Yet another funny short sale

[outtamojo]

Condos in SEH have been in short supply so it looks like the back-room deals are intensifying – http://www.sdlookup.com/MLS-120025906-1196_Highbluff_Ave_San_Marcos_CA_92078

Property just hit the wires today but listing date is posted as 5/15 and contingent already. I have half a mind to find out who the mortgage holder is and rat that agent out.

[SD Realtor]

Well it is interesting. The listing agent is a Prudential agent but I have not dealt with her. sdr may have.

I find the mortgage history to be quite nice. Purchase in 2008 with a VA loan for 344,200. Note the sales price was 337k so that included closing costs. Then they refied it in 2010 for 363,762 using VA financing. Then they just refied it again in Feb of 2012 for a loan amount of 368,473 BUT the realist roll says that was conventional not VA. So how does something appraise in February for 368,473 but then short sell 3 months later for 290k?

I don’t know if the agent was guilty of anything or not. Given the short supply of condos there, once that first offer came the sellers don’t give a crap so they took it and said no more listings, we don’t want people going through the home, you never know.

Pricewise 290k would not be the lowest price sale for that floorplan nor would it be the highest. Additionally we do not know what the price of acceptance is.

[outtamojo]

Given the market conditions at SEH and the “right now” premium for folks trying to close before school starts I would say that condo would go for something like $300-315K if it were allowed to be listed properly. Will have to see where it closes but don’t the banks require short sales to be marketed to obtain best price now? Imo justice would be served if the bank rejected whatever offer that was profferred and sent themback to the drawing board.

[sdrealtor]

Bank can counter. Price doesn’t seem far off. The process can easily take 6 months. What happens to sellers if they submit a much higher offer and then the market drops? Do you think the bank will adjust their demands or still want the higher price that was submitted 6 months earlier? It’s a slippery slope when you are doing a short sale.

[outtamojo]

OK, its way to early to be able to prove any wrongdoing by the agent, but to an outsider this kind of stuff looks very very bad.

[SD Realtor]

I would reconsider the justice will be served part until all the facts are known. Also not actually getting inside to see the condition of the home is another unknown. Pictures can be deceiving. As I said there are closed sales under 290k for that floorplan and there are closing over the 290k. We don’t know what the accepted price is either at this point. Successful buyers in markets like this are the ones who act fast and strong. Let’s see how the bank responds.

[LAAFTERHOURS]

SEH = Low inventory and a new school breaking ground near UCSM that has rumors swirling that people east of questhaven and north of SEH road will be driving their kids to a new school. People living in mariners landing area are selling and moving down the hill.

[outtamojo]

[quote=LAAFTERHOURS]SEH = Low inventory and a new school breaking ground near UCSM that has rumors swirling that people east of questhaven and north of SEH road will be driving their kids to a new school. People living in mariners landing area are selling and moving down the hill.[/quote]

What grade level is that new school? Sad that some of the Kinders already get set off to La Costa Meadows.

Edit: never mind, found it’s a K-8. Still sucks how the width of 1 street would make such a difference tho.

[LAAFTERHOURS]

[quote=outtamojo][quote=LAAFTERHOURS]SEH = Low inventory and a new school breaking ground near UCSM that has rumors swirling that people east of questhaven and north of SEH road will be driving their kids to a new school. People living in mariners landing area are selling and moving down the hill.[/quote]

What grade level is that new school? Sad that some of the Kinders already get set off to La Costa Meadows.

Edit: never mind, found it’s a K-8. Still sucks how the width of 1 street would make such a difference tho.[/quote]

Looks like K-8. Its too bad they didnt plan for an elementary school to be put in someplace around questhaven so kids could walk from up the hill.

http://sanelijolife.com/2012/04/30/workshop-development-plans-construction-including-k-8-school-cal-state-san-marcos/

[carlsbadworker]

[quote=SD Realtor]I don’t know if the agent was guilty of anything or not. Given the short supply of condos there, once that first offer came the sellers don’t give a crap so they took it and said no more listings, we don’t want people going through the home, you never know.[/quote]

Yes, that’s what we learnt from the short sale bidding. The most important thing is to put the bid in as quick as possible: price is secondary, nobody gives a crap.
But on the other side, the banks are getting bullish. I just saw an REO rejected listing price offer because appraisal comes in higher. The bank wants the appraised price and is willing to put the property back onto the market for $20-30K more than the original listing. I guess they just don’t worry that there will be no offer.

[NotCranky]

[quote=carlsbadworker][quote=SD Realtor]I don’t know if the agent was guilty of anything or not. Given the short supply of condos there, once that first offer came the sellers don’t give a crap so they took it and said no more listings, we don’t want people going through the home, you never know.[/quote]

Yes, that’s what we learnt from the short sale bidding. The most important thing is to put the bid in as quick as possible: price is secondary, nobody gives a crap.
But on the other side, the banks are getting bullish. I just saw an REO rejected listing price offer because appraisal comes in higher. The bank wants the appraised price and is willing to put the property back onto the market for $20-30K more than the original listing. I guess they just don’t worry that there will be no offer.[/quote]
Whose appraisal was it?

[carlsbadworker]

I don’t know. I am not the original buyer. This is the info that I got from the seller agent when the property is returned to the market.

[SD Realtor]

The reason that is a pertinent question is because what you said does not make sense.

If the appraisal was done by the bank that owned the home, why would they price it below the appraisal in the first place? In fact, they would not put the home on the market until an appraisal was done. Why would they put the home on the market and then get an appraisal done afterwards?

Now if the appraisal was done by the buyer, that appraisal belongs to the buyer and is never delivered to the seller unless the buyer authorizes it. Generally buyers do not send a copy of the appraisal to the seller UNLESS the appraisal comes in low. If the appraisal comes in high then no buyer will ever send it to the seller. It makes no sense correct?

Anyways I am sure there is a logical explanation in there somewhere.

[Mayze]

Posted this afternoon already contingent:

http://www.sdlookup.com/MLS-120026258-16052_Cayenne_Ridge_Rd_San_Diego_CA_92127

How do you get to be the buyer of one of these specials?

[carlsbadworker]

SDR, yes, it makes no sense. But the fact we knew are:
1. The home was foreclosed in Jan.
2. The home was listed as an REO in March and immediately went pending in a week.
3. The home was listed again in May and the description says that it is appraised at $33K higher than their original listing price so they now want $25K more.

The fact that an REO took 2 months to be back on market is also weird (normally they give buyer 30 days, right?) But I am the back-up offer on the original listing price. They ask me to raise the offering price by $25K and I refused so it is on market again right now.

I have done trying to make sense of this market long time ago.

[Author]

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