WTF – Twin Oaks Valley for 409k

[admin]

What gives here? Why is this home listed 200+k below assessed value and at the super low price of 409k?

http://www.prudentialcal.com/Consumer/Listing/ListingDetail.aspx?Search=5a72934b-1e81-450b-8e7e-f639e676549d&Listing=17540317&IRPAgentID=&Image=1&First=1&Last=10&pagesize=10&SearchType=geographic&ListingDistrictTypeID=&FirstLetter=&Sort=1&Cookies=

[no_such_reality]

Prudential link

[no_such_reality]

Look at the comparables on Zillow.

It’s a race to the bottom from the high in May 2006.

The same size and beds/baths 2158 sq ft 4/2.5 sold then for $630. One street over. Since then:

8/22/06 – 3/2.5 50 2095 sq ft at $581 (couple doors down on same steet)

8/7/06 – 4/2.5 2038 sq ft $535K ( 1/2 mile away)

8/29/06 – 4/2.5 1878 sq ft $495 (1/2 mile away)

10/24/06 – 4/3 2296 sq ft $545K (1/2 mile away)

Looks like last sale on the house was $585K in June ’04.

[Anonymous]

Still surprising that the price is this low don’t you think?

I checked the taxes through the county web site and they are in default. Also, there are no other similar homes listed at this price in San Marcos. Nearest might be listed around the high 400s, low 500s in Sante Fe Hills I think.

[no_such_reality]

If they’re in default on their taxes, I’d wonder if they’re in default on their home.

The SD county site needs their name to search it though.

does anybody with realtytrac see this address on a recent NOD?

[sdcellar]

Could it be possible that Prudential is going to run it through an auction or something?

Seems like a lot of the auction listings use the minimum opening bid price as the listing price (even when the minimum selling price might be substantially higher).

[Anonymous]

I emailed them a week ago and no reply. Guess they are in no hurry to sell the place!

[sdrealtor]

Looks like a gimmick to me. There property says it cant be shown Its a short sale and the 1st trust deed is about $460K. No way they write off that much with no reason to. My guess is that they are tring to create a bidding wat starting with a price way below market.

[Anonymous]

What a joke. These guys should be held to account for gimmicks like this.

[lendingbubblecontinues]

Placed a call in to the listing agent this afternoon….no call back yet…guess I shouldn’t be expecting one.

I noticed another house on the same street, with the same square footage, listed for $599,000 that has been languishing for months. Probably some pretty deep poop in their pants right now, hoping this house doen’t sell for $190,000 less than theirs. Yikes!!

[jimklinge]

It’s a gimmick – loans add up to $606,000. This tactic is being tried by listing agents to attract extra interest for short sales, but it’ll backfire on them.

Think if you were the lender – would you write off $200,000 just like that? These agents are in for a surprise when lenders object to this type of marketing.

Of course, if they offer it for $409,000 and no one bites, what does that say? And what do you tell the sellers/lenders then, with egg all over your face? Cut another $100,000 and try again?

Jim the Realtor

[barnaby33]

There is no requirement that the seller honor a good faith offer at the list price?

Josh

[SD Realtor]

Josh no there is not any obligation. I agree with sdrealtor, it is a ploy to get activity.

SD Realtor

[Anonymous]

A ploy, but the problem is that this agent is working under one of the leading real estate companies in this country, Prudential. If this were some small mom and pop realty company I wouldn’t be surprised.

I say that we do something about this. Instead of bitch’n and moaning about it, let’s contact Prudential’s leadership in San Diego, California, or nationwide and object to this listing. Once they are aware of it, they might even object and revise the listing. At a certain level of management, especially at a well known comany like this, someone will realize that this is over the line. Regardless, I have emailed the agent three times and called twice, as have others here, and gotten to reply. That alone is reason to complain.

If management does not agree with us I can think of a few media outlets that would be interested. Turko might even bite at this one given the fact that the pricing is deceptive. All of this assumes that we cannot buy the house for 409k.

[Author]

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