Comments on: Foreclosure Sales and Pretend Pricing http://sandiegohomeblog.com/2009/02/21/foreclosure-sales-and-pretend-pricing/ A San Diego Real Estate Web Log Sat, 13 Mar 2010 21:29:14 -0600 http://wordpress.org/?v=2.8.4 hourly 1 By: Atlanta Real Estate Ellen Crawford http://sandiegohomeblog.com/2009/02/21/foreclosure-sales-and-pretend-pricing/comment-page-1/#comment-161020 Atlanta Real Estate Ellen Crawford Tue, 03 Mar 2009 05:21:48 +0000 http://sandiegohomeblog.com/?p=990#comment-161020 Great Realistic Blog! Love the graphic! I am seeing so much of this lately where the short sale is not based in reality! Great Realistic Blog! Love the graphic! I am seeing so much of this lately where the short sale is not based in reality!

]]> By: Kris Berg http://sandiegohomeblog.com/2009/02/21/foreclosure-sales-and-pretend-pricing/comment-page-1/#comment-161008 Kris Berg Tue, 24 Feb 2009 01:15:15 +0000 http://sandiegohomeblog.com/?p=990#comment-161008 Eli - If you hadn't spilled the address, I might have thought we were "competing." It just sounded too familiar. Virginia - My personal favorite was when a BPO on one of our agent's listing came back roughly 10% higher than any offer she could procure in 60 days. The bank wouldn't budge. And why? Because they said they refused to use short-sales and foreclosures as "comps," as they didn't want to be responsible for dragging the market down. They added, "We will foreclose first." And there, in a nutshell, is our problem. Eli – If you hadn’t spilled the address, I might have thought we were “competing.” It just sounded too familiar.
Virginia – My personal favorite was when a BPO on one of our agent’s listing came back roughly 10% higher than any offer she could procure in 60 days. The bank wouldn’t budge. And why? Because they said they refused to use short-sales and foreclosures as “comps,” as they didn’t want to be responsible for dragging the market down. They added, “We will foreclose first.” And there, in a nutshell, is our problem.

]]> By: Virginia Norfolk http://sandiegohomeblog.com/2009/02/21/foreclosure-sales-and-pretend-pricing/comment-page-1/#comment-161007 Virginia Norfolk Tue, 24 Feb 2009 00:46:58 +0000 http://sandiegohomeblog.com/?p=990#comment-161007 I was laughing out loud with your Pretend Pricing Method. Seriously, where do banks get their numbers from? And the BPO requirements, if your value doesn't come back within their "magic number" guideline, they make you adjust it. What are they really looking for? I was laughing out loud with your Pretend Pricing Method.

Seriously, where do banks get their numbers from? And the BPO requirements, if your value doesn’t come back within their “magic number” guideline, they make you adjust it. What are they really looking for?

]]> By: eli http://sandiegohomeblog.com/2009/02/21/foreclosure-sales-and-pretend-pricing/comment-page-1/#comment-161004 eli Mon, 23 Feb 2009 08:15:55 +0000 http://sandiegohomeblog.com/?p=990#comment-161004 This house is a perfect example. Great little 1940s starter home... with view of the ocean from front yard. REO priced at $207,900. Drove by on a Saturday (1st day on the market) and they were having an open house. Literally dozens upon dozens of people storming the 1,300 sqft. I only got 5 minutes to look around all the while feeling like I was an inconvenience just for being there. Multiple agents on-site trying to recruit buyers like scavengers. Quite silly. I wanted to get into the game so I called my agent from the car offering $210K anticipating highest & best. Final offer $257,000 - closing costs which apparently wasn't the right offer. http://www.zillow.com/homedetails/2742-Lomita-St-Oceanside-CA-92054/16581667_zpid/ This house is a perfect example. Great little 1940s starter home… with view of the ocean from front yard. REO priced at $207,900. Drove by on a Saturday (1st day on the market) and they were having an open house. Literally dozens upon dozens of people storming the 1,300 sqft. I only got 5 minutes to look around all the while feeling like I was an inconvenience just for being there. Multiple agents on-site trying to recruit buyers like scavengers. Quite silly. I wanted to get into the game so I called my agent from the car offering $210K anticipating highest & best. Final offer $257,000 – closing costs which apparently wasn’t the right offer. http://www.zillow.com/homedetails/2742-Lomita-St-Oceanside-CA-92054/16581667_zpid/

]]> By: jeffreydouglass http://sandiegohomeblog.com/2009/02/21/foreclosure-sales-and-pretend-pricing/comment-page-1/#comment-161003 jeffreydouglass Sun, 22 Feb 2009 17:12:17 +0000 http://sandiegohomeblog.com/?p=990#comment-161003 Kris, You are correct as I wait for the return of a dozen phone calls to a dozen short sale/REO listing agents and lay awake at night wondering which offers actually get presented. It is the wild wild west! Kris, You are correct as I wait for the return of a dozen phone calls to a dozen short sale/REO listing agents and lay awake at night wondering which offers actually get presented. It is the wild wild west!

]]> By: Kris Berg http://sandiegohomeblog.com/2009/02/21/foreclosure-sales-and-pretend-pricing/comment-page-1/#comment-161002 Kris Berg Sun, 22 Feb 2009 16:18:52 +0000 http://sandiegohomeblog.com/?p=990#comment-161002 Kim - Thank you for the link. I haven't encountered (to my knowledge) that situation, but nothing surprises me anymore. Jeffrey - Banked Owned Bingo is brilliant. Unfortunately, the only way to rid ourselves of this insanity is to move through the distressed inventory as quickly as possible, as no one seems all that interested in policing the questionable activities. We have a way to go. Kim – Thank you for the link. I haven’t encountered (to my knowledge) that situation, but nothing surprises me anymore.
Jeffrey – Banked Owned Bingo is brilliant. Unfortunately, the only way to rid ourselves of this insanity is to move through the distressed inventory as quickly as possible, as no one seems all that interested in policing the questionable activities. We have a way to go.

]]> By: jeffreydouglass http://sandiegohomeblog.com/2009/02/21/foreclosure-sales-and-pretend-pricing/comment-page-1/#comment-161001 jeffreydouglass Sat, 21 Feb 2009 23:36:12 +0000 http://sandiegohomeblog.com/?p=990#comment-161001 Kris, I love your post, it is so true and as always so funny! I have posted Bank Owned Bingo and Short Sale Shenanigans on my blog recently, it is so frustrating for us REALTORS to try and explain all this madness to our Clients, thats again for a great viewpoint, I am going to share with my Clients. Kris, I love your post, it is so true and as always so funny! I have posted Bank Owned Bingo and Short Sale Shenanigans on my blog recently, it is so frustrating for us REALTORS to try and explain all this madness to our Clients, thats again for a great viewpoint, I am going to share with my Clients.

]]> By: Foreclosure Pricing - Real or Pretend? « It’s Good To Have A Friend In The Business http://sandiegohomeblog.com/2009/02/21/foreclosure-sales-and-pretend-pricing/comment-page-1/#comment-161000 Foreclosure Pricing - Real or Pretend? « It’s Good To Have A Friend In The Business Sat, 21 Feb 2009 21:05:10 +0000 http://sandiegohomeblog.com/?p=990#comment-161000 [...] the whole post at the San Diego Home Blog  - Kris’s writing is pretty good, by the [...] [...] the whole post at the San Diego Home Blog  - Kris’s writing is pretty good, by the [...]

]]> By: Kim http://sandiegohomeblog.com/2009/02/21/foreclosure-sales-and-pretend-pricing/comment-page-1/#comment-160999 Kim Sat, 21 Feb 2009 20:50:20 +0000 http://sandiegohomeblog.com/?p=990#comment-160999 Yoiks! They're using our tactics from 2005! Here's another one - agents using Straw Buyers to get "short sale" BPOs done and prices "approved" (Cindy Jones at http://activerain.com/blogsview/945635/Short-Sales-Welcome-the-New-Straw-Buyer). Yoiks! They’re using our tactics from 2005!
Here’s another one – agents using Straw Buyers to get “short sale” BPOs done and prices “approved” (Cindy Jones at http://activerain.com/blogsview/945635/Short-Sales-Welcome-the-New-Straw-Buyer).

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