Thursday, February 07, 2008

Notable Listings

I need some help on this....Here's a listing I just don't understand...

MLS # 70125618


Sold 5/23/05 for $425,000

Listed 12/12/07 for $275,000
Reduced 1/7/08 to $229,999
Pending Sale and Increased 2/4/08 to $275,000

It's a short sale for starters, so I know the bank has to approve the price. But, how can you convince a buyer to pay nearly $47,000 above list price on a house, when there are 76 other houses in Elk Grove listed in MLS at less than $275,000 which are larger than this one? Could it have anything to do with this line in the agent only comments:

"WOW 4.5% Commission"

Just when I thought I'd seen everything...

8 comments :

Darth Toll said...

AB, that is weird.

Getting back to the ongoing "where are the foreclosures" discussion, I pulled some pre-foreclosures from foreclosure.com for the Davis area and here they are:

3215 Bermuda Ave Apt 21
1943 Gauguin Pl
2554 Lafayette Dr
2120 22 Del Rey Ct
3130 Lillard Dr
3436 Laguna Ave
2454 Halsey Cir
1322 Garrison St
3133 Nantucket Ter

Is there any way to tell if some of the above used to be SIT's, FIT's, etc. or if you guys would have expected to see these as foreclosures already? I only picked Davis because its very small and manageable nad gwyn has an interest in it. Some of the other towns have literally page after page after page of pre-foreclosures and I'm just trying to figure out what is going on here.

Darth Toll said...

AB,

Here's the first 10 for Elk Grove (out of 376 pre-foreclosures)

9923 Night Heron Way
6404 Oscar Cir
9712 Mckenna Dr
4604 Chamberlin Cir
10004 Mosaic Way
10117 Van Brocklin Way
10249 Melbenji Ct
5216 Hirsch Cir
5316 Silhouette Ct
10137 Brian Kelly Way

Max said...

3215 Bermuda Ave Apt 21 - Last listed 2008-01-12 for $319,000 - Not active
1943 Gauguin Pl - Never listed
2554 Lafayette Dr - Last listed 2008-01-12 for $429,000 - Not active
2120-22 Del Rey Ct - Never listed
3130 Lillard Dr - Last listed 2008-02-02 for $379,000 - Active
3436 Laguna Ave - Last listed 2008-02-02 for $525,000 - Active
2454 Halsey Cir - Last listed 2008-02-02 for $345,000 - Active
1322 Garrison St - Never listed
3133 Nantucket Ter - Never listed

Max said...

Oh, none of these are FIT or SIT indicated.

Max said...

9923 Night Heron Way - Last listed 2008-02-02 for $420,000 - Active, Not a FIT or SIT
6404 Oscar Cir - Last listed 2008-02-02 for $390,000 - Active, Not a FIT or SIT
9712 Mckenna Dr - Never Listed
4604 Chamberlin Cir - Never Listed
10004 Mosaic Way - Last listed 2008-02-02 for $469,000 - Active, is a SIT, not a FIT
10117 Van Brocklin Way - Last listed 2008-02-02 for $364,999 - Active, is a SIT and a FIT
10249 Melbenji Ct - Never Listed
5216 Hirsch Cir - Last listed 2008-02-02 for $419,900 - Active, is a SIT, not a FIT
5316 Silhouette Ct - Never Listed
10137 Brian Kelly Way - Never Listed

Patient Renter said...

Huh. The first reaction to this kind of thing is always cashback fraud, but this is a short sale. Maybe the Realtor somehow conjured up a "multiple bid" scenario and artificially drove up the price. I know, I'm stretching here.

smf said...

I think that is correct. You undershoot the price to get multiple bids on the property.

Now you have all the 'investors' bidding for some 'instant equity'.

Darth Toll said...

max, hmmm...so the results somewhat inconclusive. Without knowing some of these folks personally and the deals in question I can't tell how many of them are truly facing foreclosure or "should" be in foreclosure already.