Wednesday, June 06, 2007

Notable Listings

Every so often, I come across a listing that really stands out. This is definitely one of the extremes...

First, let's take a look at the history of the property. Click the image below to see a larger view.



In a nutshell, the property was originally listed for $495,000, went in/out of escrow a few times, then finally was reduced to $465,000. By this time, it had been on the market for nearly 6 0months. Here's where it starts to get interesting. The property sold on 1/19/07 for $493,000 ($28,000 ABOVE asking price). The loan for the $493,000 sale was for $468,350. Where did the remaining $24,650 go???

Now get this, on 5/15/07, the property is once again for sale. This time, it's listed at $393,500, almost $100,000 less than what it was purchased for 4 months earlier.

It's not listed in MLS as a short sale either.

Is it me, or does this transaction smell very funny?

5 comments :

Patient Renter said...

Have you been reading OC Renter's blog? Nice find. After seeing the KCRA report about the Feds conducting several raids in the area, I'd like to think whatever fool pulled this off has the same fate coming to them.

AgentBubble said...

Haven't been reading it, but I'm thinking I should! I'm going to dig deeper and see if either the agent involved or buyer has other similar deals...

Patient Renter said...

Yes, definately check out OC Renter's work. He's done a ton of stuff (with much satire) in this area...

http://bubbletracking.blogspot.com/

Some of his best work includes a series of posts on "Super Realtor Jenae". Here's one:

http://bubbletracking.blogspot.com/2007/04/how-can-i-get-some-of-that-jenae-magic.html

Anonymous said...

Sounds like a nice stable neighborhood, good place to settle down and raise a family. Are there parks nearby? How are the schools? Is there a block party on the 4th of July?

Anonymous said...

The $24,650 difference between sale price and loan amount is obviously the 5% that was put down.
Now whether the seller or the buyer ultimately paid that is not clear.