SS Listing Price Increases and Skitzo Homes

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stepping_up_IHB

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Lately I've seen a number of short sale listings raise the offered at price. I've seen it with properties that had been steadily decreasing the price and also with a few that upped their original listing price. Can anyone explain what that means? Are they raising them to the highest offer they have at the time or has the bank decided to approve a sale at the higher price?



Also, can anyone explain the skitzo listings. I see the same property go off the market as a this home is now off the market and then come back as this is now an available listing. Some properties do this multiple times. There's one that likes to come on for a day or two, go off for a week or two and come back for a few days. I'm pretty sure that First Team denotes when it goes off due to a pending sale, so it seems more like they are going on and off the market. What is going on with those? I feel like the house needs to take its meds.
 
How about THIS massive price reduction....



<em>Offered At $371,600 (price changed from $371,700)

East Haddam, CT 06423

OTHER, 2 bedrooms, 2/0 baths More info...</em>
 
[quote author="code7700" date=1214692036]I had a similar thread on this topic.



http://www.irvinehousingblog.com/forums/viewthread/2379/



My advice?



Step 1: Laugh

Step 2: Ignore</blockquote>


Thanks for this, I had missed that thread. We've already caught our knife, so I'm only asking out of curiosity. I can't help but to follow the market in our area though. I still am very curious about the schitzophrenic houses that come and go off the market every few days or weeks. Freedom has been watching a home that has done this several times. There's a short sale in my neighborhood that has done this multiple times as well. I can't think of any reasonable explanation. They don't seem to be going into and falling out of escrow, rather they want to sell one day, change their mind, change it again and again. What could be the reason for this?
 
I don't know about the price changes, but putting up a "new" listing is a way to gain exposure, since some people set their search filters for new listings only.
 
<a href="http://www.redfin.com/CA/Costa-Mesa/1929-Whittier-Ave-92627/home/4569366">http://www.redfin.com/CA/Costa-Mesa/1929-Whittier-Ave-92627/home/4569366</a>



This is the house I've been watching. It was listed at $599 1.24.08, and has gone on and off the market (not "off market" = pending, but disapeared) almost a dozen times in five months. once it came back on the market at $550 in march, and has returned at that price 3 times so far in june (and twice in april).



Does this make it "fresh to the market" each time? The weird thing is that it must be a short sale, since it was purchased in mar06 for $765, but the listings never mention this...



I have a hard time imagining any realtor doing this for a client. Maybe the "owner" is a realtor so it isn't such a hassle?



<strong>IR2, do you have any insight? </strong>
 
[quote author="freedomCM" date=1214723792]<a href="http://www.redfin.com/CA/Costa-Mesa/1929-Whittier-Ave-92627/home/4569366">http://www.redfin.com/CA/Costa-Mesa/1929-Whittier-Ave-92627/home/4569366</a>



This is the house I've been watching. It was listed at $599 1.24.08, and has gone on and off the market (not "off market" = pending, but disapeared) almost a dozen times in five months. once it came back on the market at $550 in march, and has returned at that price 3 times so far in june (and twice in april).



Does this make it "fresh to the market" each time? The weird thing is that it must be a short sale, since it was purchased in mar06 for $765, but the listings never mention this...



I have a hard time imagining any realtor doing this for a client. Maybe the "owner" is a realtor so it isn't such a hassle?



<strong>IR2, do you have any insight? </strong></blockquote>


This one is currently "on hold."



Sales History:

Recording Date: 03/16/2006 09/11/2000

Sale Price: $765,000



Document Type: Grant Deed Grant Deed

Mortgage History:

Mortgage Date: 03/16/2006 + 03/16/2006

Mortgage Amt:<strong> $612,000 + $153,000 </strong>

Mortgage Lender: Suntrust Mtg Inc

Mortgage Type: Conventional



Owner is not the agent/broker. This is a short sale, very obviously.



This is not the "refresh" method of sales, a la craigslist "top-posting". This is much less intentional.

The "on hold" status in the MLS is limited to two weeks, after which listings revert to "active" status. The agent is then moving back to "on hold" for another two weeks, and repeat. If you call the agent I am guessing that the owners might have changed their minds and want to squat.



--- I just called and confirmed. Owners are trying to get a concession from the bank to stay in the home.
 
Thanks so much!



I wonder how many of the off-on listings represent this strategy? Have you seen much of it?





And what leverage do they have with the bank, since they put ZERO down? From the photos on the listing, it didn't even appear that they have done any renovations.
 
[quote author="Daedalus" date=1214700799]I don't know about the price changes, but putting up a "new" listing is a way to gain exposure, since some people set their search filters for new listings only.</blockquote>


I am pretty sure this is a violation of the MLS' rules and they are supposed to "punish" real estate agents for doing this. However, in most cases, said violations can only be reported by other real estate agents (see attached image). That is like replacing prison guards with the prisoners and expecting it to work.
<fieldset class="gc-fieldset">
<legend> Attached files </legend> <a href="http://www.talkirvine.com/converted_files/images/forum_attachments/83_ifmgldQJm5UP43Zh8K43.gif"><img src="http://www.talkirvine.com/converted_files/images/forum_attachments/83_ifmgldQJm5UP43Zh8K43.gif" class="gc-images" title="mls_violation[1].gif" style="max-width:300px" /></a> </fieldset>
 
[quote author="IrvineRealtor" date=1214726229]



--- I just called and confirmed. Owners are trying to get a concession from the bank to stay in the home.</blockquote>


Has anyone you know of been succesful in this tactic so far (client or otherwise)?



Wish me luck at the WSOP.
 
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