[SD Squatter]

I didn’t know “low and moderate income homeowners” include those owning mortgages up to $729,750. Am I missing something, or did I miss-out on the “American Dream”?

[SD Squatter]

I didn’t know “low and moderate income homeowners” include those owning mortgages up to $729,750. Am I missing something, or did I miss-out on the “American Dream”?

[SD Squatter]

I didn’t know “low and moderate income homeowners” include those owning mortgages up to $729,750. Am I missing something, or did I miss-out on the “American Dream”?

[SD Squatter]

I didn’t know “low and moderate income homeowners” include those owning mortgages up to $729,750. Am I missing something, or did I miss-out on the “American Dream”?

[SD Squatter]

[quote=urbanrealtor][quote=SD Squatter]I wonder how widespread this sham is in San Diego area. It seems that quite a few listings appear to be placed “on ice”, typically listed as “not accepting any more offers at this time”or “pending” and that on the first day a property is listed. And then there are these “mailbox full” answering machines…[/quote]

My short sale listings generally go contingent or pending the first day.

That cuz they are cheap and get lots of offers.

I try (but fail) to return all my calls on these.[/quote]

Don’t you think that listing prices are a little low then? Is the goal here to get a bidding war going and close on the first day? I’m just missing the logic here…, why the rush?

[SD Squatter]

[quote=urbanrealtor][quote=SD Squatter]I wonder how widespread this sham is in San Diego area. It seems that quite a few listings appear to be placed “on ice”, typically listed as “not accepting any more offers at this time”or “pending” and that on the first day a property is listed. And then there are these “mailbox full” answering machines…[/quote]

My short sale listings generally go contingent or pending the first day.

That cuz they are cheap and get lots of offers.

I try (but fail) to return all my calls on these.[/quote]

Don’t you think that listing prices are a little low then? Is the goal here to get a bidding war going and close on the first day? I’m just missing the logic here…, why the rush?

[SD Squatter]

[quote=urbanrealtor][quote=SD Squatter]I wonder how widespread this sham is in San Diego area. It seems that quite a few listings appear to be placed “on ice”, typically listed as “not accepting any more offers at this time”or “pending” and that on the first day a property is listed. And then there are these “mailbox full” answering machines…[/quote]

My short sale listings generally go contingent or pending the first day.

That cuz they are cheap and get lots of offers.

I try (but fail) to return all my calls on these.[/quote]

Don’t you think that listing prices are a little low then? Is the goal here to get a bidding war going and close on the first day? I’m just missing the logic here…, why the rush?

[SD Squatter]

[quote=urbanrealtor][quote=SD Squatter]I wonder how widespread this sham is in San Diego area. It seems that quite a few listings appear to be placed “on ice”, typically listed as “not accepting any more offers at this time”or “pending” and that on the first day a property is listed. And then there are these “mailbox full” answering machines…[/quote]

My short sale listings generally go contingent or pending the first day.

That cuz they are cheap and get lots of offers.

I try (but fail) to return all my calls on these.[/quote]

Don’t you think that listing prices are a little low then? Is the goal here to get a bidding war going and close on the first day? I’m just missing the logic here…, why the rush?

[SD Squatter]

[quote=urbanrealtor][quote=SD Squatter]I wonder how widespread this sham is in San Diego area. It seems that quite a few listings appear to be placed “on ice”, typically listed as “not accepting any more offers at this time”or “pending” and that on the first day a property is listed. And then there are these “mailbox full” answering machines…[/quote]

My short sale listings generally go contingent or pending the first day.

That cuz they are cheap and get lots of offers.

I try (but fail) to return all my calls on these.[/quote]

Don’t you think that listing prices are a little low then? Is the goal here to get a bidding war going and close on the first day? I’m just missing the logic here…, why the rush?

[SD Squatter]

[quote=sdrealtor]Sd Squater
That would actually be counterproductive and not what someone would do in a short sale flip. In a short sale flip, an investor offers to pay cash in a below market transaction without it actually going on the market. The investor then puts it on the market as a free and clear property. Its never marketed as a short sale.[/quote]

Hmm, isn’t the realtor representing the bank under an obligation to put a property on the market and get the highest price possible? If he/she puts the property “on ice” in order to get an artificially low price from the bank through a scheme like this then everything appears legit from the outside. Not listing a property at all would seem like a breach of contract by the realtor.

[SD Squatter]

[quote=sdrealtor]Sd Squater
That would actually be counterproductive and not what someone would do in a short sale flip. In a short sale flip, an investor offers to pay cash in a below market transaction without it actually going on the market. The investor then puts it on the market as a free and clear property. Its never marketed as a short sale.[/quote]

Hmm, isn’t the realtor representing the bank under an obligation to put a property on the market and get the highest price possible? If he/she puts the property “on ice” in order to get an artificially low price from the bank through a scheme like this then everything appears legit from the outside. Not listing a property at all would seem like a breach of contract by the realtor.

[SD Squatter]

[quote=sdrealtor]Sd Squater
That would actually be counterproductive and not what someone would do in a short sale flip. In a short sale flip, an investor offers to pay cash in a below market transaction without it actually going on the market. The investor then puts it on the market as a free and clear property. Its never marketed as a short sale.[/quote]

Hmm, isn’t the realtor representing the bank under an obligation to put a property on the market and get the highest price possible? If he/she puts the property “on ice” in order to get an artificially low price from the bank through a scheme like this then everything appears legit from the outside. Not listing a property at all would seem like a breach of contract by the realtor.

[SD Squatter]

[quote=sdrealtor]Sd Squater
That would actually be counterproductive and not what someone would do in a short sale flip. In a short sale flip, an investor offers to pay cash in a below market transaction without it actually going on the market. The investor then puts it on the market as a free and clear property. Its never marketed as a short sale.[/quote]

Hmm, isn’t the realtor representing the bank under an obligation to put a property on the market and get the highest price possible? If he/she puts the property “on ice” in order to get an artificially low price from the bank through a scheme like this then everything appears legit from the outside. Not listing a property at all would seem like a breach of contract by the realtor.

[SD Squatter]

[quote=sdrealtor]Sd Squater
That would actually be counterproductive and not what someone would do in a short sale flip. In a short sale flip, an investor offers to pay cash in a below market transaction without it actually going on the market. The investor then puts it on the market as a free and clear property. Its never marketed as a short sale.[/quote]

Hmm, isn’t the realtor representing the bank under an obligation to put a property on the market and get the highest price possible? If he/she puts the property “on ice” in order to get an artificially low price from the bank through a scheme like this then everything appears legit from the outside. Not listing a property at all would seem like a breach of contract by the realtor.

[SD Squatter]

I wonder how widespread this sham is in San Diego area. It seems that quite a few listings appear to be placed “on ice”, typically listed as “not accepting any more offers at this time”or “pending” and that on the first day a property is listed. And then there are these “mailbox full” answering machines…

[Author]

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