Strange off-market transactions with huge discounts?

[SD Squatter]

Strange sales recorded where houses are “resold” off-market within a few months with huge discounts. All in the same neighborhood:

http://www.redfin.com/CA/San-Diego/4330-Cartulina-Rd-92124/home/5402643


Mar 26, 2012 Sold (Public Records) $252,500 -74.9%/yr Public Records
Aug 24, 2011 Sold (Public Records) $570,000   4.7%/yr Public Records
Aug 24, 2011 Sold (MLS) (Sold)     $573,000   -- SANDICOR #110040536
Jul 19, 2011 Pending                     --   -- SANDICOR #110040536
Jul 14, 2011 Listed (Active)       $573,500   -- SANDICOR #110040536


Or this:
http://www.redfin.com/CA/San-Diego/11132-Vivaracho-Way-92124/home/4990747


Jan 31, 2012 Sold (Public Records) $480,000 -36.1%/yr Public Records
Jun 30, 2011 Sold (Public Records) $625,000   0.0%/yr Public Records
Jun 30, 2011 Sold (MLS) (Sold)     $625,000   -- SANDICOR #110014970
May 12, 2011 Sold (Public Records) $625,000  -1.1%/yr Public Records
Apr 07, 2011 Pending                     --   -- SANDICOR #110014970
Mar 11, 2011 Listed (Active)       $650,000   -- SANDICOR #110014970


Any ideas of what’s going on?

[Anonymous]

Quick, call CA Renter, the self-appointed fraud investigator!

She’s the George Zimmerman of real estate!

[sdrealtor]

Probably related party/interfamily transactions and nothing illegal or unusual.

[CA renter]

[quote=pri_dk]Quick, call CA Renter, the self-appointed fraud investigator!

She’s the George Zimmerman of real estate![/quote]

Thanks for confirming that you think we should all be apathetic losers who do nothing while crimes are being committed. Needless to say, I’m not at all surprised this is coming from you.

[CA renter]

There are a number of homes being sold to bulk buyers/investors. In many cases, they are getting them for 15-20% of what is owed on them.

It is totally unethical, but apparently, it is legal. FWIW, taxpayers are backing a large portion of these losses, but we’ll never hear about it in the MSM. Sickening…
—————-

Edited to add link:

http://thearizonainvestor.com/partners-seek-bulk-reo-buys/

[sdrealtor]

[quote=CA renter]There are a number of homes being sold to bulk buyers/investors. In many cases, they are getting them for 15-20% of what is owed on them.

It is totally unethical, but apparently, it is legal. FWIW, taxpayers are backing a large portion of these losses, but we’ll never hear about it in the MSM. Sickening…
—————-

Edited to add link:

http://thearizonainvestor.com/partners-seek-bulk-reo-buys/%5B/quote%5D

Thanks for threadjacking with a totally irrelevant post. That has nothing to do with these as they were non-mls sales to individuals. Most likely related parties. Both of the higher 2011 sales were ALL CASH sales. CAR time take the tin foil hat off.

[SD Realtor]

I agree with sdr. Nothing at all suspicious about these. I guess it is alot easier to cry wolf then do some research and find out the real facts.

Additionally bulk sales that are occurring are through institutions and not individual owners. Come on now… really?

[CA renter]

[quote=sdrealtor][quote=CA renter]There are a number of homes being sold to bulk buyers/investors. In many cases, they are getting them for 15-20% of what is owed on them.

It is totally unethical, but apparently, it is legal. FWIW, taxpayers are backing a large portion of these losses, but we’ll never hear about it in the MSM. Sickening…
—————-

Edited to add link:

http://thearizonainvestor.com/partners-seek-bulk-reo-buys/%5B/quote%5D

Thanks for threadjacking with a totally irrelevant post. That has nothing to do with these as they were non-mls sales to individuals. Most likely related parties. Both of the higher 2011 sales were ALL CASH sales. CAR time take the tin foil hat off.[/quote]

You are correct, my mistake. I didn’t look at the linked sales.

Been going back and forth with some other people about other deals where the homes appear to be sold on the courthouse steps (sometimes, you don’t even see that), then you see a VERY low off-market sale, then it suddenly comes back on the market at “market” prices. Those appear to be the bulk sales, and I’ve heard that the very low prices shown in public records often don’t tell the whole truth: they are often bought for even lower prices, but the “investors” don’t want anyone to know their purchase price, so they report a higher sales price that is still far, far lower than any comparable sales.

My apologies for not checking the details before commenting.

[Anonymous]

[quote=CA renter]My apologies for not checking the details before commenting.[/quote]

I accept your apology.

[Coronita]

This begs me to ask a question though..

For the first property… What happens to the property tax? Does it get shaved off too now that the value will be around $260k….
Ain’t this going to trigger some sort of head scratching at the assessor’s office?

Just saying…

[sdrealtor]

Assessor is not stupid and will deal with it accordingly at fair market value.

[SD Realtor]

Hi Flu –

The assessor does not blindly change the tax rate. In fact in all of the trustee sale purchases we made, never once was the property assessed at the lower price we got it for at auction. The assessor will use the market assessment and you the owner are tasked with trying to justify a lower assessment if you can find comps to back it up.

[Coronita]

Good to know. I would hate to think folks were able to pull a fast one. Pay your damn taxes people, like the rest of us.

[UCGal]

The vivaracho one appears to be a corporate move/buyout.

The property tax records include 3 parties – including “PRUDENTIAL RELOCATION INC”

I can see a corporation buying a house of an employee they want to relocate – then taking the hit. It happens for execs. (Not so much at the worker bee level.) For some – it’s the only way to get an employee to move, if they’re underwater.

The cartulina one appears to be an estate type thing looking at the property tax records.

No conspiracy here that I see.

This isn’t rocket science – get the APN # from Redfin and plug it into the county property tax website.
https://www.sdctreastax.com/ebpp3/(5x2gtq45rtl4ecm3cthnrx55)/Start.Aspx

[Coronita]

deleted.

[Author]

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