Something Ain’t Right in San Marcos

[JES]

Anyone have the ability to pull previous listing prices for this property that sold in Mat? Sold for 775k, 100k more than I estimate it is worth or should have sold for. In fact, there is simply no way that this sales price is right. I smell 100k cash back…

356 Flower Hill Way, San Marcos, 92078

[JES]

As a comparison, look to 646 Edgewater Dr., San Marcos, 92078. Right up the street, same house, better landscaping, and sold in the low 600s!

[JES]

As a comparison, look to 646 Edgewater Dr., San Marcos, 92078. Right up the street, same house, better landscaping, and sold in the low 600s!

[JES]

As a comparison, look to 646 Edgewater Dr., San Marcos, 92078. Right up the street, same house, better landscaping, and sold in the low 600s!

[JWM in SD]

One of Super Janae’s Super Friends perhaps????

[JWM in SD]

One of Super Janae’s Super Friends perhaps????

[JWM in SD]

One of Super Janae’s Super Friends perhaps????

[JES]

Why this matters: This is the 3rd house I have found in that small neighborhood of Silvercrest this year alone that has sold for approx 100k more than the final list price and/or what you’d expect it to sell for.

Here is my previous thread on this same neighborhood, different house:

http://piggington.com/san_marcos_sale_something_aint_right

[JES]

Why this matters: This is the 3rd house I have found in that small neighborhood of Silvercrest this year alone that has sold for approx 100k more than the final list price and/or what you’d expect it to sell for.

Here is my previous thread on this same neighborhood, different house:

http://piggington.com/san_marcos_sale_something_aint_right

[JES]

Why this matters: This is the 3rd house I have found in that small neighborhood of Silvercrest this year alone that has sold for approx 100k more than the final list price and/or what you’d expect it to sell for.

Here is my previous thread on this same neighborhood, different house:

http://piggington.com/san_marcos_sale_something_aint_right

[sdappraiser]

Was never listed on MLS. Buyer obtained 100% financing.

[sdappraiser]

Was never listed on MLS. Buyer obtained 100% financing.

[sdappraiser]

Was never listed on MLS. Buyer obtained 100% financing.

[bsrsharma]

I am curious to see the lenders behind these suspicious “Super Janae’s” sales. My guess is some of the lenders who may know they are going out of business may cut some Super Sweetheart deals with their friends. What do they lose if they lend a friend a million on a property worth half (based on a “friendly” appraisal) and go out of business next week? This was very common with S&Ls towards the end. Millions were loaned out on entirely worthless assets knowing FSLIC/FDIC may come soon. Of course, a few of them went to jail.

[bsrsharma]

I am curious to see the lenders behind these suspicious “Super Janae’s” sales. My guess is some of the lenders who may know they are going out of business may cut some Super Sweetheart deals with their friends. What do they lose if they lend a friend a million on a property worth half (based on a “friendly” appraisal) and go out of business next week? This was very common with S&Ls towards the end. Millions were loaned out on entirely worthless assets knowing FSLIC/FDIC may come soon. Of course, a few of them went to jail.

[Author]

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