[urbanrealtor]

[quote=flu]

Hmm, I just wonder….

1)Overbid everyone else by 20%-30%
2)Go into escrow
3)Wait for the appraisal to come down to earth price X
4)Once the seller agrees to X, tell the seller you are going to walk unless you get appraised price minus an additional -5%?

So in your example, even when the bank says $302, you tell them, sorry It’s $290k now or have fun going back to the start…..Hmmm. I wonder.[/quote]

I think the additional drop would be a hard sell and not within the original contract contingencies.

Maybe other people have had other experiences?

[urbanrealtor]

[quote=flu]

Hmm, I just wonder….

1)Overbid everyone else by 20%-30%
2)Go into escrow
3)Wait for the appraisal to come down to earth price X
4)Once the seller agrees to X, tell the seller you are going to walk unless you get appraised price minus an additional -5%?

So in your example, even when the bank says $302, you tell them, sorry It’s $290k now or have fun going back to the start…..Hmmm. I wonder.[/quote]

I think the additional drop would be a hard sell and not within the original contract contingencies.

Maybe other people have had other experiences?

[urbanrealtor]

[quote=MicroGravity]I’m up in the LA foothills and I’ve seen several sketchy deals.
–One house was listed as a probate, with court confirmation required. We wanted to offer less tham 90% on the house, but were told the probate court would only take offers down to 90% and above.
Two weeks later, the property was sold to the listing agent’s client for about 80% of the list–and suddenly no court confirmation was required.

–A Coworker tried to buy a soon-to-be foreclosed home out in the desert. The listing agent (they were trying to sell the house before foreclosure) did not accept the offer, the home was foreclosed, but the listing agent agreed to “help” with the auction. My coworker offered $150k, but the house was auctioned for $110k–strange. Two days later the realtor offers to sell my coworker the property for $130k. Turns our his business had the winning bid (which was lower), and offered to split the savings with my coworker!

–A current REO has been sitting on the market for 64 days. I’ve called the listing agent and her office several times over the past three weeks–no reply. My realtor–ditto. I am waiting to see if she picks the place up for a song–I would not be surprised.

I’m sure each of these could have a purely legitimate explanation, but I’ve learned not to have THAT much faith in humanity or realtors ;^p
[/quote]

I like that you distinguish realtors from humanity.

I have always suspected that I was “different”.

Hmmmm

[urbanrealtor]

[quote=MicroGravity]I’m up in the LA foothills and I’ve seen several sketchy deals.
–One house was listed as a probate, with court confirmation required. We wanted to offer less tham 90% on the house, but were told the probate court would only take offers down to 90% and above.
Two weeks later, the property was sold to the listing agent’s client for about 80% of the list–and suddenly no court confirmation was required.

–A Coworker tried to buy a soon-to-be foreclosed home out in the desert. The listing agent (they were trying to sell the house before foreclosure) did not accept the offer, the home was foreclosed, but the listing agent agreed to “help” with the auction. My coworker offered $150k, but the house was auctioned for $110k–strange. Two days later the realtor offers to sell my coworker the property for $130k. Turns our his business had the winning bid (which was lower), and offered to split the savings with my coworker!

–A current REO has been sitting on the market for 64 days. I’ve called the listing agent and her office several times over the past three weeks–no reply. My realtor–ditto. I am waiting to see if she picks the place up for a song–I would not be surprised.

I’m sure each of these could have a purely legitimate explanation, but I’ve learned not to have THAT much faith in humanity or realtors ;^p
[/quote]

I like that you distinguish realtors from humanity.

I have always suspected that I was “different”.

Hmmmm

[urbanrealtor]

[quote=MicroGravity]I’m up in the LA foothills and I’ve seen several sketchy deals.
–One house was listed as a probate, with court confirmation required. We wanted to offer less tham 90% on the house, but were told the probate court would only take offers down to 90% and above.
Two weeks later, the property was sold to the listing agent’s client for about 80% of the list–and suddenly no court confirmation was required.

–A Coworker tried to buy a soon-to-be foreclosed home out in the desert. The listing agent (they were trying to sell the house before foreclosure) did not accept the offer, the home was foreclosed, but the listing agent agreed to “help” with the auction. My coworker offered $150k, but the house was auctioned for $110k–strange. Two days later the realtor offers to sell my coworker the property for $130k. Turns our his business had the winning bid (which was lower), and offered to split the savings with my coworker!

–A current REO has been sitting on the market for 64 days. I’ve called the listing agent and her office several times over the past three weeks–no reply. My realtor–ditto. I am waiting to see if she picks the place up for a song–I would not be surprised.

I’m sure each of these could have a purely legitimate explanation, but I’ve learned not to have THAT much faith in humanity or realtors ;^p
[/quote]

I like that you distinguish realtors from humanity.

I have always suspected that I was “different”.

Hmmmm

[urbanrealtor]

[quote=MicroGravity]I’m up in the LA foothills and I’ve seen several sketchy deals.
–One house was listed as a probate, with court confirmation required. We wanted to offer less tham 90% on the house, but were told the probate court would only take offers down to 90% and above.
Two weeks later, the property was sold to the listing agent’s client for about 80% of the list–and suddenly no court confirmation was required.

–A Coworker tried to buy a soon-to-be foreclosed home out in the desert. The listing agent (they were trying to sell the house before foreclosure) did not accept the offer, the home was foreclosed, but the listing agent agreed to “help” with the auction. My coworker offered $150k, but the house was auctioned for $110k–strange. Two days later the realtor offers to sell my coworker the property for $130k. Turns our his business had the winning bid (which was lower), and offered to split the savings with my coworker!

–A current REO has been sitting on the market for 64 days. I’ve called the listing agent and her office several times over the past three weeks–no reply. My realtor–ditto. I am waiting to see if she picks the place up for a song–I would not be surprised.

I’m sure each of these could have a purely legitimate explanation, but I’ve learned not to have THAT much faith in humanity or realtors ;^p
[/quote]

I like that you distinguish realtors from humanity.

I have always suspected that I was “different”.

Hmmmm

[urbanrealtor]

[quote=MicroGravity]I’m up in the LA foothills and I’ve seen several sketchy deals.
–One house was listed as a probate, with court confirmation required. We wanted to offer less tham 90% on the house, but were told the probate court would only take offers down to 90% and above.
Two weeks later, the property was sold to the listing agent’s client for about 80% of the list–and suddenly no court confirmation was required.

–A Coworker tried to buy a soon-to-be foreclosed home out in the desert. The listing agent (they were trying to sell the house before foreclosure) did not accept the offer, the home was foreclosed, but the listing agent agreed to “help” with the auction. My coworker offered $150k, but the house was auctioned for $110k–strange. Two days later the realtor offers to sell my coworker the property for $130k. Turns our his business had the winning bid (which was lower), and offered to split the savings with my coworker!

–A current REO has been sitting on the market for 64 days. I’ve called the listing agent and her office several times over the past three weeks–no reply. My realtor–ditto. I am waiting to see if she picks the place up for a song–I would not be surprised.

I’m sure each of these could have a purely legitimate explanation, but I’ve learned not to have THAT much faith in humanity or realtors ;^p
[/quote]

I like that you distinguish realtors from humanity.

I have always suspected that I was “different”.

Hmmmm

[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.

[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.

[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.

[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.

[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.

[urbanrealtor]

[quote=patientrenter]Never used it, but don’t like limitations on others’ personal, private behavior.

My room-mate in college used it constantly, when he wasn’t drinking. Graduated top of class in 3 majors, and went on to Stanford PhD and a job as a researcher at Bell Labs. That’s what slacking will do for you.[/quote]

Damn.
What grade was he hitting?

For me it just made me hate housecleaning slightly less.

It certainly never empowered me.

[urbanrealtor]

[quote=patientrenter]Never used it, but don’t like limitations on others’ personal, private behavior.

My room-mate in college used it constantly, when he wasn’t drinking. Graduated top of class in 3 majors, and went on to Stanford PhD and a job as a researcher at Bell Labs. That’s what slacking will do for you.[/quote]

Damn.
What grade was he hitting?

For me it just made me hate housecleaning slightly less.

It certainly never empowered me.

[urbanrealtor]

[quote=patientrenter]Never used it, but don’t like limitations on others’ personal, private behavior.

My room-mate in college used it constantly, when he wasn’t drinking. Graduated top of class in 3 majors, and went on to Stanford PhD and a job as a researcher at Bell Labs. That’s what slacking will do for you.[/quote]

Damn.
What grade was he hitting?

For me it just made me hate housecleaning slightly less.

It certainly never empowered me.

[Author]

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