cash back fraud).

Considering this was for sale at 3.3M last year, I am doubting it is anything more than a motivated builder short on cash. We’ll see when it closes.

[urbanrealtor]

Could be but does not look like it.
The current PPSF is within market.
More likely, it was listed really low and got a ton of offers and then raised the asking at the owner’s request.
I have seen this a lot in the downtown area. Sometimes on new construction (for the last unit or the promotional loss leader) or on shorts (to keep buyers motivated and bidding) or on REO’s (to blast it off the books).

The only way to tell for sure is to wait until close and then check the note. I am doubting (though I could be wrong) that it is 100% financed (which is generally required for cash back fraud).

Considering this was for sale at 3.3M last year, I am doubting it is anything more than a motivated builder short on cash. We’ll see when it closes.

[urbanrealtor]

Could be but does not look like it.
The current PPSF is within market.
More likely, it was listed really low and got a ton of offers and then raised the asking at the owner’s request.
I have seen this a lot in the downtown area. Sometimes on new construction (for the last unit or the promotional loss leader) or on shorts (to keep buyers motivated and bidding) or on REO’s (to blast it off the books).

The only way to tell for sure is to wait until close and then check the note. I am doubting (though I could be wrong) that it is 100% financed (which is generally required for cash back fraud).

Considering this was for sale at 3.3M last year, I am doubting it is anything more than a motivated builder short on cash. We’ll see when it closes.

[cr]

Maybe I should start a new topic, but I’m wondering who is buying out there these days, maybe the Realtors can comment.

Is it first time buyers? Are people moving up, moving down? Foreigners? And how are they paying for it these days? 20% down?

I tend to think we are in a transitional phase where people might be moving into something more affordable, but then there’s the issue of how they sell what they currently own and can’t afford. I’ve read of people fraudulently claiming rental income on a house they own only to foreclose on it once they close on the new one. Seen that?

[cr]

Maybe I should start a new topic, but I’m wondering who is buying out there these days, maybe the Realtors can comment.

Is it first time buyers? Are people moving up, moving down? Foreigners? And how are they paying for it these days? 20% down?

I tend to think we are in a transitional phase where people might be moving into something more affordable, but then there’s the issue of how they sell what they currently own and can’t afford. I’ve read of people fraudulently claiming rental income on a house they own only to foreclose on it once they close on the new one. Seen that?

[cr]

Maybe I should start a new topic, but I’m wondering who is buying out there these days, maybe the Realtors can comment.

Is it first time buyers? Are people moving up, moving down? Foreigners? And how are they paying for it these days? 20% down?

I tend to think we are in a transitional phase where people might be moving into something more affordable, but then there’s the issue of how they sell what they currently own and can’t afford. I’ve read of people fraudulently claiming rental income on a house they own only to foreclose on it once they close on the new one. Seen that?

[cr]

Maybe I should start a new topic, but I’m wondering who is buying out there these days, maybe the Realtors can comment.

Is it first time buyers? Are people moving up, moving down? Foreigners? And how are they paying for it these days? 20% down?

I tend to think we are in a transitional phase where people might be moving into something more affordable, but then there’s the issue of how they sell what they currently own and can’t afford. I’ve read of people fraudulently claiming rental income on a house they own only to foreclose on it once they close on the new one. Seen that?

[Author]

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