We know it’s the wild, wild west, and that short sales are tough to navigate because each listing agent determines their own rules. As a result, more trends are developing along the way:
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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the loft doesn’t violate a bedroom designation? the living room has a hallway closet so does that count as a bedroom too? flag ’em.
It says 2 bedrooms on the tax rolls, so it’s not a problem technically, but the buyers are set up for disappointment. As a listing agent you should minimize those moments if you can.
JTR – A trend it is…I’m circling a higher end deal where the listing price is just below $2mm and the listing agent says the short sale is approved about 15% higher.
That just motivates me to write an offer 15% below the asking price, just for balance.
I’ll repeat what I said earlier: In my mind, a bedroom has to have a window (for a secondary exit in case of fire as well as for natural light), a closet, be self contained on all sides, and must be accessable via some means other than another bedroom (that is, via a hallway or the main part of the house-you can’t daisy chain bedrooms). Lofts aren’t really bedrooms, even if they say so on the tax rolls-there’s a lack of privacy there that is needed in a bedroom, IMHO.
I beleive by law a bedroom has to have a window for a fire escape and be heated/cooled.The window has to have direct access to the exterior.
If the short sale is listed as approved and at 279k any reasonable person would feel the short sale has been approved by the bank for 279, not 319.That is very deceptive advertising.
How in the world did a building inspector clear that as 2bR?Maybe it originally was a 2br and then somone decided to open up the place.
Some states have laws defining what a bedroom is. I do not believe California is such a state.
In any case, it is not unusual for the tax rolls to not match reality. Either due to errors (like permitted additions not being added to the tax rolls, or simple math errors, or who knows what), or due to unpermitted additions (which are illegal and the tax people wouldn’t know about). Bedroom counts in particular are frequently inaccurate (both high and low), even if the total square footage is correct.
I don’t think cooling is part of the requirement, but I have heard that it can not have a door leading to the garage.
“Maybe it originally was a 2br and then somone decided to open up the place.”
All that railing and staircase is original, nothing has been changed upstairs from what I can see in the video. We purchased, gutted & updated a condo (not this complex or location) same vintage in Carlsbad, same basic style and look as this one. Nothing says 70’s like those popcorn ceilings.
How can it be a bedroom when it doesn’t have a door that closes? San Diego (not sure about Carlsbad) addresses this in their code:
http://docs.sandiego.gov/municode/MuniCodeChapter11/Ch11Art03Division01.pdf
Bedroom means an enclosed space within a dwelling unit that is designed or could be used for sleeping and has a permanent door permitting complete closure and separation from all kitchen, living room, and hallway areas. A room or other enclosed space is not considered a bedroom if it is the sole access to another bedroom.
In other words – you need walls (not rails) and a door. That loft didn’t qualify.
Same thing happened when I bought last year. The house popped up on the MLS at $270K (short sale), but when my agent called they said it was approved at $290, but that they would contribute 3% towards closing, making the effective final price $281.
I thought that was weird, but I went along with it and closed in a month, which I hear is great for short sale.
That’s it! Craigslist officially has more protection than the MLS. In Craigslist, I’d flag it.
Gotta go…someone from a Craigslist ad is coming over to buy some furniture from me. Add consignment stores to the list of places going down.
Here’s to Craig and all the money he enabled me to make off my worthless junk. I’m very sorry you aren’t getting a dime of it Craig because you do deserve a cut.
I’m one of those discouraged buyers. I just flat up gave up after putting in offer after offer at or slightly above. I just rented a luxury condo downtown among thousands. The pricing is what killed it for me, it was just a huge waste of my time to run all over North County looking at stuff that had no intention of selling anywhere near what it listed for.
Keep the house.
Well, if we were to buy a condo, it would definitely be a place like this one. For a couple without kids, it’s a pretty nice place. The newer condos just have walls staring you down as you look out your windows…yuck!
I have a hard time believing the agent has a bid at their super-secret approved price, but I’m cynical that way.
Please, please, please…can we get all these fraudsters and game-players OUT of the market so we can all go back to buying and selling **homes** to live in?