[PadreBrian]

[quote=urbanrealtor][quote=cahunter][quote=SD Realtor]if you wanna state the address i can look it up and let you know who the buyers agent was so you can see if it was an inside deal or not. [/quote]
I made an offer on this house at 9111 Penticton in Mira Mesa with 30% down. It went pending after on market for 2/3 days. I went to see the house on the first day it came to market. And during the time I was touring the house, 4 other groups came to visit.

And now the closing price is 15k less than what I offered.
http://www.sdlookup.com/MLS-090005276-9111_Penticton_San_Diego_Ca_92126

I believe that there was something going on there. Can you check if this is an insider transaction?[/quote]

I have seen a lot of this with both reo’s and shorts recently.

I think SD had a thing on it as well.
A buyer makes an offer over market and gets to the front of the line.
During escrow, their appraiser decides that the market price does not justify the inflated price and the contract gets revised back down to earth.

The seller (bank or individual) decides to stick with the escrow so as not to have to market it again.

Sketchy but legal (I think).

For example the asking is $300k.
Your offer is $310k.
The other buyer offers $350k.
The seller goes with that offer.
The appraisal comes back at $302k.
Seller sticks with the current escrow at the appraisal price.

You see it on sdlookup and are justifiably pissed.

[/quote]

I have heard about this as well. I just thought it was a single case.

Lesson in all this? Dishonest Realtors make more money than honest ones.

[PadreBrian]

[quote=urbanrealtor][quote=cahunter][quote=SD Realtor]if you wanna state the address i can look it up and let you know who the buyers agent was so you can see if it was an inside deal or not. [/quote]
I made an offer on this house at 9111 Penticton in Mira Mesa with 30% down. It went pending after on market for 2/3 days. I went to see the house on the first day it came to market. And during the time I was touring the house, 4 other groups came to visit.

And now the closing price is 15k less than what I offered.
http://www.sdlookup.com/MLS-090005276-9111_Penticton_San_Diego_Ca_92126

I believe that there was something going on there. Can you check if this is an insider transaction?[/quote]

I have seen a lot of this with both reo’s and shorts recently.

I think SD had a thing on it as well.
A buyer makes an offer over market and gets to the front of the line.
During escrow, their appraiser decides that the market price does not justify the inflated price and the contract gets revised back down to earth.

The seller (bank or individual) decides to stick with the escrow so as not to have to market it again.

Sketchy but legal (I think).

For example the asking is $300k.
Your offer is $310k.
The other buyer offers $350k.
The seller goes with that offer.
The appraisal comes back at $302k.
Seller sticks with the current escrow at the appraisal price.

You see it on sdlookup and are justifiably pissed.

[/quote]

I have heard about this as well. I just thought it was a single case.

Lesson in all this? Dishonest Realtors make more money than honest ones.

[PadreBrian]

[quote=urbanrealtor][quote=cahunter][quote=SD Realtor]if you wanna state the address i can look it up and let you know who the buyers agent was so you can see if it was an inside deal or not. [/quote]
I made an offer on this house at 9111 Penticton in Mira Mesa with 30% down. It went pending after on market for 2/3 days. I went to see the house on the first day it came to market. And during the time I was touring the house, 4 other groups came to visit.

And now the closing price is 15k less than what I offered.
http://www.sdlookup.com/MLS-090005276-9111_Penticton_San_Diego_Ca_92126

I believe that there was something going on there. Can you check if this is an insider transaction?[/quote]

I have seen a lot of this with both reo’s and shorts recently.

I think SD had a thing on it as well.
A buyer makes an offer over market and gets to the front of the line.
During escrow, their appraiser decides that the market price does not justify the inflated price and the contract gets revised back down to earth.

The seller (bank or individual) decides to stick with the escrow so as not to have to market it again.

Sketchy but legal (I think).

For example the asking is $300k.
Your offer is $310k.
The other buyer offers $350k.
The seller goes with that offer.
The appraisal comes back at $302k.
Seller sticks with the current escrow at the appraisal price.

You see it on sdlookup and are justifiably pissed.

[/quote]

I have heard about this as well. I just thought it was a single case.

Lesson in all this? Dishonest Realtors make more money than honest ones.

[PadreBrian]

[quote=urbanrealtor][quote=cahunter][quote=SD Realtor]if you wanna state the address i can look it up and let you know who the buyers agent was so you can see if it was an inside deal or not. [/quote]
I made an offer on this house at 9111 Penticton in Mira Mesa with 30% down. It went pending after on market for 2/3 days. I went to see the house on the first day it came to market. And during the time I was touring the house, 4 other groups came to visit.

And now the closing price is 15k less than what I offered.
http://www.sdlookup.com/MLS-090005276-9111_Penticton_San_Diego_Ca_92126

I believe that there was something going on there. Can you check if this is an insider transaction?[/quote]

I have seen a lot of this with both reo’s and shorts recently.

I think SD had a thing on it as well.
A buyer makes an offer over market and gets to the front of the line.
During escrow, their appraiser decides that the market price does not justify the inflated price and the contract gets revised back down to earth.

The seller (bank or individual) decides to stick with the escrow so as not to have to market it again.

Sketchy but legal (I think).

For example the asking is $300k.
Your offer is $310k.
The other buyer offers $350k.
The seller goes with that offer.
The appraisal comes back at $302k.
Seller sticks with the current escrow at the appraisal price.

You see it on sdlookup and are justifiably pissed.

[/quote]

I have heard about this as well. I just thought it was a single case.

Lesson in all this? Dishonest Realtors make more money than honest ones.

[PadreBrian]

[quote=urbanrealtor][quote=cahunter][quote=SD Realtor]if you wanna state the address i can look it up and let you know who the buyers agent was so you can see if it was an inside deal or not. [/quote]
I made an offer on this house at 9111 Penticton in Mira Mesa with 30% down. It went pending after on market for 2/3 days. I went to see the house on the first day it came to market. And during the time I was touring the house, 4 other groups came to visit.

And now the closing price is 15k less than what I offered.
http://www.sdlookup.com/MLS-090005276-9111_Penticton_San_Diego_Ca_92126

I believe that there was something going on there. Can you check if this is an insider transaction?[/quote]

I have seen a lot of this with both reo’s and shorts recently.

I think SD had a thing on it as well.
A buyer makes an offer over market and gets to the front of the line.
During escrow, their appraiser decides that the market price does not justify the inflated price and the contract gets revised back down to earth.

The seller (bank or individual) decides to stick with the escrow so as not to have to market it again.

Sketchy but legal (I think).

For example the asking is $300k.
Your offer is $310k.
The other buyer offers $350k.
The seller goes with that offer.
The appraisal comes back at $302k.
Seller sticks with the current escrow at the appraisal price.

You see it on sdlookup and are justifiably pissed.

[/quote]

I have heard about this as well. I just thought it was a single case.

Lesson in all this? Dishonest Realtors make more money than honest ones.

[PadreBrian]

Where do you report such activity? This is asinine.

[PadreBrian]

Where do you report such activity? This is asinine.

[PadreBrian]

Where do you report such activity? This is asinine.

[PadreBrian]

Where do you report such activity? This is asinine.

[PadreBrian]

Where do you report such activity? This is asinine.

[PadreBrian]

[quote=jpinpb]Jim’s got some info on shadow inventory[/quote]

I love love love Jim, but “shadow” isn’t the right word. They are properties that are after the NOD and before they hit the market. We have seen it takes months, if not a year to hit market. Banks aren’t hiding, they are incompetent. No one here has produced an address that the bank didn’t finally sell.

[PadreBrian]

[quote=jpinpb]Jim’s got some info on shadow inventory[/quote]

I love love love Jim, but “shadow” isn’t the right word. They are properties that are after the NOD and before they hit the market. We have seen it takes months, if not a year to hit market. Banks aren’t hiding, they are incompetent. No one here has produced an address that the bank didn’t finally sell.

[PadreBrian]

[quote=jpinpb]Jim’s got some info on shadow inventory[/quote]

I love love love Jim, but “shadow” isn’t the right word. They are properties that are after the NOD and before they hit the market. We have seen it takes months, if not a year to hit market. Banks aren’t hiding, they are incompetent. No one here has produced an address that the bank didn’t finally sell.

[PadreBrian]

[quote=jpinpb]Jim’s got some info on shadow inventory[/quote]

I love love love Jim, but “shadow” isn’t the right word. They are properties that are after the NOD and before they hit the market. We have seen it takes months, if not a year to hit market. Banks aren’t hiding, they are incompetent. No one here has produced an address that the bank didn’t finally sell.

[PadreBrian]

[quote=jpinpb]Jim’s got some info on shadow inventory[/quote]

I love love love Jim, but “shadow” isn’t the right word. They are properties that are after the NOD and before they hit the market. We have seen it takes months, if not a year to hit market. Banks aren’t hiding, they are incompetent. No one here has produced an address that the bank didn’t finally sell.

[Author]

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