Brian
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wilson
Posts:1704
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| 10/17/2008 8:47 PM |
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Re: 304 pending being relisted
As rentingman suggests, a much more likely scenario is the buyer was not able to qualify or backed out. I doubt that the boogeyman realtor manipulated anything. |
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tpc
Posts:669
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| 10/17/2008 10:29 PM |
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[quote]Be careful how Realtors manipulate pendings to get you to bite[/quote]
Brian-I thought you were a libertarian????? |
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Brian
Posts:4656
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| 10/18/2008 10:49 AM |
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tpc, i'm libertarian. Caveat emptor!!!
I don't that's the case here because this building is run of the mill; but I know that, in desirable areas, where there are few listings but anxious buyers (especially nesting women), Realtors will magically have some units go into pending to light a fire under the seat of the buyer. It works.
Then the pendings magically reappear just the same way they went into stealth.
Watch and see for yourself.
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wilson
Posts:1704
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| 10/18/2008 11:20 AM |
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| For this to be realtor manipulation on a REO, the bank would have to be in on playing games. Not gonna happen. Far-fetched speculation to pin the tail on the realtor boogeyman donkey. |
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rentingman
Posts:713
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| 10/19/2008 10:29 AM |
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Well thanks for quoting me Wilson.
You know I always like to compare to Gaslamp Citysquare. This building does not have a pool but it is concrete and the unit might even have a balcony. It looks like the short sales at $425 in GCS need to lwer their prices quite a bit more.
This unit would rent for about $1,900. The monthly interest on $375 is $2,100 add in HOA at $400 and property tax at $400. The income tax benefit is about $800 so this unit almost works as an owner occupied. |
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Brian
Posts:4656
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| 10/19/2008 10:47 AM |
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Wilson, if you look at the original pending of #304, it looked like to was designed to bailout the flipper. Perhaps the financing didn't work out? That buyer should be thanking his lucky stars.
I'm not saying there was manipulation in this very case..... but in many cases, buyers buy because they see pendings so they rush to get in thinking that the inventory in a certain area/building is dwindling when it's not. Previous inventory should be compared against actual sales to see if sales were the driver of lower inventory. I've noticed that pendings and withdrawns do make it back as distress inventory. |
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Brian
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Shoe
Posts:22
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| 01/21/2009 1:17 PM |
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Does it bother anyone else that there are only 2 pictures, and both are exteriors of the building (exteriors, IMO, are even less useful on large condo buildings...."curb appear" doesn't really apply in a condo tower as it does with a SFR) ?
In today's age of technology, a realtor doesn't even have to pay for film or processing. Digital cameras are cheap. Storage space is very cheap on websites nowadays...It's a $400k listing, for Pete's sake...take a bunch more pics and post them....if this RE agent had my listing, whether as a private party or for my company's REO inventory, I'd fire them for such sloppy work.
In the spirit of fairness, though, I will track this one and see if more pictures show up later...
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wilson
Posts:1704
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| 01/21/2009 1:35 PM |
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REOs many times just have stock photos of the exterior or copied from another listing in the building. REOs don't have the fancy photo packages you see with private sellers.
Unit 514 should go quickly at the price and unit area. 1200+ sf for $400k in a good building should draw interest. |
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Brian
Posts:4656
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| 01/21/2009 1:44 PM |
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It doesn't look like #514 is REO -- yet. They are probably attempting a short sale and just put up a listing to humor the bank.
So, no, I don't think that it will go quickly -- not yet.
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Brian
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Brian
Posts:4656
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| 04/14/2009 2:34 PM |
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The 3 units #605, 307, 706 currently listed are owned by realty agents.
#103 also owned by realty agent is not in stealth mode.
Everybody is heading for the exits.
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cbr600f4i2
Posts:478
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| 04/14/2009 7:42 PM |
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Posted By Brian on 04/14/2009 2:34 PM
The 3 units #605, 307, 706 currently listed are owned by realty agents.
#103 also owned by realty agent is not in stealth mode.
Everybody is heading for the exits.
That probably explains the ludicrous prices!
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Brian
Posts:4656
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Brian
Posts:4656
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Brian
Posts:4656
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