more bad behavior

[peterb]

The banks usually have a few brokers they divvy out their REO’s to for sale. There’s no law that says anyone has to use a real estate broker or agent to sell a house unless one wants to utilize the agency laws in the state of CA.
The broker using the MLS eventhough they may want to do it all themselves is a way to make the transaction appear to be “arms length” in nature. The banks may also check the MLS to make sure the broker is actively marketing the houses.
You’d think that being on the MLS about 1 day before going pending would be a red flag for the banks. But they may not look nor care at that point as long as they’re getting the price they’ve been told by the BPO as “good”.

[davelj]

[quote=danthedart]http://www.sdlookup.com/MLS-090025247-1111_Joshua_Escondido_Ca_92026

DOM: 0

Comments say that an offer has already been accepted and not to show the property. [/quote]

So let’s just assume for argument’s sake that this POS sold for $200K (the bottom of the listing range). Looks like it needs at least $20K in work just judging from the outside and perhaps more. But let’s just use $20K for argument’s sake. So, whoever bought this thing is into it for at least $220K. What would it rent for? $1,500/month? Something like that? So they paid maybe 12.2x annual rent. That seems like a reasonable deal, but definitely not a steal. Am I missing something here?

I bought a foreclosure in September for 8.9x current rents (after including renovation costs). And I didn’t think THAT was a steal – just an o.k. deal where I was pretty sure I didn’t get raped.

Anyhow, maybe I’m missing something in the numbers on this one.

[davelj]

[quote=danthedart]http://www.sdlookup.com/MLS-090025247-1111_Joshua_Escondido_Ca_92026

DOM: 0

Comments say that an offer has already been accepted and not to show the property. [/quote]

So let’s just assume for argument’s sake that this POS sold for $200K (the bottom of the listing range). Looks like it needs at least $20K in work just judging from the outside and perhaps more. But let’s just use $20K for argument’s sake. So, whoever bought this thing is into it for at least $220K. What would it rent for? $1,500/month? Something like that? So they paid maybe 12.2x annual rent. That seems like a reasonable deal, but definitely not a steal. Am I missing something here?

I bought a foreclosure in September for 8.9x current rents (after including renovation costs). And I didn’t think THAT was a steal – just an o.k. deal where I was pretty sure I didn’t get raped.

Anyhow, maybe I’m missing something in the numbers on this one.

[davelj]

[quote=danthedart]http://www.sdlookup.com/MLS-090025247-1111_Joshua_Escondido_Ca_92026

DOM: 0

Comments say that an offer has already been accepted and not to show the property. [/quote]

So let’s just assume for argument’s sake that this POS sold for $200K (the bottom of the listing range). Looks like it needs at least $20K in work just judging from the outside and perhaps more. But let’s just use $20K for argument’s sake. So, whoever bought this thing is into it for at least $220K. What would it rent for? $1,500/month? Something like that? So they paid maybe 12.2x annual rent. That seems like a reasonable deal, but definitely not a steal. Am I missing something here?

I bought a foreclosure in September for 8.9x current rents (after including renovation costs). And I didn’t think THAT was a steal – just an o.k. deal where I was pretty sure I didn’t get raped.

Anyhow, maybe I’m missing something in the numbers on this one.

[davelj]

[quote=danthedart]http://www.sdlookup.com/MLS-090025247-1111_Joshua_Escondido_Ca_92026

DOM: 0

Comments say that an offer has already been accepted and not to show the property. [/quote]

So let’s just assume for argument’s sake that this POS sold for $200K (the bottom of the listing range). Looks like it needs at least $20K in work just judging from the outside and perhaps more. But let’s just use $20K for argument’s sake. So, whoever bought this thing is into it for at least $220K. What would it rent for? $1,500/month? Something like that? So they paid maybe 12.2x annual rent. That seems like a reasonable deal, but definitely not a steal. Am I missing something here?

I bought a foreclosure in September for 8.9x current rents (after including renovation costs). And I didn’t think THAT was a steal – just an o.k. deal where I was pretty sure I didn’t get raped.

Anyhow, maybe I’m missing something in the numbers on this one.

[davelj]

[quote=danthedart]http://www.sdlookup.com/MLS-090025247-1111_Joshua_Escondido_Ca_92026

DOM: 0

Comments say that an offer has already been accepted and not to show the property. [/quote]

So let’s just assume for argument’s sake that this POS sold for $200K (the bottom of the listing range). Looks like it needs at least $20K in work just judging from the outside and perhaps more. But let’s just use $20K for argument’s sake. So, whoever bought this thing is into it for at least $220K. What would it rent for? $1,500/month? Something like that? So they paid maybe 12.2x annual rent. That seems like a reasonable deal, but definitely not a steal. Am I missing something here?

I bought a foreclosure in September for 8.9x current rents (after including renovation costs). And I didn’t think THAT was a steal – just an o.k. deal where I was pretty sure I didn’t get raped.

Anyhow, maybe I’m missing something in the numbers on this one.

[UCGal]

[quote=danthedart]http://www.sdlookup.com/MLS-090025247-1111_Joshua_Escondido_Ca_92026

DOM: 0

Comments say that an offer has already been accepted and not to show the property. [/quote]

But at least they went to the trouble to put 3 pictures with the bogus listing. Oh wait – it’s the same picture 3 times. LOL.

[UCGal]

[quote=danthedart]http://www.sdlookup.com/MLS-090025247-1111_Joshua_Escondido_Ca_92026

DOM: 0

Comments say that an offer has already been accepted and not to show the property. [/quote]

But at least they went to the trouble to put 3 pictures with the bogus listing. Oh wait – it’s the same picture 3 times. LOL.

[UCGal]

[quote=danthedart]http://www.sdlookup.com/MLS-090025247-1111_Joshua_Escondido_Ca_92026

DOM: 0

Comments say that an offer has already been accepted and not to show the property. [/quote]

But at least they went to the trouble to put 3 pictures with the bogus listing. Oh wait – it’s the same picture 3 times. LOL.

[UCGal]

[quote=danthedart]http://www.sdlookup.com/MLS-090025247-1111_Joshua_Escondido_Ca_92026

DOM: 0

Comments say that an offer has already been accepted and not to show the property. [/quote]

But at least they went to the trouble to put 3 pictures with the bogus listing. Oh wait – it’s the same picture 3 times. LOL.

[UCGal]

[quote=danthedart]http://www.sdlookup.com/MLS-090025247-1111_Joshua_Escondido_Ca_92026

DOM: 0

Comments say that an offer has already been accepted and not to show the property. [/quote]

But at least they went to the trouble to put 3 pictures with the bogus listing. Oh wait – it’s the same picture 3 times. LOL.

[davelj]

I don’t get it. Most of the Piggs complain about how the lenders are hording/hiding REOs and not bringing them to market. So now certain Piggs are upset when some REOs get bought quickly? That doesn’t make any sense. And if the lender’s agent (the servicer) is willing to take whatever offer is made from whoever is willing to offer it, does it matter if it’s a real estate agent? Or a friend of an agent’s? Are there any Piggs who have missed out on their dream home because a real estate agent bought the REO before it “really” hit the market? Inquiring minds want to know.

[davelj]

I don’t get it. Most of the Piggs complain about how the lenders are hording/hiding REOs and not bringing them to market. So now certain Piggs are upset when some REOs get bought quickly? That doesn’t make any sense. And if the lender’s agent (the servicer) is willing to take whatever offer is made from whoever is willing to offer it, does it matter if it’s a real estate agent? Or a friend of an agent’s? Are there any Piggs who have missed out on their dream home because a real estate agent bought the REO before it “really” hit the market? Inquiring minds want to know.

[davelj]

I don’t get it. Most of the Piggs complain about how the lenders are hording/hiding REOs and not bringing them to market. So now certain Piggs are upset when some REOs get bought quickly? That doesn’t make any sense. And if the lender’s agent (the servicer) is willing to take whatever offer is made from whoever is willing to offer it, does it matter if it’s a real estate agent? Or a friend of an agent’s? Are there any Piggs who have missed out on their dream home because a real estate agent bought the REO before it “really” hit the market? Inquiring minds want to know.

[davelj]

I don’t get it. Most of the Piggs complain about how the lenders are hording/hiding REOs and not bringing them to market. So now certain Piggs are upset when some REOs get bought quickly? That doesn’t make any sense. And if the lender’s agent (the servicer) is willing to take whatever offer is made from whoever is willing to offer it, does it matter if it’s a real estate agent? Or a friend of an agent’s? Are there any Piggs who have missed out on their dream home because a real estate agent bought the REO before it “really” hit the market? Inquiring minds want to know.

[Author]

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