North park flips… relatistic prices?

[sdrealtor]

BTW, I checked the listing on Driscoll and as a short sale it was contingent multiple times above 600K so apparaently they had no problem getting offer in that range before it went back to the bank. They just couldnt get the short sale done so it went back to the bank.

Additionally I have spent the last couple weeks showing properties in 92117. That house would have a couple dozen offers if it was listed at 535K.

[jpinpb]

[quote=sdrealtor]As a sidebar, I have been seeing lots of REO’s and short sales that were intially listed under market closing at prices 10 to 20% above th asking price. The market speaks volumes but some folks dont care to read what the market is telling them.[/quote]

If the flippers bring up the comps, then buyers will fight for a lower priced REO and suprise, sells higher.

[quote=sdrealtor]BTW, I checked the listing on Driscoll and as a short sale it was contingent multiple times above 600K so apparaently they had no problem getting offer in that range before it went back to the bank. They just couldnt get the short sale done so it went back to the bank.
[/quote]

Yes. Why was the short sale not done? Maybe the prospective buyer re-considered the over 600k price? Maybe they had cold feet.

[jpinpb]

[quote=sdrealtor]As a sidebar, I have been seeing lots of REO’s and short sales that were intially listed under market closing at prices 10 to 20% above th asking price. The market speaks volumes but some folks dont care to read what the market is telling them.[/quote]

If the flippers bring up the comps, then buyers will fight for a lower priced REO and suprise, sells higher.

[quote=sdrealtor]BTW, I checked the listing on Driscoll and as a short sale it was contingent multiple times above 600K so apparaently they had no problem getting offer in that range before it went back to the bank. They just couldnt get the short sale done so it went back to the bank.
[/quote]

Yes. Why was the short sale not done? Maybe the prospective buyer re-considered the over 600k price? Maybe they had cold feet.

[jpinpb]

[quote=sdrealtor]As a sidebar, I have been seeing lots of REO’s and short sales that were intially listed under market closing at prices 10 to 20% above th asking price. The market speaks volumes but some folks dont care to read what the market is telling them.[/quote]

If the flippers bring up the comps, then buyers will fight for a lower priced REO and suprise, sells higher.

[quote=sdrealtor]BTW, I checked the listing on Driscoll and as a short sale it was contingent multiple times above 600K so apparaently they had no problem getting offer in that range before it went back to the bank. They just couldnt get the short sale done so it went back to the bank.
[/quote]

Yes. Why was the short sale not done? Maybe the prospective buyer re-considered the over 600k price? Maybe they had cold feet.

[jpinpb]

[quote=sdrealtor]As a sidebar, I have been seeing lots of REO’s and short sales that were intially listed under market closing at prices 10 to 20% above th asking price. The market speaks volumes but some folks dont care to read what the market is telling them.[/quote]

If the flippers bring up the comps, then buyers will fight for a lower priced REO and suprise, sells higher.

[quote=sdrealtor]BTW, I checked the listing on Driscoll and as a short sale it was contingent multiple times above 600K so apparaently they had no problem getting offer in that range before it went back to the bank. They just couldnt get the short sale done so it went back to the bank.
[/quote]

Yes. Why was the short sale not done? Maybe the prospective buyer re-considered the over 600k price? Maybe they had cold feet.

[jpinpb]

[quote=sdrealtor]As a sidebar, I have been seeing lots of REO’s and short sales that were intially listed under market closing at prices 10 to 20% above th asking price. The market speaks volumes but some folks dont care to read what the market is telling them.[/quote]

If the flippers bring up the comps, then buyers will fight for a lower priced REO and suprise, sells higher.

[quote=sdrealtor]BTW, I checked the listing on Driscoll and as a short sale it was contingent multiple times above 600K so apparaently they had no problem getting offer in that range before it went back to the bank. They just couldnt get the short sale done so it went back to the bank.
[/quote]

Yes. Why was the short sale not done? Maybe the prospective buyer re-considered the over 600k price? Maybe they had cold feet.

[sdrealtor]

Or maybe the lender was extremely difficult to deal (their lender is one that is particularly tough) and they had refinaced the remodelling costs so they had recourse loans (definitely) and the lender wanted a siginifcation seller contribution (almost certainly) and/or would not release them of the deficiency (very likely also).

You can dream things go the way you wish they would but being an active participant in this market (as SD R and I am) we know the reality. There really isnt anything to be pissed about on Driscoll (other than the sellers getting a free ride for a while) and you are free to buy it today at the market price.

[sdrealtor]

Or maybe the lender was extremely difficult to deal (their lender is one that is particularly tough) and they had refinaced the remodelling costs so they had recourse loans (definitely) and the lender wanted a siginifcation seller contribution (almost certainly) and/or would not release them of the deficiency (very likely also).

You can dream things go the way you wish they would but being an active participant in this market (as SD R and I am) we know the reality. There really isnt anything to be pissed about on Driscoll (other than the sellers getting a free ride for a while) and you are free to buy it today at the market price.

[sdrealtor]

Or maybe the lender was extremely difficult to deal (their lender is one that is particularly tough) and they had refinaced the remodelling costs so they had recourse loans (definitely) and the lender wanted a siginifcation seller contribution (almost certainly) and/or would not release them of the deficiency (very likely also).

You can dream things go the way you wish they would but being an active participant in this market (as SD R and I am) we know the reality. There really isnt anything to be pissed about on Driscoll (other than the sellers getting a free ride for a while) and you are free to buy it today at the market price.

[sdrealtor]

Or maybe the lender was extremely difficult to deal (their lender is one that is particularly tough) and they had refinaced the remodelling costs so they had recourse loans (definitely) and the lender wanted a siginifcation seller contribution (almost certainly) and/or would not release them of the deficiency (very likely also).

You can dream things go the way you wish they would but being an active participant in this market (as SD R and I am) we know the reality. There really isnt anything to be pissed about on Driscoll (other than the sellers getting a free ride for a while) and you are free to buy it today at the market price.

[sdrealtor]

Or maybe the lender was extremely difficult to deal (their lender is one that is particularly tough) and they had refinaced the remodelling costs so they had recourse loans (definitely) and the lender wanted a siginifcation seller contribution (almost certainly) and/or would not release them of the deficiency (very likely also).

You can dream things go the way you wish they would but being an active participant in this market (as SD R and I am) we know the reality. There really isnt anything to be pissed about on Driscoll (other than the sellers getting a free ride for a while) and you are free to buy it today at the market price.

[CA renter]

sdr,

Jpinpb and I have every reason to be upset about it because **we are buyers,** not realtors. WE are the ones who will lose when prices finally (if ever?) get back to normal. If we’re putting down a large down payment, we take the first loss, and that could easily be 100% of a 20% down payment. Easy for you to call us crazy — it’s not your money on the line.

BTW, just because you and SDR are realtors and jpinpb and I are not does not mean that we are not savvy about this market. We’ve been watching things very closely for years; and yes, we are “out on the streets” looking at properties and seeing who/what our competition is. I’ve been watching the RE market in Southern California long before you even moved here. No offense, but your assertion that we are somehow clueless about the market simply because we are not realtors doesn’t fly.

[CA renter]

sdr,

Jpinpb and I have every reason to be upset about it because **we are buyers,** not realtors. WE are the ones who will lose when prices finally (if ever?) get back to normal. If we’re putting down a large down payment, we take the first loss, and that could easily be 100% of a 20% down payment. Easy for you to call us crazy — it’s not your money on the line.

BTW, just because you and SDR are realtors and jpinpb and I are not does not mean that we are not savvy about this market. We’ve been watching things very closely for years; and yes, we are “out on the streets” looking at properties and seeing who/what our competition is. I’ve been watching the RE market in Southern California long before you even moved here. No offense, but your assertion that we are somehow clueless about the market simply because we are not realtors doesn’t fly.

[CA renter]

sdr,

Jpinpb and I have every reason to be upset about it because **we are buyers,** not realtors. WE are the ones who will lose when prices finally (if ever?) get back to normal. If we’re putting down a large down payment, we take the first loss, and that could easily be 100% of a 20% down payment. Easy for you to call us crazy — it’s not your money on the line.

BTW, just because you and SDR are realtors and jpinpb and I are not does not mean that we are not savvy about this market. We’ve been watching things very closely for years; and yes, we are “out on the streets” looking at properties and seeing who/what our competition is. I’ve been watching the RE market in Southern California long before you even moved here. No offense, but your assertion that we are somehow clueless about the market simply because we are not realtors doesn’t fly.

[CA renter]

sdr,

Jpinpb and I have every reason to be upset about it because **we are buyers,** not realtors. WE are the ones who will lose when prices finally (if ever?) get back to normal. If we’re putting down a large down payment, we take the first loss, and that could easily be 100% of a 20% down payment. Easy for you to call us crazy — it’s not your money on the line.

BTW, just because you and SDR are realtors and jpinpb and I are not does not mean that we are not savvy about this market. We’ve been watching things very closely for years; and yes, we are “out on the streets” looking at properties and seeing who/what our competition is. I’ve been watching the RE market in Southern California long before you even moved here. No offense, but your assertion that we are somehow clueless about the market simply because we are not realtors doesn’t fly.

[Author]

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