What does “SOLD” mean?

[Sandi Egan]

There are lots of properties on Redfin, marked as “sold” for a ridiculous price. For instance:
http://www.redfin.com/CA/San-Diego/17307-Albert-Ave-92127/home/12153604

I seriously doubt these are normal sales records. Do you know where they come from?

If these are not real market-price transactions, are they counted in the monthly sales and median price calculations?

If not, how can we exclude them from our own searches, so that they don’t pollute the results with teaser ppsf numbers?

[temeculaguy]

More than likely they are just the prices sold back to the bank, redfin culls the data from the recorders office. When you see a map of redfin sold homes (or any other website that does the same thing) and the price is silly high or silly low, just check the sales history for clues. If there is a recorded sale in 2006 for 600k and a recent sale for 640k, while the comps are 300k, that’s the trustee sale back to the bank, it still records like any other sale. Sometimes it’s a silly low price because multiple lenders were involved but they don’t total them for the recording and it’s not always the highest that is picked up by the data sites. If you see a 2006 600k sale on the history and a 550k sale from early 2009 and then a 300k sale last month, that is not a bad flipper, that’s the bank taking it back for the amount owed in january and then the new buyer for a more more market based price of 300k.

Sold means the owner changed, it does not always mean that it was sold on the open market, but any good repo stalker knows, those are the ones in the “on deck” circle.

[temeculaguy]

More than likely they are just the prices sold back to the bank, redfin culls the data from the recorders office. When you see a map of redfin sold homes (or any other website that does the same thing) and the price is silly high or silly low, just check the sales history for clues. If there is a recorded sale in 2006 for 600k and a recent sale for 640k, while the comps are 300k, that’s the trustee sale back to the bank, it still records like any other sale. Sometimes it’s a silly low price because multiple lenders were involved but they don’t total them for the recording and it’s not always the highest that is picked up by the data sites. If you see a 2006 600k sale on the history and a 550k sale from early 2009 and then a 300k sale last month, that is not a bad flipper, that’s the bank taking it back for the amount owed in january and then the new buyer for a more more market based price of 300k.

Sold means the owner changed, it does not always mean that it was sold on the open market, but any good repo stalker knows, those are the ones in the “on deck” circle.

[temeculaguy]

More than likely they are just the prices sold back to the bank, redfin culls the data from the recorders office. When you see a map of redfin sold homes (or any other website that does the same thing) and the price is silly high or silly low, just check the sales history for clues. If there is a recorded sale in 2006 for 600k and a recent sale for 640k, while the comps are 300k, that’s the trustee sale back to the bank, it still records like any other sale. Sometimes it’s a silly low price because multiple lenders were involved but they don’t total them for the recording and it’s not always the highest that is picked up by the data sites. If you see a 2006 600k sale on the history and a 550k sale from early 2009 and then a 300k sale last month, that is not a bad flipper, that’s the bank taking it back for the amount owed in january and then the new buyer for a more more market based price of 300k.

Sold means the owner changed, it does not always mean that it was sold on the open market, but any good repo stalker knows, those are the ones in the “on deck” circle.

[temeculaguy]

More than likely they are just the prices sold back to the bank, redfin culls the data from the recorders office. When you see a map of redfin sold homes (or any other website that does the same thing) and the price is silly high or silly low, just check the sales history for clues. If there is a recorded sale in 2006 for 600k and a recent sale for 640k, while the comps are 300k, that’s the trustee sale back to the bank, it still records like any other sale. Sometimes it’s a silly low price because multiple lenders were involved but they don’t total them for the recording and it’s not always the highest that is picked up by the data sites. If you see a 2006 600k sale on the history and a 550k sale from early 2009 and then a 300k sale last month, that is not a bad flipper, that’s the bank taking it back for the amount owed in january and then the new buyer for a more more market based price of 300k.

Sold means the owner changed, it does not always mean that it was sold on the open market, but any good repo stalker knows, those are the ones in the “on deck” circle.

[temeculaguy]

More than likely they are just the prices sold back to the bank, redfin culls the data from the recorders office. When you see a map of redfin sold homes (or any other website that does the same thing) and the price is silly high or silly low, just check the sales history for clues. If there is a recorded sale in 2006 for 600k and a recent sale for 640k, while the comps are 300k, that’s the trustee sale back to the bank, it still records like any other sale. Sometimes it’s a silly low price because multiple lenders were involved but they don’t total them for the recording and it’s not always the highest that is picked up by the data sites. If you see a 2006 600k sale on the history and a 550k sale from early 2009 and then a 300k sale last month, that is not a bad flipper, that’s the bank taking it back for the amount owed in january and then the new buyer for a more more market based price of 300k.

Sold means the owner changed, it does not always mean that it was sold on the open market, but any good repo stalker knows, those are the ones in the “on deck” circle.

[propertysearchaddiction]

Redfin includes the sale price back to the bank. It would be nice if they separated these sales from the regular sales.
It can help you track REO’s that will be coming onto the market soon. The homes that sell for $100,000 below the regular sales price on Redfin and are always suspect. You will see these homes come on the market a couple weeks later and they will always be listed much higher than the last sale.

[propertysearchaddiction]

Redfin includes the sale price back to the bank. It would be nice if they separated these sales from the regular sales.
It can help you track REO’s that will be coming onto the market soon. The homes that sell for $100,000 below the regular sales price on Redfin and are always suspect. You will see these homes come on the market a couple weeks later and they will always be listed much higher than the last sale.

[propertysearchaddiction]

Redfin includes the sale price back to the bank. It would be nice if they separated these sales from the regular sales.
It can help you track REO’s that will be coming onto the market soon. The homes that sell for $100,000 below the regular sales price on Redfin and are always suspect. You will see these homes come on the market a couple weeks later and they will always be listed much higher than the last sale.

[propertysearchaddiction]

Redfin includes the sale price back to the bank. It would be nice if they separated these sales from the regular sales.
It can help you track REO’s that will be coming onto the market soon. The homes that sell for $100,000 below the regular sales price on Redfin and are always suspect. You will see these homes come on the market a couple weeks later and they will always be listed much higher than the last sale.

[propertysearchaddiction]

Redfin includes the sale price back to the bank. It would be nice if they separated these sales from the regular sales.
It can help you track REO’s that will be coming onto the market soon. The homes that sell for $100,000 below the regular sales price on Redfin and are always suspect. You will see these homes come on the market a couple weeks later and they will always be listed much higher than the last sale.

[Sandi Egan]

[quote=temeculaguy]Sold means the owner changed, it does not always mean that it was sold on the open market, but any good repo stalker knows, those are the ones in the “on deck” circle.[/quote]
That’s what I suspected.
However, I seriously doubt these transactions are included in #of sales, median price and comps calculations. There must be a sure way to tell open market sales from these fake ones, right?

[Sandi Egan]

[quote=temeculaguy]Sold means the owner changed, it does not always mean that it was sold on the open market, but any good repo stalker knows, those are the ones in the “on deck” circle.[/quote]
That’s what I suspected.
However, I seriously doubt these transactions are included in #of sales, median price and comps calculations. There must be a sure way to tell open market sales from these fake ones, right?

[Sandi Egan]

[quote=temeculaguy]Sold means the owner changed, it does not always mean that it was sold on the open market, but any good repo stalker knows, those are the ones in the “on deck” circle.[/quote]
That’s what I suspected.
However, I seriously doubt these transactions are included in #of sales, median price and comps calculations. There must be a sure way to tell open market sales from these fake ones, right?

[Sandi Egan]

[quote=temeculaguy]Sold means the owner changed, it does not always mean that it was sold on the open market, but any good repo stalker knows, those are the ones in the “on deck” circle.[/quote]
That’s what I suspected.
However, I seriously doubt these transactions are included in #of sales, median price and comps calculations. There must be a sure way to tell open market sales from these fake ones, right?

[Author]

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