Selling IPO

NEW -> Contingent Buyer Assistance Program
[quote author="CalGal" date=1215153053]<blockquote>. . . and even fewer who know much about real estate. </blockquote>
IR2 is the exception. :)</blockquote>


You may want to retract that statement after you see what I've done to poor Ipop.
 
[quote author="awgee" date=1215152315][quote author="PANDA" date=1215142440][quote author="awgee" date=1215141942][quote author="PANDA" date=1215137033]Sorry Awgee,



I know that my statement is vague, but my agent just seemed very down and pessemistic yesterday telling me that some law was passed effective this month that made loan mortgages much tougher to get, which is why homes sales are very tough in chicago.



I'm curious, are loans really that tough to get these days? Suppose I had credit score of 680 and making a household income of $130,000. Would getting a loan from Bank of America for $417,000 30 year fixed be very easy or would it be a challenge? I just get the impression that there are a lot buyers, but the standard on getting a mortgage loan is getting very very tough, which is why it is tough to sell in this market? Does anyone in the loan industry know the answer to this?



Panda</blockquote>


Panda - What type of agent? A real estate agent or ... ?</blockquote>


Yes, it was my real estate agent here in Chicago.</blockquote>
Panda - It has been my experience that there are few real estate agents who know much about tax code. and even fewer who know much about real estate.</blockquote>


Perhaps that's the reason my home has been sitting on the market for 4 months and perhaps it is time to find a NEW super RE agent who is willing to work it. IR2, if you fly out to Chicago and sell Panda's cage, I will give 10% commission. I'm sure that's more commission that IPO is offering you. A STAR agent like IR2 deserves a STAR commission. What do you say IR2?



All you Irvine people don't know how good you have it. You guys probably take the sunshine all year round and the beautiful beaches (Laguana Beach and Corona del Mar) for granted. When Panda gets there, he will appreciate and will always be thankful. I have to admit, the winters in Chicago really sucks the BIG Panda BALLS. I CAN'T STAND IT NO MORE!



[quote author="lendingmaestro" date=1215151604]Sounds like you have an uneducated agent. There was no law passed in the last 12 months in regards to mortgages in the state of Chicago, or California. I think that's realtor speak for "I ain't sellin' no houses."</blockquote>


Ha ha ha ha!, Lendingmaestro, the state i live in is Illinois, not Chicago. Seriously, i need to find a new RE agent who is optimistic in this SAD market. I think my current RE agent is going through a depression right now. He owns several out-of-state properties in Florida which is not sold yet. Time to find a optimistic and happy RE Agent to work with Panda in Chi-town.



Any of you know any Star Agents in Chicago? I've heard to stay far away from Korean RE agents, Jewish RE agents are the way to go.
 
[quote author="arctichaze" date=1215157047]IR2- Are you guys holding an open house this long weekend? I think I already found the house at the MLS.</blockquote>


I guess it is this one?



<a href="http://www.redfin.com/CA/Irvine/62-Knollwood-92602/home/5884502">IPO's Listing?</a>



Last sale $838,500? Looks like Redfin has something screwed up there. I trust no Wisteria has ever sold for $838k, and certainly not in 2003. Might be the most well written listing I've seen in 5 years. Streetview looks great, it is a good setting. Tell your buyer that if they are planning on flipping it I'll offer them $450k right now, with an escrow close date of January 1, 2010. Good deal for them, they are locked into only a $150k loss. Heck, by 2010 that may not even be enough loss to get yourself a feature on IHB.
 
Yeah... you can tell the line below is IR2's hat tip to IHB. It's that kind of snark that only we would get.



<em>A very smart choice. Check the comps and act quickly.</em>
 
[quote author="arctichaze" date=1215157047]IR2- Are you guys holding an open house this long weekend? I think I already found the house at the MLS.</blockquote>


Ole IR2 is going to be stuck pimping my place for a good portion of Saturday and Sunday... If you all are in town, you should visit and keep him occupied. He's only got a day to recover from the sod slinging we did tonight so he might be a bit sore and grumpy. My yard now has a beautiful fresh new install of Marathon and has been powerwashed thoroughly to remain all IPO traces and remnants.
 
[quote author="CK" date=1215169168][quote author="arctichaze" date=1215157047]IR2- Are you guys holding an open house this long weekend? I think I already found the house at the MLS.</blockquote>


I guess it is this one?



<a href="http://www.redfin.com/CA/Irvine/62-Knollwood-92602/home/5884502">IPO's Listing?</a>



Last sale $838,500? Looks like Redfin has something screwed up there. I trust no Wisteria has ever sold for $838k, and certainly not in 2003. Might be the most well written listing I've seen in 5 years. Streetview looks great, it is a good setting. Tell your buyer that if they are planning on flipping it I'll offer them $450k right now, with an escrow close date of January 1, 2010. Good deal for them, they are locked into only a $150k loss. Heck, by 2010 that may not even be enough loss to get yourself a feature on IHB.</blockquote>


You are correct CK, even the larger Wisteria model never made it over $800K. I noticed the same on the Redfin listing. The parcel number is correct though so something is whacky somewhere... Looks like a nice discount though huh?!
 
[quote author="ipoplaya" date=1215176879][quote author="arctichaze" date=1215157047]IR2- Are you guys holding an open house this long weekend? I think I already found the house at the MLS.</blockquote>


Ole IR2 is going to be stuck pimping my place for a good portion of Saturday and Sunday... If you all are in town, you should visit and keep him occupied. He's only got a day to recover from the sod slinging we did tonight so he might be a bit sore and grumpy. My yard now has a beautiful fresh new install of Marathon and has been powerwashed thoroughly to remain all IPO traces and remnants.</blockquote>


Cool I might just call IR2 on his cell phone and swing by. Looks like you're making him earn that commission :)



I don't know if you remember but I PMed you regarding another property at West Irvine and that's still up in the air with no real developments... darn short sales.
 
Photos just went live. Enjoy.

<a href="http://orangecounty.craigslist.org/rfs/742304875.html">craigslist</a>

<a href="http://www.zillow.com/HomeDetails.htm?zprop=59729849">zillow</a>

<a href="http://www.redfin.com/CA/Irvine/62-Knollwood-92602/home/5884502">redfin</a>

<a href="http://www.realtor.com/search/listingdetail.aspx?sby=3&ctid=12221&ml=3&mnp=33&mxp=31&bd=4&typ=7&sid=e8bc5338714a4c88976e84a27d9f9a13&lid=1101042880&lsn=1&srcnt=6#Detail">realtor.com</a>



and <a href="http://www.62Knollwood.com">www.62Knollwood.com</a>
 
BTW, these are where those sites stack up in terms of viewership:

Surprising how low redfin still is, but I expect their product to grow.



<img src="http://irvinerealtorsite.com/competition.JPG" alt="" />
 
Nice to see IR2 using analytics to see how much virtual traffic he is getting on his listing. Most agents would have trouble spelling anallickticks, and think it is something entirely different.



http://i-0.rfimg.us/photo/46/bigphoto/343/P645343_2_0.jpg



So... this is where Ipo hunkers down, and thinks... "I will teach that graphcakes about the Case/Shiller index. Damn that snarky bastard, damn those nutty IHBers, and damn it... why didn't I listen to awgee and buy some gold on the dips."



Good times, good times. With all those purdy .jpgs I am sure there is a knife catcher out there for this place. The stagers did a great job, the photos a plenty are beautiful, and I bet it no longer smells like Ipo. I would buy this place, but I don't deserve a place this nice, so someone else will have to scoop it up.
 
<blockquote>Photos just went live. Enjoy. </blockquote>
Nice place and staged beautifully. Congrats to Ipop and IR2 on a great presentation.

I hope you have a fast sale.
 
Hey, photo 33 shows a huge dirt patch in the back yard....what happened to the sod ? ;)



Also, why 600K and not the magical 599,900 ?



Nice staging....good luck Ipo and IR2 ! (I was one of the the "over 3 months") heh heh.... But the confidence you are exuding leads me to believe you already have a buyer lined up (you Graph?)
 
[quote author="Trooper" date=1215208178]Hey, photo 33 shows a huge dirt patch in the back yard....what happened to the sod ? ;)



Also, why 600K and not the magical 599,900 ?



Nice staging....good luck Ipo and IR2 ! (I was one of the the "over 3 months") heh heh.... But the confidence you are exuding leads me to believe you already have a buyer lined up (you Graph?)</blockquote>




Photos taken at 10am on Thursday.

Sod delivered at noon and laid from about 6 to 9pm.

We'll be able to reshoot that yard when the photographer comes back on Monday. I'm just happy Ipop gets the holiday weekend live with photos.



<em>(and $600K shows up if buyers are limiting search criteria from $500-600K <strong>AND </strong>from $600-700K. $599,999 doesn't even get presented in the latter case.)</em>
 
<blockquote>But the confidence you are exuding leads me to believe you already have a buyer lined up </blockquote>
Let's hope they don't find a buyer before the first Open House. I'm looking forward to the free lunch. :-)
 
Good job, nice collection of photos, I love the rooms from multiple angles. Kind of sad for the other realtors though, a $600K place gets this treatment and million dollar places are being put up with three cell phone camera shots. Lesson to future sellers, presentation and your realtor do matter.



Now a minor question... IR2 is a guy? oh boy, have I been mentally imaging wrong...





And a follow-on question. I was looking at the poll and thinking, wow those are all short. In the midwest, my memory seems to tell me the typical expectation for selling a home in 80s/90s was three months to six months. When I moved out here in the early 90s, I think three months was considered quick on a sale and six months fairly common. Is my memory flawed or did the bubble skew expectations for the amount of time required to sell? Granted, the right price will make places move, but even right priced, in a non-bubblicious market wouldn't selling in 30-60 days and closing escrow in 90 be considered pretty quick?
 
<blockquote>IR2 is a guy? oh boy, have I been mentally imaging wrong? </blockquote>
Don't worry - I'm ALWAYS wrong with screennames. For the longest time I thought Trooper was a guy. I was flirting with her for the longest time. :lol:
 
[quote author="graphrix" date=1215187541]Nice to see IR2 using analytics to see how much virtual traffic he is getting on his listing. Most agents would have trouble spelling anallickticks, and think it is something entirely different.



So... this is where Ipo hunkers down, and thinks... "I will teach that graphcakes about the Case/Shiller index. Damn that snarky bastard, damn those nutty IHBers, and damn it... why didn't I listen to awgee and buy some gold on the dips." </blockquote>


Yup, that's the very same Cal Closets built-in desk where I formulated the What's Going Into Escrow plan... Man, I spent a lot of hours parked right there. Weird to finally see it online.



Now here, here, is where the real magic happened:



<img src="http://i-0.rfimg.us/photo/46/bigphoto/343/P645343_10_0.jpg" alt="" />



Rrrrrraaaaaawwwwwwrrrrrrrrr!!!!
 
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