Case-Schiller for Costa Mesa

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I'm looking in Costa Mesa, and have several offers in - all short sales. The process has been a total clusterf@ck, dominated by listing agent horsepoop. Every one is a gimmick, all designed to stimulate a bidding war. Honestly, it is really pissing me off. Why waste everybody's time?



One property, a short sale listed at $399,000, is actually minimum $450,000. I went to make an offer and my agent got right back to me and told me the listing agent said the bank wants $450,000 minimum. If that is the case - LIST THE $@#!&^@%$ HOUSE FOR $450,000!!!!
 
Price gaming to stimulate a bidding war is even worse at the higher range (700-850k). Even REO properties are getting into the pricing game.
 
Thanks freedomCM, it is extraordinarily frustrating. I'm going to dig deeper into the $399,000/$450,000 property and file a complaint if I can get some more solid info, i.e. who exactly (names) said what.



Another extremely frustrating trend is the relisting of houses that I have made offers on - for less than my offer price. An REO/short sale will list low, generate a ton of bids, go off the market and then come back on weeks later. A$$holes.
 
yes, the market is too frothy. all normal rules seem to be on hold.



personally, when I see a market like that, I stay far, far away.





this seems to be true for me personally both for RE and investments, I've withdrawn from the former by renting and latter by staying mostly in cash/bonds.
 
[quote author="freedomCM" date=1257905990]yes, the market is too frothy. all normal rules seem to be on hold.



personally, when I see a market like that, I stay far, far away.





this seems to be true for me personally both for RE and investments, I've withdrawn from the former by renting and latter by staying mostly in cash/bonds.</blockquote>


Absolutely too frothy. The wife and I are pulling out after we hear about our latest offer. We're predicting big drops on the Westside when the interest rates creep up and the credits vanish. I've been in CM for 15 years and know what the real values are.
 
[quote author="CM_Dude" date=1257913487][quote author="freedomCM" date=1257905990]yes, the market is too frothy. all normal rules seem to be on hold.



personally, when I see a market like that, I stay far, far away.





this seems to be true for me personally both for RE and investments, I've withdrawn from the former by renting and latter by staying mostly in cash/bonds.</blockquote>


Absolutely too frothy. The wife and I are pulling out after we hear about our latest offer. We're predicting big drops on the Westside when the interest rates creep up and the credits vanish. I've been in CM for 15 years and know what the real values are.</blockquote>


You might want to look into another agent; one that knows what to do on short sales. It's a frustrating game but you can increase your odds if you know how to play it.
 
[quote author="JCie" date=1257936164][quote author="CM_Dude" date=1257913487][quote author="freedomCM" date=1257905990]yes, the market is too frothy. all normal rules seem to be on hold.



personally, when I see a market like that, I stay far, far away.





this seems to be true for me personally both for RE and investments, I've withdrawn from the former by renting and latter by staying mostly in cash/bonds.</blockquote>


Absolutely too frothy. The wife and I are pulling out after we hear about our latest offer. We're predicting big drops on the Westside when the interest rates creep up and the credits vanish. I've been in CM for 15 years and know what the real values are.</blockquote>


You might want to look into another agent; one that knows what to do on short sales. It's a frustrating game but you can increase your odds if you know how to play it.</blockquote>
Agreed, a good agent is worth their weight in gold and there are some good ones out there (of course, they are outnumbered by the worthless ones).
 
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