Dozens of Homes Magically Say "Backup Offers" -- Something Smells Fishy

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code7700_IHB

code7700_IHB

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One of my MLS "watch lists" is turning up an unusual number of homes listed as "Backup Offers" or "Hold Do Not Show" -- and while I am far a conspiracy theorist, this seems a little odd to me. I find this data hard to believe given the state of the market and the fact that many of these homes have sat unsold for quite some time. And in most cases, these homes didn't have their price lowered or anything in the past few days -- they just magically went to backup offer status.



<strong>It would be nice to find a pattern here and get these real estate agents fired (and have their license cut up) should my suspicion be correct.</strong> I've never seen this sort of activity on my "watch list" -- not even close. I'm not crazy? Am I?



:)



S531055 (FH) Hold

S537541 (AV) Backup

S522357 (FH) Backup

S536706 (LF) Backup

S532075 (MC) Backup

S535840 (MV) Backup

S534404 (MC) Backup

S535552 (MN) Backup

S532020 (MV) Backup

S532725 (AV) Backup

S534395 (MS) Backup

P636466 (AV) Backup

S525145 (MV) Backup

S533387 (LN) Backup

S477388 (LN) Backup

S533123 (FH) Backup

S532979 (LS) Backup

S530871 (LF) Backup

S526799 (AV) Backup

S531778 (LS) Backup

S530687 (FH) Backup

P599835 (IR) Backup

S526252 (IR) Backup
 
There has to be one agent out there that is getting the E-mail (the one that says, "Try this trick.") who has the guts to report his fellow co-workers to the MLS. But then again, maybe not. Of course, less agents in the picture means more turf. :)
 
[quote author="code7700" date=1214923624]One of my MLS "watch lists" is turning up an unusual number of homes listed as "Backup Offers" or "Hold Do Not Show" -- and while I am far a conspiracy theorist, this seems a little odd to me. I find this data hard to believe given the state of the market and the fact that many of these homes have sat unsold for quite some time. And in most cases, these homes didn't have their price lowered or anything in the past few days -- they just magically went to backup offer status.



<strong>It would be nice to find a pattern here and get these real estate agents fired (and have their license cut up) should my suspicion be correct.</strong> I've never seen this sort of activity on my "watch list" -- not even close. I'm not crazy? Am I?



:)



S531055 (FH) Hold

S537541 (AV) Backup

S522357 (FH) Backup

S536706 (LF) Backup

S532075 (MC) Backup

S535840 (MV) Backup

S534404 (MC) Backup

S535552 (MN) Backup

S532020 (MV) Backup

S532725 (AV) Backup

S534395 (MS) Backup

P636466 (AV) Backup

S525145 (MV) Backup

S533387 (LN) Backup

S477388 (LN) Backup

S533123 (FH) Backup

S532979 (LS) Backup

S530871 (LF) Backup

S526799 (AV) Backup

S531778 (LS) Backup

S530687 (FH) Backup

P599835 (IR) Backup

S526252 (IR) Backup</blockquote>


Asking if you are crazy precludes you from being so.



Were these short sale listings previously?
 
<blockquote>Were these short sale listings previously?</blockquote>


That's what I was wondering too. If they were short sales, then I would be skeptical. I've noticed a decent number of short sales gone pending in areas I'm watching, but I still refuse to believe many of these can make it to closing.



When you look at the financing in place, you will typically see $100k plus deficits. There will also be second loans that would likely be wiped out, which complicates things. I have heard these second lienholders aren't exactly clamoring to absorb all these losses.
 
I do not believe these to be short sales. Through the advice of someone on this site, I signed up for ForeclosureRadar (FR) and MelissaData (MD) and checked out a few of these places online.



FYI, I thought (based on the first property I pulled up [S522357]) that maybe they marked it as "backup" because it was going to auction, but after looking at few properties, that doesn't seem to be the case.



A few random examples:



S522357 is $620K. Last sold for $482K in 2002. Listed on FR for auction on 7/2/2008. MD says there are 2x loans ($386K and $97K).

S533387 is $699K. Last sold for $410K in 2002. Not shown on FR. MD says there are 2x loans ($244K and $48K).

S532020 is $625K. Last sold for $855K in 2006. Not shown on FR. MD says there are 2x loans ($684K and $171K).

S530687 is $630K. Last sold for $599K in 2005. Not shown on FR. MD says there is 1x loan ($440K).

P599835 is $675K. Last sold for $325K in 2000. Not shown on FR. MD says there is 1x loan ($300K).

S526252 is $689K. Last sold for $390K in 2005. Not shown on FR. MD says there is 1x loan ($300K).
 
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