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SD Realtor
ParticipantHow can anyone even think a home is on the market when it is in escrow? Plenty of you look at Zip and Realtor.com, how many pending listings do these sites show? How many pending listings do all of you ask your realtors to send you? Come on now.
The fact of the matter is, when anybody is going to make an offer on a home, if they do not perform a due diligence search to see if that home has been previously listed, for how long, etc.. it is your fault (or your agents fault)… You can 100% find out the truth very easily.
There are a plenty of things wrong with the MLS and I agree that the DOM should be represented better. However this is a trivial matter that ANY buyer can resolve and find the truth. Complain about more important things such as the fact that credits for closing costs and repairs are not required to be entered when a home is sold.
SD Realtor
ParticipantI think it is funny how everyone calls it the “DOM scheme”…
Pretty much every client I have wants a shorter contract period because they do not want to be locked into a long listing agreement contract. They want the freedom to move to another broker if they choose to. I let my clients choose the length of the contract.
So I guess I am a just playing the system by catering to what they want.
SD Realtor
ParticipantI think it is funny how everyone calls it the “DOM scheme”…
Pretty much every client I have wants a shorter contract period because they do not want to be locked into a long listing agreement contract. They want the freedom to move to another broker if they choose to. I let my clients choose the length of the contract.
So I guess I am a just playing the system by catering to what they want.
SD Realtor
ParticipantHi Farbet –
No I have not really looked on sdlookup.com… As sdr said in last weeks short sale post there are two more periods in June that seasonally produce more active listings. It seems quite apparent that we will not reach 2006 levels of active listings. So the jump in actives that you are seeing is not surprising at all.
As for who will buy these homes, I guess we will see. It is always astounding to me how much money is parked out on the sidelines. I looked at a home in Old Scripps this weekend on Oakbend for 799k. Nothing special, but the neighborhood is okay and it is where I want to buy. They had two offers and the home hasn’t been on the market for 5 days yet!! So much for my lowball strategy on that home… So… what can I tell ya. That is but a single datapoint… Funny though because Stonebridge which is a new development in the back of Scripps with million dollar homes built very recently has suffered some serious depreciation as well as NODs…
Getting back to your point though, I am sure some of the million dollar places will sell and plenty of them will not… Depends on where they are, what they are… etc…Again though, the rise in active listings doesn’t surprise me at all.
SD Realtor
ParticipantHi Farbet –
No I have not really looked on sdlookup.com… As sdr said in last weeks short sale post there are two more periods in June that seasonally produce more active listings. It seems quite apparent that we will not reach 2006 levels of active listings. So the jump in actives that you are seeing is not surprising at all.
As for who will buy these homes, I guess we will see. It is always astounding to me how much money is parked out on the sidelines. I looked at a home in Old Scripps this weekend on Oakbend for 799k. Nothing special, but the neighborhood is okay and it is where I want to buy. They had two offers and the home hasn’t been on the market for 5 days yet!! So much for my lowball strategy on that home… So… what can I tell ya. That is but a single datapoint… Funny though because Stonebridge which is a new development in the back of Scripps with million dollar homes built very recently has suffered some serious depreciation as well as NODs…
Getting back to your point though, I am sure some of the million dollar places will sell and plenty of them will not… Depends on where they are, what they are… etc…Again though, the rise in active listings doesn’t surprise me at all.
SD Realtor
ParticipantDuck –
All of the sites that offer information do it based on the latest recording. None of these sites (to the best of my knowledge) give you ALL of the recorded instruments on a property. What you will get is the latest public recording. For instance, you may get a NOD filed on a certain property. However you will need to find out, on your own, what other mortgages, tax liens, mechanics liens, may be in place against the property. I have a client who does ALOT of legwork on her own, basically going to the county records office all of the time gathering information. She is subscribed to 4 different services. I help here decipher what is outstanding and what is not, and what some of the recordings mean.
My point to you is that it is very difficult to find one service that will give you EVERYTHING about a single property and even if they say they will give you everything, you should not trust it. Get familiar with the records office, use these sites to get the original NOD…
SD Realtor
ParticipantDuck –
All of the sites that offer information do it based on the latest recording. None of these sites (to the best of my knowledge) give you ALL of the recorded instruments on a property. What you will get is the latest public recording. For instance, you may get a NOD filed on a certain property. However you will need to find out, on your own, what other mortgages, tax liens, mechanics liens, may be in place against the property. I have a client who does ALOT of legwork on her own, basically going to the county records office all of the time gathering information. She is subscribed to 4 different services. I help here decipher what is outstanding and what is not, and what some of the recordings mean.
My point to you is that it is very difficult to find one service that will give you EVERYTHING about a single property and even if they say they will give you everything, you should not trust it. Get familiar with the records office, use these sites to get the original NOD…
SD Realtor
ParticipantHi Duck –
It is super competitive. There are lots of different services out there. Basically everybody is on the same playing field. The bottom line is that the minute a recording is made, then it is fair game for everyone. Theoretically these third party sites advertise that they grab the recording immediately and send it out people who pay for the service.
SD Realtor
ParticipantHi Duck –
It is super competitive. There are lots of different services out there. Basically everybody is on the same playing field. The bottom line is that the minute a recording is made, then it is fair game for everyone. Theoretically these third party sites advertise that they grab the recording immediately and send it out people who pay for the service.
SD Realtor
ParticipantI am sorry 4runner but as sdr would say, you lobbed a softball…
“At some point, it is actually more efficient for the gov’t to step in and forbid certain behavior. For example, the government does not allow people to buy addictive recreational drugs because too many people will make stupid mistakes and society at large will have to pay for those mistakes.”
I guess I will need someone else to buy me a pack of smokes and bottle of JD…
Can you really keep coming up with the theory that any govt regulation we have is not self serving in nature to some politicians who are getting greased by a lobby?
Really now… I am not defending what has happened with mortgage fraud. It is just almost funny to think that our govt would actually regulate any industry at all for the sheer benefit of the uneducated or general people they are supposed to serve.
Wake up.
D Realtor
ParticipantI am sorry 4runner but as sdr would say, you lobbed a softball…
“At some point, it is actually more efficient for the gov’t to step in and forbid certain behavior. For example, the government does not allow people to buy addictive recreational drugs because too many people will make stupid mistakes and society at large will have to pay for those mistakes.”
I guess I will need someone else to buy me a pack of smokes and bottle of JD…
Can you really keep coming up with the theory that any govt regulation we have is not self serving in nature to some politicians who are getting greased by a lobby?
Really now… I am not defending what has happened with mortgage fraud. It is just almost funny to think that our govt would actually regulate any industry at all for the sheer benefit of the uneducated or general people they are supposed to serve.
Wake up.
D Realtor
ParticipantHawk you may be correct. However, I think as the climate deteriorates (or shall I say continues to deteriorate) that the lenders may start to smarten up. I don’t know the details on what he owes verses what the comps are showing. I would bet he is already under water if he is sitting on a 4500 a month payment. If he can get enough comps to show that it is not even worth attempting to move forward without going short right off the bat, then perhaps he will get some luck with the lender. The biggest problem is the hardship. If he can prove that he is in a hardship situation then he may not have to go through the customary falling behind process that you have alluded to.
Realtor
ParticipantHawk you may be correct. However, I think as the climate deteriorates (or shall I say continues to deteriorate) that the lenders may start to smarten up. I don’t know the details on what he owes verses what the comps are showing. I would bet he is already under water if he is sitting on a 4500 a month payment. If he can get enough comps to show that it is not even worth attempting to move forward without going short right off the bat, then perhaps he will get some luck with the lender. The biggest problem is the hardship. If he can prove that he is in a hardship situation then he may not have to go through the customary falling behind process that you have alluded to.
Realtor
ParticipantI was being to kind to Christine. Chris you are correct, looking back at some notes I had she did not inform the sellers we were coming over when we did the physical inspection, both Chris, his wife and I got to witness the sellers husband and wife having a tiff right in front of us. I guess they were estranged and having them both in the same room at the same time was not a good idea. We were all at the home doing the inspection and the husband was there… The wife (or I guess ex-wife) came in asking what the heck we were all doing there. I had scheduled the inspection DIRECTLY with Christine and apparently Christine forgot to tell the wife so she blew in like a hurricane. Also there were a few things that I had to repeatedly ask here to remove from the property , which in all good times did get removed but I had to ask repeatedly.
Thanks for the correction Chris! I had forgot about all of that runaround.
Oh yeah, I also saw in my notes that the sellers disclosures were also not filled out 100% accurately. We had to send them back for a revision.
SD Realtor
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