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sdrealtor.
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April 30, 2009 at 12:56 AM #390703April 30, 2009 at 6:00 AM #390046
Nor-LA-SD-guy
Participant[quote=SD Realtor]No not flipped in escrow. The properties were basically reo homes that went from active to pending status immediately upon being put on the mls. My first suspicion was that they were all in house deals where the listing agents simply did both sides of the deal.
In my opinion it would seem that the agents did not make much effort to get the best offer for the properties. [/quote]
I would say that’s absolutely what is happening in about 80% of REO sales in T.V., these homes are pending in hours, where as if they would require them to have minimum of two week requirement I would bet the average price paid would be about 20-35K higher (but maybe that would not be what most Pigg’s would want to see but that is besides the point).
The point is they are for whatever reason not even attempting to get the best (highest) offer.
I would bet that if one would look up who was the listing and buying agent that it would be the same person (or at least in the same office) 70-80 % of the time .
April 30, 2009 at 6:00 AM #390310Participant[quote=SD Realtor]No not flipped in escrow. The properties were basically reo homes that went from active to pending status immediately upon being put on the mls. My first suspicion was that they were all in house deals where the listing agents simply did both sides of the deal.
In my opinion it would seem that the agents did not make much effort to get the best offer for the properties. [/quote]
I would say that’s absolutely what is happening in about 80% of REO sales in T.V., these homes are pending in hours, where as if they would require them to have minimum of two week requirement I would bet the average price paid would be about 20-35K higher (but maybe that would not be what most Pigg’s would want to see but that is besides the point).
The point is they are for whatever reason not even attempting to get the best (highest) offer.
I would bet that if one would look up who was the listing and buying agent that it would be the same person (or at least in the same office) 70-80 % of the time .
April 30, 2009 at 6:00 AM #390517Participant[quote=SD Realtor]No not flipped in escrow. The properties were basically reo homes that went from active to pending status immediately upon being put on the mls. My first suspicion was that they were all in house deals where the listing agents simply did both sides of the deal.
In my opinion it would seem that the agents did not make much effort to get the best offer for the properties. [/quote]
I would say that’s absolutely what is happening in about 80% of REO sales in T.V., these homes are pending in hours, where as if they would require them to have minimum of two week requirement I would bet the average price paid would be about 20-35K higher (but maybe that would not be what most Pigg’s would want to see but that is besides the point).
The point is they are for whatever reason not even attempting to get the best (highest) offer.
I would bet that if one would look up who was the listing and buying agent that it would be the same person (or at least in the same office) 70-80 % of the time .
April 30, 2009 at 6:00 AM #390567Participant[quote=SD Realtor]No not flipped in escrow. The properties were basically reo homes that went from active to pending status immediately upon being put on the mls. My first suspicion was that they were all in house deals where the listing agents simply did both sides of the deal.
In my opinion it would seem that the agents did not make much effort to get the best offer for the properties. [/quote]
I would say that’s absolutely what is happening in about 80% of REO sales in T.V., these homes are pending in hours, where as if they would require them to have minimum of two week requirement I would bet the average price paid would be about 20-35K higher (but maybe that would not be what most Pigg’s would want to see but that is besides the point).
The point is they are for whatever reason not even attempting to get the best (highest) offer.
I would bet that if one would look up who was the listing and buying agent that it would be the same person (or at least in the same office) 70-80 % of the time .
April 30, 2009 at 6:00 AM #390708Participant[quote=SD Realtor]No not flipped in escrow. The properties were basically reo homes that went from active to pending status immediately upon being put on the mls. My first suspicion was that they were all in house deals where the listing agents simply did both sides of the deal.
In my opinion it would seem that the agents did not make much effort to get the best offer for the properties. [/quote]
I would say that’s absolutely what is happening in about 80% of REO sales in T.V., these homes are pending in hours, where as if they would require them to have minimum of two week requirement I would bet the average price paid would be about 20-35K higher (but maybe that would not be what most Pigg’s would want to see but that is besides the point).
The point is they are for whatever reason not even attempting to get the best (highest) offer.
I would bet that if one would look up who was the listing and buying agent that it would be the same person (or at least in the same office) 70-80 % of the time .
April 30, 2009 at 9:12 AM #390123recordsclerk
ParticipantI would have to agree with you. Where are the buyers coming from? Are they pre-registered with a certain type of home they want? Do these listing agents have that many friends willing to buy or are they just building lists of qualified buyers and keeping track of what type of home these buyers want? This is happening a lot. Does this mean that when a BPO is done and the price is really good, the agent calls their friends or refer to these lists of buyers before the home gets listed. I’ve seen this where the listing date is back-dated and it looks like the home as been on the market for 6 days, but in reality is was only on the market for a few hours. As a buyer should I try to register myself with agents that get listings?
April 30, 2009 at 9:12 AM #390385ParticipantI would have to agree with you. Where are the buyers coming from? Are they pre-registered with a certain type of home they want? Do these listing agents have that many friends willing to buy or are they just building lists of qualified buyers and keeping track of what type of home these buyers want? This is happening a lot. Does this mean that when a BPO is done and the price is really good, the agent calls their friends or refer to these lists of buyers before the home gets listed. I’ve seen this where the listing date is back-dated and it looks like the home as been on the market for 6 days, but in reality is was only on the market for a few hours. As a buyer should I try to register myself with agents that get listings?
April 30, 2009 at 9:12 AM #390592ParticipantI would have to agree with you. Where are the buyers coming from? Are they pre-registered with a certain type of home they want? Do these listing agents have that many friends willing to buy or are they just building lists of qualified buyers and keeping track of what type of home these buyers want? This is happening a lot. Does this mean that when a BPO is done and the price is really good, the agent calls their friends or refer to these lists of buyers before the home gets listed. I’ve seen this where the listing date is back-dated and it looks like the home as been on the market for 6 days, but in reality is was only on the market for a few hours. As a buyer should I try to register myself with agents that get listings?
April 30, 2009 at 9:12 AM #390644ParticipantI would have to agree with you. Where are the buyers coming from? Are they pre-registered with a certain type of home they want? Do these listing agents have that many friends willing to buy or are they just building lists of qualified buyers and keeping track of what type of home these buyers want? This is happening a lot. Does this mean that when a BPO is done and the price is really good, the agent calls their friends or refer to these lists of buyers before the home gets listed. I’ve seen this where the listing date is back-dated and it looks like the home as been on the market for 6 days, but in reality is was only on the market for a few hours. As a buyer should I try to register myself with agents that get listings?
April 30, 2009 at 9:12 AM #390786ParticipantI would have to agree with you. Where are the buyers coming from? Are they pre-registered with a certain type of home they want? Do these listing agents have that many friends willing to buy or are they just building lists of qualified buyers and keeping track of what type of home these buyers want? This is happening a lot. Does this mean that when a BPO is done and the price is really good, the agent calls their friends or refer to these lists of buyers before the home gets listed. I’ve seen this where the listing date is back-dated and it looks like the home as been on the market for 6 days, but in reality is was only on the market for a few hours. As a buyer should I try to register myself with agents that get listings?
April 30, 2009 at 9:20 AM #390137NotCranky
ParticipantIt seems there is the possibility that the asset managers are telling the REO offices that they don’t want market time on some properties. There might even be some rationale for that? One new office I drive by every day has huge banners up that say “FORCLOSURE CENTER” anyone want to go in there and sleuth the place out? These guys are definately controlling properties but it is not proof of crime or anything. I agree though, at least for the time being some other system like CArenter is mentioning would be much better. I woudl at least like to see in house deals shut down in a market so heavily subsidized. I guess you should just go shop at these places?
April 30, 2009 at 9:20 AM #390400ParticipantIt seems there is the possibility that the asset managers are telling the REO offices that they don’t want market time on some properties. There might even be some rationale for that? One new office I drive by every day has huge banners up that say “FORCLOSURE CENTER” anyone want to go in there and sleuth the place out? These guys are definately controlling properties but it is not proof of crime or anything. I agree though, at least for the time being some other system like CArenter is mentioning would be much better. I woudl at least like to see in house deals shut down in a market so heavily subsidized. I guess you should just go shop at these places?
April 30, 2009 at 9:20 AM #390607ParticipantIt seems there is the possibility that the asset managers are telling the REO offices that they don’t want market time on some properties. There might even be some rationale for that? One new office I drive by every day has huge banners up that say “FORCLOSURE CENTER” anyone want to go in there and sleuth the place out? These guys are definately controlling properties but it is not proof of crime or anything. I agree though, at least for the time being some other system like CArenter is mentioning would be much better. I woudl at least like to see in house deals shut down in a market so heavily subsidized. I guess you should just go shop at these places?
April 30, 2009 at 9:20 AM #390659ParticipantIt seems there is the possibility that the asset managers are telling the REO offices that they don’t want market time on some properties. There might even be some rationale for that? One new office I drive by every day has huge banners up that say “FORCLOSURE CENTER” anyone want to go in there and sleuth the place out? These guys are definately controlling properties but it is not proof of crime or anything. I agree though, at least for the time being some other system like CArenter is mentioning would be much better. I woudl at least like to see in house deals shut down in a market so heavily subsidized. I guess you should just go shop at these places?
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