[temeculaguy]

Even if they are a bait and switch, they are either having a profound effect on the rest of the market when listing or everyone is doing it. Just when you thought it couldn’t go lower, it does. Here is a couple of just listed, including one a few doors away from the tudal model (and listed in the 300’s). I don’t believe they are all pricing gimmicks because these low priced one that I have been posting for a few months are the only ones selling, if you want to sell, you need to be the lowest priced one by 10%.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1533283

http://www.redfin.com/stingray/do/printable-listing?listing-id=1533495

http://www.redfin.com/stingray/do/printable-listing?listing-id=1530065

http://www.redfin.com/stingray/do/printable-listing?listing-id=1529962

All listed in the last 48 hrs, all in morgan, redhawk or wolf, and all priced lower than anything recently for their tracts (one approaching 60% off peak, 659k to 308k). A year ago we were wagering a free beer for a 50% off sighting, if that was still valid, I’d end up in the emergency room having my stomach pumped. I haven’t even gotten to the reductions of the ones sitting but it’s listing such as these that cause the reductions in the others so if one is a gimmick, it has a domino effect. God help French Valley, maybe after a couple of glasses of wine, I’ll check it.

[temeculaguy]

Even if they are a bait and switch, they are either having a profound effect on the rest of the market when listing or everyone is doing it. Just when you thought it couldn’t go lower, it does. Here is a couple of just listed, including one a few doors away from the tudal model (and listed in the 300’s). I don’t believe they are all pricing gimmicks because these low priced one that I have been posting for a few months are the only ones selling, if you want to sell, you need to be the lowest priced one by 10%.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1533283

http://www.redfin.com/stingray/do/printable-listing?listing-id=1533495

http://www.redfin.com/stingray/do/printable-listing?listing-id=1530065

http://www.redfin.com/stingray/do/printable-listing?listing-id=1529962

All listed in the last 48 hrs, all in morgan, redhawk or wolf, and all priced lower than anything recently for their tracts (one approaching 60% off peak, 659k to 308k). A year ago we were wagering a free beer for a 50% off sighting, if that was still valid, I’d end up in the emergency room having my stomach pumped. I haven’t even gotten to the reductions of the ones sitting but it’s listing such as these that cause the reductions in the others so if one is a gimmick, it has a domino effect. God help French Valley, maybe after a couple of glasses of wine, I’ll check it.

[temeculaguy]

Even if they are a bait and switch, they are either having a profound effect on the rest of the market when listing or everyone is doing it. Just when you thought it couldn’t go lower, it does. Here is a couple of just listed, including one a few doors away from the tudal model (and listed in the 300’s). I don’t believe they are all pricing gimmicks because these low priced one that I have been posting for a few months are the only ones selling, if you want to sell, you need to be the lowest priced one by 10%.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1533283

http://www.redfin.com/stingray/do/printable-listing?listing-id=1533495

http://www.redfin.com/stingray/do/printable-listing?listing-id=1530065

http://www.redfin.com/stingray/do/printable-listing?listing-id=1529962

All listed in the last 48 hrs, all in morgan, redhawk or wolf, and all priced lower than anything recently for their tracts (one approaching 60% off peak, 659k to 308k). A year ago we were wagering a free beer for a 50% off sighting, if that was still valid, I’d end up in the emergency room having my stomach pumped. I haven’t even gotten to the reductions of the ones sitting but it’s listing such as these that cause the reductions in the others so if one is a gimmick, it has a domino effect. God help French Valley, maybe after a couple of glasses of wine, I’ll check it.

[temeculaguy]

Even if they are a bait and switch, they are either having a profound effect on the rest of the market when listing or everyone is doing it. Just when you thought it couldn’t go lower, it does. Here is a couple of just listed, including one a few doors away from the tudal model (and listed in the 300’s). I don’t believe they are all pricing gimmicks because these low priced one that I have been posting for a few months are the only ones selling, if you want to sell, you need to be the lowest priced one by 10%.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1533283

http://www.redfin.com/stingray/do/printable-listing?listing-id=1533495

http://www.redfin.com/stingray/do/printable-listing?listing-id=1530065

http://www.redfin.com/stingray/do/printable-listing?listing-id=1529962

All listed in the last 48 hrs, all in morgan, redhawk or wolf, and all priced lower than anything recently for their tracts (one approaching 60% off peak, 659k to 308k). A year ago we were wagering a free beer for a 50% off sighting, if that was still valid, I’d end up in the emergency room having my stomach pumped. I haven’t even gotten to the reductions of the ones sitting but it’s listing such as these that cause the reductions in the others so if one is a gimmick, it has a domino effect. God help French Valley, maybe after a couple of glasses of wine, I’ll check it.

[temeculaguy]

Even if they are a bait and switch, they are either having a profound effect on the rest of the market when listing or everyone is doing it. Just when you thought it couldn’t go lower, it does. Here is a couple of just listed, including one a few doors away from the tudal model (and listed in the 300’s). I don’t believe they are all pricing gimmicks because these low priced one that I have been posting for a few months are the only ones selling, if you want to sell, you need to be the lowest priced one by 10%.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1533283

http://www.redfin.com/stingray/do/printable-listing?listing-id=1533495

http://www.redfin.com/stingray/do/printable-listing?listing-id=1530065

http://www.redfin.com/stingray/do/printable-listing?listing-id=1529962

All listed in the last 48 hrs, all in morgan, redhawk or wolf, and all priced lower than anything recently for their tracts (one approaching 60% off peak, 659k to 308k). A year ago we were wagering a free beer for a 50% off sighting, if that was still valid, I’d end up in the emergency room having my stomach pumped. I haven’t even gotten to the reductions of the ones sitting but it’s listing such as these that cause the reductions in the others so if one is a gimmick, it has a domino effect. God help French Valley, maybe after a couple of glasses of wine, I’ll check it.

[temeculaguy]

jp, I didn’t mean to say reo’s don’t count as comps, just not the price when it goes from the person losing the house back to the bank, those can come up as closed sales but they weren’t really a sale and they sometimes only record the amount of the first mortgage so they can be skewed. When a bank owned house sells on the open market or at an auction, it counts, but appraises take into account that is was an REO because the condition can vary. It’s logical because a thrashed repo with everything removed has to be discounted some when compared to a turnkey property, but not all repos are thrashed, so one comp doesn’t set the market, it takes a couple but it is on course for sure.

SDR will figure it out.

[temeculaguy]

jp, I didn’t mean to say reo’s don’t count as comps, just not the price when it goes from the person losing the house back to the bank, those can come up as closed sales but they weren’t really a sale and they sometimes only record the amount of the first mortgage so they can be skewed. When a bank owned house sells on the open market or at an auction, it counts, but appraises take into account that is was an REO because the condition can vary. It’s logical because a thrashed repo with everything removed has to be discounted some when compared to a turnkey property, but not all repos are thrashed, so one comp doesn’t set the market, it takes a couple but it is on course for sure.

SDR will figure it out.

[temeculaguy]

jp, I didn’t mean to say reo’s don’t count as comps, just not the price when it goes from the person losing the house back to the bank, those can come up as closed sales but they weren’t really a sale and they sometimes only record the amount of the first mortgage so they can be skewed. When a bank owned house sells on the open market or at an auction, it counts, but appraises take into account that is was an REO because the condition can vary. It’s logical because a thrashed repo with everything removed has to be discounted some when compared to a turnkey property, but not all repos are thrashed, so one comp doesn’t set the market, it takes a couple but it is on course for sure.

SDR will figure it out.

[temeculaguy]

jp, I didn’t mean to say reo’s don’t count as comps, just not the price when it goes from the person losing the house back to the bank, those can come up as closed sales but they weren’t really a sale and they sometimes only record the amount of the first mortgage so they can be skewed. When a bank owned house sells on the open market or at an auction, it counts, but appraises take into account that is was an REO because the condition can vary. It’s logical because a thrashed repo with everything removed has to be discounted some when compared to a turnkey property, but not all repos are thrashed, so one comp doesn’t set the market, it takes a couple but it is on course for sure.

SDR will figure it out.

[temeculaguy]

jp, I didn’t mean to say reo’s don’t count as comps, just not the price when it goes from the person losing the house back to the bank, those can come up as closed sales but they weren’t really a sale and they sometimes only record the amount of the first mortgage so they can be skewed. When a bank owned house sells on the open market or at an auction, it counts, but appraises take into account that is was an REO because the condition can vary. It’s logical because a thrashed repo with everything removed has to be discounted some when compared to a turnkey property, but not all repos are thrashed, so one comp doesn’t set the market, it takes a couple but it is on course for sure.

SDR will figure it out.

[temeculaguy]

If it sold then it is a comp killer, any comp for more than 342k will have issues getting financing, try to buy one for 400k even with 20% down and the lender may balk. Get a few more like it and good luck with that refi. Repo prices back to the bank don’t set as important of comps as mls listings that sell on the open market and it also gives reo’s that are forthcoming a starting point as it will be the most recent comp. Hopefully Bugs will chime in as to the importance of downward trend setting sales.

[temeculaguy]

If it sold then it is a comp killer, any comp for more than 342k will have issues getting financing, try to buy one for 400k even with 20% down and the lender may balk. Get a few more like it and good luck with that refi. Repo prices back to the bank don’t set as important of comps as mls listings that sell on the open market and it also gives reo’s that are forthcoming a starting point as it will be the most recent comp. Hopefully Bugs will chime in as to the importance of downward trend setting sales.

[temeculaguy]

If it sold then it is a comp killer, any comp for more than 342k will have issues getting financing, try to buy one for 400k even with 20% down and the lender may balk. Get a few more like it and good luck with that refi. Repo prices back to the bank don’t set as important of comps as mls listings that sell on the open market and it also gives reo’s that are forthcoming a starting point as it will be the most recent comp. Hopefully Bugs will chime in as to the importance of downward trend setting sales.

[temeculaguy]

If it sold then it is a comp killer, any comp for more than 342k will have issues getting financing, try to buy one for 400k even with 20% down and the lender may balk. Get a few more like it and good luck with that refi. Repo prices back to the bank don’t set as important of comps as mls listings that sell on the open market and it also gives reo’s that are forthcoming a starting point as it will be the most recent comp. Hopefully Bugs will chime in as to the importance of downward trend setting sales.

[temeculaguy]

If it sold then it is a comp killer, any comp for more than 342k will have issues getting financing, try to buy one for 400k even with 20% down and the lender may balk. Get a few more like it and good luck with that refi. Repo prices back to the bank don’t set as important of comps as mls listings that sell on the open market and it also gives reo’s that are forthcoming a starting point as it will be the most recent comp. Hopefully Bugs will chime in as to the importance of downward trend setting sales.

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