There are a few listings around Carmel Valley that came out hot this year…..but haven’t sold.
Will buyers snap up the less-expensive offerings, in spite of a flaw or two? Or will they wait?
The REO in this video may not be a perfect test, because it’s down around where investors might get interested. But it appears that closed sales are stumbling a bit around the CV – last year there were 31 detached closings between Jan 1 and Feb 10th, while this year there were only 23.
Buyers are drawn to the $$/sf comparison, but when you see a house that looks too good to be true, it usually is….or there are some shenanigans involved.
Would you consider compromising on something else, to get the price you want?
If you say “no dice, I want it all”, then you better bring everything you got, and be working with a great agent who can make your case a convincing one - because the good deals will be competitive.
Has an agent offered you a piece of the shenanigans?
I’m not an attorney, I just copied this off the internet:
The Federal Bank Fraud Statute, 18 U.S.C. §1344, provides as follows:
Whoever knowingly executes, or attempts to execute, a scheme or artifice-
(1) to defraud a financial institution; or (2) to obtain any of the moneys, funds, credits, assets, securities, or other property owned by, or under the custody or control of, a financial institution, by means of false or fraudulent pretenses, representations, or promises; shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.
The sales history of this property is displayed at the end of the video.
With a 20% down payment and adding 0.50% to what the 30-year conforming rate was during the month it closed, here are what the payments would have been:
After you pay repair/improvement costs, a 2.5% commission, holding costs, and income taxes – not to mention the risk involved – is this flip worth the trouble? The agent had in his remarks that the last sale of this model was $848,000, wouldn’t you think he’d try for similar?:
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