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Subject: Am I wasting my time?

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Author Messages
jsoncsilverio
Posts:40
07/14/2008 2:33 PM Alert 
If i put a 280K offer on this reo or should I just wait until prices drop some more. My agent is not that motivated anymore because she thinks that none of my offers will ever go through because it's too low.

http://www.sdlookup.com/MLS-080041421-16022_Caminito_De_Linda_San_Diego_Ca_92128


Navnurs
Posts:21
07/14/2008 2:40 PM Alert 
I am no expert, but is it time to get a new agent? Is she complaining about having to work for her $$?
92101Resident
Posts:141
07/14/2008 2:42 PM Alert 
Find a different agent ASAP!

Sounds like you have a good idea of what you want to offer so look for a new paper pusher and don't let a RE schmuck force you into offering a high price (that's the beauty of a soft market, you CAN and SHOULD make low offers).

cheers!
Eugene
Posts:267
07/14/2008 3:05 PM Alert 
34 days on market is IMHO too soon for an offer of 15% under. At this point the bank is still optimistic about getting a full-price offer. Wait till it hits 90 days on market.
TotoMMB66
Posts:99
07/14/2008 3:11 PM Alert 
I also put an offer on this house, above list price and not accepted. List price is already 25% lower than comps, so another 15% is not likely. This was priced to move by the bank. It was pending but now back on market.

Disclaimer: I'm not a home buying pro. I'm not a real estate master. I'm not a doom-and-gloomer. I'm not a housing conspiracy theorist. I'm also not a optimist. I'm just a guy looking for a home. (I'm also a long time user of this site and reader of these boards).
TotoMMB66
Posts:99
07/14/2008 3:17 PM Alert 
One thing I left out...hopefully your agent gave you a better explanation. If they told you only that and didn't provide any guidance, you should move onto someone else. And if that's your price range, they should be finding you suitable options, instead of constantly just telling you no.
alexberg
Posts:5
07/14/2008 3:30 PM Alert 
Recently closed short sale in that neighborhood: http://www.sdlookup.com/MLS-076082633-11760_Caminito_Del_Hoy_San_Diego_CA_92128
I expect this one to sell at or around the asking price, but not much more than that - it is close to I15, appliances are either old or missing (no fridge) and the carpet needs to be replaced.
$280K is probably too low, if Toto is ready to pay the full price.
UnsureBuyer
Posts:212
07/14/2008 3:33 PM Alert 
A single low priced unit is generally bait for a bidding war. She should let you know this ahead of time so you go in with realistic expectations. The best thing is to do your homework first and then try to leverage her for information you can't get on your own. It not only educates you but also saves both of you time in the long run. You'll be smarter about how much to offer. She probably doesn't want to waste her time with low ball bids because of the extremely low likelihood of a successful one (in this particular context).
jsoncsilverio
Posts:40
07/14/2008 10:01 PM Alert 
I'm actually waiting to get a single family home in the low 400K but I thought that it might not be a bad idea to get any of these low priced town homes for under 300K without waiting another year or two for the bottom.

I believe you Toto, that's why I did not bother to put in any offer. I think that anything above 300K for any of these homes including the ones in Playmor are still too much. I remeber looking at a property at playmor about a year or so ago with an asking price of 385K, which at the time was pretty low.
justmyopiniontoday
Posts:38
07/14/2008 11:36 PM Alert 
If you look at the list price and the closing price on the reo transactions you will see what you need to offer. The banks are not giving the nice properties away. You don't need to use a agent to put in a offer. Call the listing agent and ask them to represent both sides. On a reo transaction they will be happy too.
alexberg
Posts:5
07/15/2008 10:00 AM Alert 
Call the listing agent and ask them to represent both sides. On a reo transaction they will be happy too.


Why would an agent be more enthusiastic about representing both sides in REO transaction, as opposed the 'traditional' transaction?
alexberg
Posts:5
07/17/2008 2:26 PM Alert 
http://www.sdlookup.com/MLS-080041421-16022_Caminito_De_Linda_San_Diego_Ca_92128

Gone pending.
Eugene
Posts:267
07/17/2008 4:09 PM Alert 
Why would an agent be more enthusiastic about representing both sides in REO transaction, as opposed the 'traditional' transaction?

Double the commissions.
wilson
Posts:569
07/17/2008 6:24 PM Alert 
The agent would be enthusiastic representing both a seller and a buyer, but will they be equal advocates for both seller and buyer? How can they be? Buyers are generally better represented when the agent doesn't have 2 masters and a built-in conflict of interest.
rwsinmissionhills
Posts:313
07/17/2008 7:09 PM Alert 
I think an agent might be motivated to do both sides (even if there were no double commission) because a sale is a sale is a sale. According to the recorded closings data from May 2008, sales were down to a third of what they were for the same time frame last year. In this market, I think it is reasonable to assume that agents are trying hard to keep their heads above water and can't risk turning off a buyer who might suspect less than stellar service, even in a dual agency situation. A guiding principle: more money is better sooner.

I would generally agree with Wilson about dual agency, but with this slow market and with an REO, I am not sure conflicts of interests are as acute. The bank needs the property to be gone at a reasonable no price. No emotion...no pride. Just move the thing.
silex
Posts:1
07/24/2008 4:27 PM Alert 
This is so funny. I saw that piece and I thought it was no where near the right asking price. Did you guys see the cracks in the ceiling? This particular unit has structural issues as well. I hope the new owner knows what they are getting themselves into.
TotoMMB66
Posts:99
07/24/2008 5:39 PM Alert 
That crack was a concern. Also, when it went pending and then came back on market...made me wonder.
socalhoosier
Posts:5
07/24/2008 5:53 PM Alert 
I went in there, but didn't see any cracks in the ceiling. I did see the stains on the carpet in both upstairs bedrooms and the missing appliances.
No thanks.
jsoncsilverio
Posts:40
07/24/2008 6:10 PM Alert 
Are the playmor units better than this one then? I did not see this one, but I've seen the ones in Playmor.
TotoMMB66
Posts:99
07/24/2008 8:07 PM Alert 
Socal, the front bedroom had a fairly significant crack, which looked like it followed some structural lines. We looked at the place twice, the first time it must have been recently vacated. The carpets weren't as stained. The next time around, it looked like someone dumped their coffee on the floor in both BR.

My wife and I liked this one more. The parking sucks at Playmor. A one-car detached garage and a space...no thanks. We saw probably a half-dozen units at Playmor, ranging from the neglected to the spruced up. We did like the 3/3 units, didn't like the $375 + $100 HOA/assessment. And it's too bad a majority of the units are 10 feet from the freeway.
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