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  • September 22, 2009 at 2:11 PM #16387
    CA renter
    Participant

    I’ve seen a number of short sales that are already contingent dropping their prices during the contingency period. If they are already “pending/contingent” why would they keep dropping the price?

    Being my normally cynical self, I can’t help but wonder if there is some fraud involved. It’s like they can list the house for a higher price, eliminating competition at a lower price, then once the listing is contingent (and no longer accepting offers?), they lower the price to below market.

    In some cases, I’m hearing of the owner buying from him/herself under a spouse’s or thrid-party name in a short sale. This way, they can basically name their own price, and steal hundreds of thousands from the bank/taxpayers. How can this be legal?

    An example of price drops during the contingency (though this was legitimately listed as “active” for a while, so not one of those that comes on the market already pending/contingent):

    http://www.sdlookup.com/MLS-090016230-2641_Abedul_St_Carlsbad_CA_92009

    September 22, 2009 at 2:23 PM #460199
    propertysearchaddiction
    Participant

    I had this conversation with a realtor at an open house a few months back. I didn’t like the house, so they got out their listing sheet to show me. I scanned their listings and asked them why they were listing a home at $700,000 when the comps were at $550,000? They said until the bank came back with what they were going to accept, they wanted to list it high so that they wouldn’t have to deal with it until the bank was ready to deal. It came on the market for $625,000 a few weeks ago. And the bank has approved it. It is still active.

    In the case in question…I noticed it is listed by Battiata. My realtor said that Battiata does this all the time. They list and get an offer. Then lower the price to try and get more offers to create a bidding war. My realtor said we should just steer clear cuz it isn’t worth trying to work with a short sale listing from them.

    September 22, 2009 at 2:23 PM #460391
    propertysearchaddiction
    Participant

    I had this conversation with a realtor at an open house a few months back. I didn’t like the house, so they got out their listing sheet to show me. I scanned their listings and asked them why they were listing a home at $700,000 when the comps were at $550,000? They said until the bank came back with what they were going to accept, they wanted to list it high so that they wouldn’t have to deal with it until the bank was ready to deal. It came on the market for $625,000 a few weeks ago. And the bank has approved it. It is still active.

    In the case in question…I noticed it is listed by Battiata. My realtor said that Battiata does this all the time. They list and get an offer. Then lower the price to try and get more offers to create a bidding war. My realtor said we should just steer clear cuz it isn’t worth trying to work with a short sale listing from them.

    September 22, 2009 at 2:23 PM #460731
    propertysearchaddiction
    Participant

    I had this conversation with a realtor at an open house a few months back. I didn’t like the house, so they got out their listing sheet to show me. I scanned their listings and asked them why they were listing a home at $700,000 when the comps were at $550,000? They said until the bank came back with what they were going to accept, they wanted to list it high so that they wouldn’t have to deal with it until the bank was ready to deal. It came on the market for $625,000 a few weeks ago. And the bank has approved it. It is still active.

    In the case in question…I noticed it is listed by Battiata. My realtor said that Battiata does this all the time. They list and get an offer. Then lower the price to try and get more offers to create a bidding war. My realtor said we should just steer clear cuz it isn’t worth trying to work with a short sale listing from them.

    September 22, 2009 at 2:23 PM #460803
    propertysearchaddiction
    Participant

    I had this conversation with a realtor at an open house a few months back. I didn’t like the house, so they got out their listing sheet to show me. I scanned their listings and asked them why they were listing a home at $700,000 when the comps were at $550,000? They said until the bank came back with what they were going to accept, they wanted to list it high so that they wouldn’t have to deal with it until the bank was ready to deal. It came on the market for $625,000 a few weeks ago. And the bank has approved it. It is still active.

    In the case in question…I noticed it is listed by Battiata. My realtor said that Battiata does this all the time. They list and get an offer. Then lower the price to try and get more offers to create a bidding war. My realtor said we should just steer clear cuz it isn’t worth trying to work with a short sale listing from them.

    September 22, 2009 at 2:23 PM #461005
    propertysearchaddiction
    Participant

    I had this conversation with a realtor at an open house a few months back. I didn’t like the house, so they got out their listing sheet to show me. I scanned their listings and asked them why they were listing a home at $700,000 when the comps were at $550,000? They said until the bank came back with what they were going to accept, they wanted to list it high so that they wouldn’t have to deal with it until the bank was ready to deal. It came on the market for $625,000 a few weeks ago. And the bank has approved it. It is still active.

    In the case in question…I noticed it is listed by Battiata. My realtor said that Battiata does this all the time. They list and get an offer. Then lower the price to try and get more offers to create a bidding war. My realtor said we should just steer clear cuz it isn’t worth trying to work with a short sale listing from them.

    September 22, 2009 at 3:37 PM #460239
    SD Realtor
    Participant

    Like I said before, the more Battiata short sales there are, the more potential foreclosures for all of us to buy on the open market!

    CAR there is definitely lots of hanky panky going on, we have already been down that road. In a few cases it may be legit. I have a contingent short sale that did not appraise. I have not lowered the price yet because the short sale lender did okay the price reduction.

    What can you do man… rigged game.

    September 22, 2009 at 3:37 PM #460430
    SD Realtor
    Participant

    Like I said before, the more Battiata short sales there are, the more potential foreclosures for all of us to buy on the open market!

    CAR there is definitely lots of hanky panky going on, we have already been down that road. In a few cases it may be legit. I have a contingent short sale that did not appraise. I have not lowered the price yet because the short sale lender did okay the price reduction.

    What can you do man… rigged game.

    September 22, 2009 at 3:37 PM #460770
    SD Realtor
    Participant

    Like I said before, the more Battiata short sales there are, the more potential foreclosures for all of us to buy on the open market!

    CAR there is definitely lots of hanky panky going on, we have already been down that road. In a few cases it may be legit. I have a contingent short sale that did not appraise. I have not lowered the price yet because the short sale lender did okay the price reduction.

    What can you do man… rigged game.

    September 22, 2009 at 3:37 PM #460843
    SD Realtor
    Participant

    Like I said before, the more Battiata short sales there are, the more potential foreclosures for all of us to buy on the open market!

    CAR there is definitely lots of hanky panky going on, we have already been down that road. In a few cases it may be legit. I have a contingent short sale that did not appraise. I have not lowered the price yet because the short sale lender did okay the price reduction.

    What can you do man… rigged game.

    September 22, 2009 at 3:37 PM #461045
    SD Realtor
    Participant

    Like I said before, the more Battiata short sales there are, the more potential foreclosures for all of us to buy on the open market!

    CAR there is definitely lots of hanky panky going on, we have already been down that road. In a few cases it may be legit. I have a contingent short sale that did not appraise. I have not lowered the price yet because the short sale lender did okay the price reduction.

    What can you do man… rigged game.

    September 22, 2009 at 4:53 PM #460297
    CA renter
    Participant

    Definitely a rigged game…

    I’m feeling like an idiot now for not wanting to take on debt and huge mortgages we couldn’t pay off. The way things turned out, we should have bought a $2MM property in RSF a few years ago and lived rent-free all this time, then had the govt step in and “rescue” us, so we could short sell it back to ourselves for $500K.

    Will this ever end???? 🙁

    September 22, 2009 at 4:53 PM #460490
    CA renter
    Participant

    Definitely a rigged game…

    I’m feeling like an idiot now for not wanting to take on debt and huge mortgages we couldn’t pay off. The way things turned out, we should have bought a $2MM property in RSF a few years ago and lived rent-free all this time, then had the govt step in and “rescue” us, so we could short sell it back to ourselves for $500K.

    Will this ever end???? 🙁

    September 22, 2009 at 4:53 PM #460830
    CA renter
    Participant

    Definitely a rigged game…

    I’m feeling like an idiot now for not wanting to take on debt and huge mortgages we couldn’t pay off. The way things turned out, we should have bought a $2MM property in RSF a few years ago and lived rent-free all this time, then had the govt step in and “rescue” us, so we could short sell it back to ourselves for $500K.

    Will this ever end???? 🙁

    September 22, 2009 at 4:53 PM #460903
    CA renter
    Participant

    Definitely a rigged game…

    I’m feeling like an idiot now for not wanting to take on debt and huge mortgages we couldn’t pay off. The way things turned out, we should have bought a $2MM property in RSF a few years ago and lived rent-free all this time, then had the govt step in and “rescue” us, so we could short sell it back to ourselves for $500K.

    Will this ever end???? 🙁

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