Listings that pique my interest... feedback?

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irvinehomeowner said:
I think where it gets cloudy is in a short sale, after all offers are presented to the seller, which ones get presented to the bank for approval?
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the one the seller picks.
 
irvinehomeowner said:
This is something I think most buyers are not aware of. I've read several posts here and at the IHB where someone says they made an offer but the seller took someone else's even though theirs was higher and they put the blame on some insider relationship but never said if they confirmed the sellers saw their offer.
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It's very easy to blame someone else. #accountability is making a comeback.

irvinehomeowner said:
I think where it gets cloudy is in a short sale, after all offers are presented to the seller, which ones get presented to the bank for approval?
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It depends on the bank, and their negotiator. Each is different. Even within the same transaction, a new asset manager may be assigned and he/she will want an entirely different set of info than the first.

-IR2
 
irvinehomeowner said:
IrvineRealtor said:
- I didn't shortchange anyone and all offers were presented. (As a buyer, if you ever believe that your offer has not been presented, you should ask for the contract to be returned, with acknowledgement of receipt by the sellers on the space provided on page 8 of the CAR RPA form.)
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This is something I think most buyers are not aware of. I've read several posts here and at the IHB where someone says they made an offer but the seller took someone else's even though theirs was higher and they put the blame on some insider relationship but never said if they confirmed the sellers saw their offer.
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And what's to prevent the listing agent from falsifying the acknowledgement section of page 8 of the CAR PRA form?  How do I know whether I'm seeing the real seller's initials and/or signature.  Remember that a buyer's agent is technically not supposed to be communicating directly with the seller, but rather through the listing agent.  Honestly I wouldn't have minded too much if buyer's agent was someone else besides the listing agent on that transaction.  Take off the rose colored glasses IHO, with the kind of money that can get made with commissions on homes in many parts of Orange County this stuff has and will continue to happen.

That being said, I'm smart enough to know when someone is still stalling me and/or blowing smoke up my butt.  I guess I take it a bit personal when can agent tries to screw over my client because I represent them as if I was in their shoes buying that home.  Yeah in a perfect world where there weren't realtards who put their clients before themselves and everything was done on the up and up there wont' be "funny" stuff happening but unfortunately there are many agents who will game the system in their personal financial favor so if it walks like a duck, quacks like a duct, and looks like a duct......you know the rest.....I'll leave it at that. 
 
Just to throw some gas on this fire, this actually happened to me. It is currently under investigation so we shall se what happens. I personally think the agents conspired to hide my written offer at $600,000.00 to the bank (Chase).  This was the text of my email to the brokers.

Just so I understand the short sale process.  How can a bank accept an offer that is $60,000.00 less than a written offer, in hand, on the same property?  I can understand losing out to an all cash offer $5 or $10,000.00 less but$60,000.00 less seems a bit odd. Is the selling broker obligated to present all the written offers she has or can she pick and chose which offers get presented and just "lose" a higher offer in her briefcase?  This just doesn't seem to make financial sensefor her or the bank.  Our offer was $10,000.00 over ask.


http://www.redfin.com/CA/Long-Beach/5587-Riviera-Walk-90803/home/7593339


Sold on 02/08/2012

$540,000

5587 RIVIERA Walk Long Beach, CA 90803
 
Sorry to hear that this happened to you.  Looks like the listing agent and buyer agent came out of the same brokerage office, maybe one agent doing a favor for another?  I personally think the most of this kind of BS happens on short sales as there's no accountable party because the seller could care less if the home sells for $1 since they won't see a penny (or heck the seller will only accept offer that throws money their way under the table....I've heard of that happen before).  So hey, why not stick it to the banks and either double dip or do my realtor friend a favor.  I hope this goes to the bank and the bank criminally prosecutes these agents if they indeed conspired to hide your offer to scare the other realtards thinking about doing this kind of stuff.  Keep us posted on what happens.

morekaos said:
Just to throw some gas on this fire, this actually happened to me. It is currently under investigation so we shall se what happens. I personally think the agents conspired to hide my written offer at $600,000.00 to the bank (Chase).  This was the text of my email to the brokers.

Just so I understand the short sale process.  How can a bank accept an offer that is $60,000.00 less than a written offer, in hand, on the same property?  I can understand losing out to an all cash offer $5 or $10,000.00 less but$60,000.00 less seems a bit odd. Is the selling broker obligated to present all the written offers she has or can she pick and chose which offers get presented and just "lose" a higher offer in her briefcase?  This just doesn't seem to make financial sensefor her or the bank.  Our offer was $10,000.00 over ask.


http://www.redfin.com/CA/Long-Beach/5587-Riviera-Walk-90803/home/7593339


Sold on 02/08/2012

$540,000

5587 RIVIERA Walk Long Beach, CA 90803
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I already shared my experience on money under the table for seller in short sale but to recap, there were multiple situations where it was made clear that for my offer to go through, I would have to use the listing agent AND slide a little more to the seller in form of straight cash or buy some wonderful crap furniture of theirs.

Their will always be fraud whenever big money is involved and I think it's even easier in RE with the low barrier of entry and the complete lack of transparency.  Listing agents have way too much power and it's easy to hide things.
 
rkp said:
I already shared my experience on money under the table for seller in short sale but to recap, there were multiple situations where it was made clear that for my offer to go through, I would have to use the listing agent AND slide a little more to the seller in form of straight cash or buy some wonderful crap furniture of theirs.

Their will always be fraud whenever big money is involved and I think it's even easier in RE with the low barrier of entry and the complete lack of transparency.  Listing agents have way too much power and it's easy to hide things.
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Tough for you and/or your agent to be "accountable" when the deck is slacked against by scumbag realtors and/or sellers basically trying to blackmail you.  There are several ways to decrease fraud in the realtor profession....change the commission structure, require stricter standards to become and staying a realtor, and eliminating the possibility of agents double dipping on the commissions would be a good start.  The majority of agents that I worked with were good and did things on the up and up, but it's the bad apples that ruin it for the good agents.  Those bad apples need to be thrown out of the barrel. 
 
Easiest way is full transparency.  Redfin is start but there is so much more like having a transaction database where you can see all past offers.  Think eBay...

One of my friends is a broker and she was telling me that it's easy to get around the whole appraiser should be separate from agent and other things that are meant to protect consumers...
 
USCTrojanCPA said:
And what's to prevent the listing agent from falsifying the acknowledgement section of page 8 of the CAR PRA form?  How do I know whether I'm seeing the real seller's initials and/or signature. 
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If your spidey-senses were tingling, you very well could have been stuck with one of the bad apples. I've acknowledged above that they're definitely out there.

But at least if you have a legal document in writing, and a situation like rkp's or morekaos' comes up, you'll have some "live ammo" to get them out of the barrel for good.

-IR2
 
Wow, 32 Torrey Pine closed today.  Interesting that Monica is a dual agent in the transaction even though it was a standard sale.  The seller probably lost a bit of money from this since the crazy bidding war only yielded an extra 8k.
 
http://www.redfin.com/CA/Irvine/36-Juneberry-92606/home/7217338

Another Columbus Grove short sale, 44% haircut from 2005, must be depressing to live there if I follow RE.  Great price but where's the bottom? 

So what's the problem with short sales in this area?  Bought at peak?  Lennar too lenient with funny money financing? 

Location is probably the most determining factor.  Other homes built around Irvine in 2005 are not losing as much ground as here.
 
Saw that Juneberry one last night... I have a feeling it's one of those listings that may be looking for a loan mod or something because the list price is too low compared to comps.

The one con is that area due to proximity to the concrete basher, waste facility, power lines etc... but this is my favorite model in that tract... only an 3CLG... but at least it has the 3rd garage. Oh... and just the MRs is almost $7k... so even at $700k sales price... you're looking at about $14k in taxes a year... over $1150 per month! I remember when we were looking at these when they were new and that was a big "hidden" cost.
 
irvinehomeowner said:
Saw that Juneberry one last night... I have a feeling it's one of those listings that may be looking for a loan mod or something because the list price is too low compared to comps.

The one con is that area due to proximity to the concrete basher, waste facility, power lines etc... but this is my favorite model in that tract... only an 3CLG... but at least it has the 3rd garage. Oh... and just the MRs is almost $7k... so even at $700k sales price... you're looking at about $14k in taxes a year... over $1150 per month! I remember when we were looking at these when they were new and that was a big "hidden" cost.
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Comps for that home are around $900k so the listing price is definitely a teaser to get some offers FAST!
 
Patrick J. Star said:
ps99472 said:
http://www.redfin.com/CA/Irvine/36-Juneberry-92606/home/7217338

Another Columbus Grove short sale, 44% haircut from 2005, must be depressing to live there if I follow RE.  Great price but where's the bottom? 

So what's the problem with short sales in this area?  Bought at peak?  Lennar too lenient with funny money financing? 

Location is probably the most determining factor.  Other homes built around Irvine in 2005 are not losing as much ground as here.
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Did you even bother to look at the sold comps at the lower right of the Redfin page before providing your analysis of the Columbus Grove market?  This is clearly a BS price, nearly $100 sq/ft less than sold comps.  In reality this home is probably closer to 20-25% off its 2005 price.  It took me about 30 seconds to do a sampling of recently sold Woodbury homes originally built in 2005. Any guesses on about what % off their original sale price they currently are?

It's fine if YOU prefer other areas of Irvine better, but understand that many may prefer Columbus Grove over anything built by The Irvine Company since 2005.  With location probably the biggest determining factor.  And as far as making assessments of the mental state of others, how about this: Personally, I'd find it very depressing if somebody on my TIC motorcourt bought a land yacht like an Avalon, further minimizing the limited space our TIC masters had allotted us for parking. But that's just me.
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I actually like the location a lot, very central.  It's not on the polluted ground that Columbus Square is across Jamboree.  The high Mello Roos does suck.
 
Patrick J. Star said:
ps99472 said:
http://www.redfin.com/CA/Irvine/36-Juneberry-92606/home/7217338

Another Columbus Grove short sale, 44% haircut from 2005, must be depressing to live there if I follow RE.  Great price but where's the bottom? 

So what's the problem with short sales in this area?  Bought at peak?  Lennar too lenient with funny money financing? 

Location is probably the most determining factor.  Other homes built around Irvine in 2005 are not losing as much ground as here.
Click to expand...

Did you even bother to look at the sold comps at the lower right of the Redfin page before providing your analysis of the Columbus Grove market?  This is clearly a BS price, nearly $100 sq/ft less than sold comps.  In reality this home is probably closer to 20-25% off its 2005 price.  It took me about 30 seconds to do a sampling of recently sold Woodbury homes originally built in 2005. Any guesses on about what % off their original sale price they currently are?

It's fine if YOU prefer other areas of Irvine better, but understand that many may prefer Columbus Grove over anything built by The Irvine Company since 2005.  With location probably the biggest determining factor.  And as far as making assessments of the mental state of others, how about this: Personally, I'd find it very depressing if somebody on my TIC motorcourt bought a land yacht like an Avalon, further minimizing the limited space our TIC masters had allotted us for parking. But that's just me.
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Hey leave my Avalon out of this...
 
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