31 Herringbone

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junior74_IHB

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This post is for the realtors or anyone who has the information.



This address had an open house today in Woodbury, but I can't find it listed anywhere. It says it's a REO on the front window. Looking on Redfin, it looks like it went back to the bank on Feb. 24th. Can anyone give me some information on this property?



Thanks in advance.
 
[quote author="junior74" date=1242472524]This post is for the realtors or anyone who has the information.



This address had an open house today in Woodbury, but I can't find it listed anywhere. It says it's a REO on the front window. Looking on Redfin, it looks like it went back to the bank on Feb. 24th. Can anyone give me some information on this property?



Thanks in advance.</blockquote>
The proud owner of the property is Deutsche Bank as of 2/25/09 (foreclosure date - in the amount of $586,075). It's 4 bedrooms, 4 baths, 2,464/sf and built in 2006. The property was listed for sale on 1/15/08 at $956,000 and then reduced down to $889,000 before the listing was pulled on 6/14/08. The owner was a realtard based upon the agent-to-agent comments. The previous owner bought the property from Lennar on 1/22/07 for $837,500 with 100% financing. It is not currently listed for sale on MLS.
 
Thanks Trojanman. Fight on!



I asked my realtor to try to look into this property. I figured if I asked on this website, I'd probably get more answers.



Why are they having an open house for this property if it's not on the MLS?
 
[quote author="junior74" date=1242509447]Thanks Trojanman. Fight on!



I asked my realtor to try to look into this property. I figured if I asked on this website, I'd probably get more answers.



Why are they having an open house for this property if it's not on the MLS?</blockquote>
What can I say, some realtards are better than others. ;)



I'm not sure why they wouldn't list it, could be that it's going to be listed shortly but they want to have a sorta open house preview to generate some buzz. That'd be my best guess. But it will be interesting to see what they list the property for because I was kinda surprised that an investor didn't pick this baby up at the auction with that mid $500k bid price.
 
The realturd keeps it off the MLS so that when it finally does sell, he/she can put it in the MLS as sold that day. This way Steve "Failed Economist" Thomas can come out and say that people are gobbling up foreclosures at a record pace, you better go overpay for a foreclosure, or you will never get one.
 
We just went and saw this property without my realtor. I told the agent in the house that I was working with a realtor and he told me that I couldn't have any information about the property because it wasn't on the MLS. He had a report that had been printed out last night. Needless to say, he didn't want us there.



After, we talked with the realtor we're working with and he told us that it was not a REO, but it was in the process of being a short sale. I asked him, "31 Herringbone is not a REO?" And he said "nope"



Should I get rid of our realtor?
 
[quote author="junior74" date=1242535752]We just went and saw this property without my realtor. I told the agent in the house that I was working with a realtor and he told me that I couldn't have any information about the property because it wasn't on the MLS. He had a report that had been printed out last night. Needless to say, he didn't want us there.



After, we talked with the realtor we're working with and he told us that it was not a REO, but it was in the process of being a short sale. I asked him, "31 Herringbone is not a REO?" And he said "nope"



Should I get rid of our realtor?</blockquote>
I have two words for you....HELL YES! It would have taken them all of 5 minutes to go check out the property records and realize that a bank owns the property. Gawd, I hate idiot realtards that give a bad name to the good ones out there.
 
[quote author="junior74" date=1242537236]I hear you. I'm so glad someone referred me to this site. I knew he was pretty worthless, but today just confirmed it.</blockquote>
Agreed, I'm glad that I'm on the site as well. There's a great group of folks on here and a wealth of information.
 
[quote author="junior74" date=1242535752]We just went and saw this property without my realtor. I told the agent in the house that I was working with a realtor and he told me that I couldn't have any information about the property because it wasn't on the MLS. He had a report that had been printed out last night. Needless to say, he didn't want us there.</blockquote>


Just so you understand what this listing agent is doing, he is positioning to take both sides of the transaction. It is common for listing agents to have pocket listings they withhold from the MLS briefly. While it is in their "pocket," they will only take offers from buyers who are not represented by another agent. That way, if they submit the bid on their own listing, it becomes a dual agency transaction, and they make the full 6% instead of giving 3% to the buyer's broker. This helps them find buyers to work with--in case the bid falls through--and it helps them make twice as much on the transaction.



Using pocket listings is a common method for listing agents to lever their position to grow their business. That is why he "couldn't" give you any information about the property. He really meant to say he "wouldn't" because he could not make 6% off you.
 
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