Mira Mesa dropping real fast, 10634 Kemerton Rd.

[CA renter]

[quote=Jacarandoso]I didn’t say it was standard. I do say that the practice has met institutionalized de facto approval as a means of selling some houses. Besides that, maybe it’s just getting warmed up. It took a while for liar loans and subsequent massive inflation of home prices to get going. Guess it’s time to get a Realtor and start fishing for short sellers. Maybe Ocrenter will make a blog about it?
Double sided commissions don’t even have to be evident as proof of deal steering either. Two realtors can participate easily.[/quote]

Exactly right, Rustico.

As a matter of fact, a sale just went through that we placed an offer on.

We offered $58,500 more than the eventual sold price on this short sale. The agent waffled when we submitted our offer, and refused to give us any definitive answers about whether or not it was accepted. Since she controls so much of the inventory in our desired area, our agent didn’t want to piss her off by getting tough with her, so when it was marked contingent, we figured they got a better offer.

This short sale showed another selling agent/brokerage. IMHO, she is working with someone else now, in order to make the sales look more legitimate. She got a kickback of some kind somewhere, because it makes no sense for her to take that offer over ours. The bank lost, and the taxpayers likely have lost this money — all because of corrupt realtors.

We’ve made an offer on another one of her listings last year, and were under the final sale price by about $25K, but I’m now very suspicious about possible “seller concessions” that might have obscured the real price. She double-ended that one.

Sorry if the resident realtors get offended, but I’ve seen FAR too many fraudulent short sales to think that everything is above board.

BTW, we’re reporting her to the DRE and to the bank/servicer who held the previous mortgage. We are also reporting her to our local congressman, the OCC, and the FBI.

This shit has got to stop.

[an]

CAR, IIRC, didn’t you and JP was arguing that there’s nothing wrong with using seller’s agent to get a better deal?

[an]

CAR, IIRC, didn’t you and JP was arguing that there’s nothing wrong with using seller’s agent to get a better deal?

[an]

CAR, IIRC, didn’t you and JP was arguing that there’s nothing wrong with using seller’s agent to get a better deal?

[an]

CAR, IIRC, didn’t you and JP was arguing that there’s nothing wrong with using seller’s agent to get a better deal?

[an]

CAR, IIRC, didn’t you and JP was arguing that there’s nothing wrong with using seller’s agent to get a better deal?

[pemeliza]

I’m sorry to hear that CAR but the bright side for you is that the short sales are now comps which should drive prices down.

I just saw this short sale close in my neighborhood for 50k below the 2001 price. Prices are definitely weak these days but this is the first time I saw something close that low in the sweet spot of the price range (mid 500’s) in north mission hills.

http://www.sdlookup.com/MLS-110017710-4331_Hortensia_St_San_Diego_CA_92103

These short sales suggest we are back to 2000-2001 nominal pricing in some of the prime areas. It is hard to believe given where interest rates are now compared to back then. This is getting ugly.

p.s. It is interesting to note a similar home in north mission hills went for 750k two years ago and it was a REO.

http://www.redfin.com/CA/San-Diego/4438-Trias-St-92103/home/5279340

[pemeliza]

I’m sorry to hear that CAR but the bright side for you is that the short sales are now comps which should drive prices down.

I just saw this short sale close in my neighborhood for 50k below the 2001 price. Prices are definitely weak these days but this is the first time I saw something close that low in the sweet spot of the price range (mid 500’s) in north mission hills.

http://www.sdlookup.com/MLS-110017710-4331_Hortensia_St_San_Diego_CA_92103

These short sales suggest we are back to 2000-2001 nominal pricing in some of the prime areas. It is hard to believe given where interest rates are now compared to back then. This is getting ugly.

p.s. It is interesting to note a similar home in north mission hills went for 750k two years ago and it was a REO.

http://www.redfin.com/CA/San-Diego/4438-Trias-St-92103/home/5279340

[pemeliza]

I’m sorry to hear that CAR but the bright side for you is that the short sales are now comps which should drive prices down.

I just saw this short sale close in my neighborhood for 50k below the 2001 price. Prices are definitely weak these days but this is the first time I saw something close that low in the sweet spot of the price range (mid 500’s) in north mission hills.

http://www.sdlookup.com/MLS-110017710-4331_Hortensia_St_San_Diego_CA_92103

These short sales suggest we are back to 2000-2001 nominal pricing in some of the prime areas. It is hard to believe given where interest rates are now compared to back then. This is getting ugly.

p.s. It is interesting to note a similar home in north mission hills went for 750k two years ago and it was a REO.

http://www.redfin.com/CA/San-Diego/4438-Trias-St-92103/home/5279340

[pemeliza]

I’m sorry to hear that CAR but the bright side for you is that the short sales are now comps which should drive prices down.

I just saw this short sale close in my neighborhood for 50k below the 2001 price. Prices are definitely weak these days but this is the first time I saw something close that low in the sweet spot of the price range (mid 500’s) in north mission hills.

http://www.sdlookup.com/MLS-110017710-4331_Hortensia_St_San_Diego_CA_92103

These short sales suggest we are back to 2000-2001 nominal pricing in some of the prime areas. It is hard to believe given where interest rates are now compared to back then. This is getting ugly.

p.s. It is interesting to note a similar home in north mission hills went for 750k two years ago and it was a REO.

http://www.redfin.com/CA/San-Diego/4438-Trias-St-92103/home/5279340

[pemeliza]

I’m sorry to hear that CAR but the bright side for you is that the short sales are now comps which should drive prices down.

I just saw this short sale close in my neighborhood for 50k below the 2001 price. Prices are definitely weak these days but this is the first time I saw something close that low in the sweet spot of the price range (mid 500’s) in north mission hills.

http://www.sdlookup.com/MLS-110017710-4331_Hortensia_St_San_Diego_CA_92103

These short sales suggest we are back to 2000-2001 nominal pricing in some of the prime areas. It is hard to believe given where interest rates are now compared to back then. This is getting ugly.

p.s. It is interesting to note a similar home in north mission hills went for 750k two years ago and it was a REO.

http://www.redfin.com/CA/San-Diego/4438-Trias-St-92103/home/5279340

[bearishgurl]

[quote=CA renter] . . . Sorry if the resident realtors get offended, but I’ve seen FAR too many fraudulent short sales to think that everything is above board.

BTW, we’re reporting her to the DRE and to the bank/servicer who held the previous mortgage. We are also reporting her to our local congressman, the OCC, and the FBI.

This shit has got to stop.[/quote]

Good for YOU, CAR!! I’m glad to see that someone is blowing the whistle on these common “shenanigans.” I think your complaint to the DRE and bank/servicer might get somewhere but the other entities might prove to be a waste of time/effort.

Ultra-low unjustified recent-sale comps hurt current homeowners who have kept their noses to the grindstone and kept their payments current. I’m one of those “2001 victims” who never refied or took “cash out.” On a cursory check of “recent sold” comps earlier today, it appears that the only thing selling in my “sq ft” range in my zip code are those properties which were sold short or REO’s. Owners who have been “keeping their nose to the grindstone” for 10+ years can’t possibly sell now and even recover their downpayment! The current market is rigged in favor of “crooked” short sales and lenders willing to spend money on rehab just to get a “white elephant” sold.

[bearishgurl]

[quote=CA renter] . . . Sorry if the resident realtors get offended, but I’ve seen FAR too many fraudulent short sales to think that everything is above board.

BTW, we’re reporting her to the DRE and to the bank/servicer who held the previous mortgage. We are also reporting her to our local congressman, the OCC, and the FBI.

This shit has got to stop.[/quote]

Good for YOU, CAR!! I’m glad to see that someone is blowing the whistle on these common “shenanigans.” I think your complaint to the DRE and bank/servicer might get somewhere but the other entities might prove to be a waste of time/effort.

Ultra-low unjustified recent-sale comps hurt current homeowners who have kept their noses to the grindstone and kept their payments current. I’m one of those “2001 victims” who never refied or took “cash out.” On a cursory check of “recent sold” comps earlier today, it appears that the only thing selling in my “sq ft” range in my zip code are those properties which were sold short or REO’s. Owners who have been “keeping their nose to the grindstone” for 10+ years can’t possibly sell now and even recover their downpayment! The current market is rigged in favor of “crooked” short sales and lenders willing to spend money on rehab just to get a “white elephant” sold.

[bearishgurl]

[quote=CA renter] . . . Sorry if the resident realtors get offended, but I’ve seen FAR too many fraudulent short sales to think that everything is above board.

BTW, we’re reporting her to the DRE and to the bank/servicer who held the previous mortgage. We are also reporting her to our local congressman, the OCC, and the FBI.

This shit has got to stop.[/quote]

Good for YOU, CAR!! I’m glad to see that someone is blowing the whistle on these common “shenanigans.” I think your complaint to the DRE and bank/servicer might get somewhere but the other entities might prove to be a waste of time/effort.

Ultra-low unjustified recent-sale comps hurt current homeowners who have kept their noses to the grindstone and kept their payments current. I’m one of those “2001 victims” who never refied or took “cash out.” On a cursory check of “recent sold” comps earlier today, it appears that the only thing selling in my “sq ft” range in my zip code are those properties which were sold short or REO’s. Owners who have been “keeping their nose to the grindstone” for 10+ years can’t possibly sell now and even recover their downpayment! The current market is rigged in favor of “crooked” short sales and lenders willing to spend money on rehab just to get a “white elephant” sold.

[bearishgurl]

[quote=CA renter] . . . Sorry if the resident realtors get offended, but I’ve seen FAR too many fraudulent short sales to think that everything is above board.

BTW, we’re reporting her to the DRE and to the bank/servicer who held the previous mortgage. We are also reporting her to our local congressman, the OCC, and the FBI.

This shit has got to stop.[/quote]

Good for YOU, CAR!! I’m glad to see that someone is blowing the whistle on these common “shenanigans.” I think your complaint to the DRE and bank/servicer might get somewhere but the other entities might prove to be a waste of time/effort.

Ultra-low unjustified recent-sale comps hurt current homeowners who have kept their noses to the grindstone and kept their payments current. I’m one of those “2001 victims” who never refied or took “cash out.” On a cursory check of “recent sold” comps earlier today, it appears that the only thing selling in my “sq ft” range in my zip code are those properties which were sold short or REO’s. Owners who have been “keeping their nose to the grindstone” for 10+ years can’t possibly sell now and even recover their downpayment! The current market is rigged in favor of “crooked” short sales and lenders willing to spend money on rehab just to get a “white elephant” sold.

[Author]

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