When houses all around are selling for high-$700,000s and up, why does a house have to get down to $639,000 before selling? Last month, two brand-new houses that were virtually the same square footage sold on the same street for $835,000 and $839,000.
Zillow says the listing was removed on 10/25. Is it sold?
It was just marked contingent – no surprise that a buyer was willing to step up at $639,000.
But another weird part is that in the remarks she says it is an approved short sale. Did an appraiser say it’s only worth $639,000 too???
the location for the laundry is all kinds of awkward.
“Hi, so glad you come to our party! Please excuse the noise; the spin cycle is almost done.”
Maybe someone died there; did you check the fine printer under disclaimers? 😉
And now the guys who paid 800k are pissed! And so it continues….
For any pundits who want to know why buyers are still hesitating in this market, this is the perfect case study. Here is someone with a great defense contractor job, good real estate ownership history AND put down $50k. It doesn’t really matter what exactly happened, but the $50k+ is gone and the credit score is probably trashed. I’m not sure you can even lose $50k in a year and a half buying a Ferrari. Sure, you might say “I’m not moving for 15 years, so I don’t care.” But what happens in the off-chance you do need to get out?
I agree with “Just some guy”.
To teenager: “Hey, thanks for coming over to babysit. Sorry for the kids’ dirty socks and underwear in the entry that didn’t quite make it to the laundry basket in the laundry room…”
Maybe someone finally took the time to look up “Mello Roos.”
+1 IRE
And even if you don’t lose your job, having your house value drop 150k before you complete your first year of home ownership doesn’t feel too good either.
Price drops lead to more price drops and the cycle continues. This is a full blown deflationary debt spiral and is precisely what BB set out to avoid. He pushed on a string and couldn’t even make a nice musical note out of it.
Fascinating.
Decent house. Bizarre short sale terms. That HOA seems high.
The price is right though. Hopefully it goes straight through for someone that’s been looking for awhile.
I always thought the new colrich homes in la costa oaks were built so cheap! I am amazed that they were able to get over 900k for a lot of them, regardless of view.
Maybe job relocation. High level officer or military consultant.
Speaking on general terms: For a job relocation, shouldn’t the employer be required to cover the deficiency on the mortgage rather than forcing the bank to take a haircut? Since in this case it was an FHA loan and a defense contractor it would probably all ultimately come out of the same pocket anyway. But suppose it were a private loan? This is why bank loans are so difficult to come by now.
Short sales are dirty business. I know this from first hand experience of not getting one and losing out to a lower bidder (by 40K)
If it is used as a comp, those other buyers just got cut off at the knees.
Painful time to be a buyer. Never know if you’re catching a falling knife.
Chuck
This is another version of short-sale fraud. If the banks were aware that there are very similar houses selling on the same street for $200,000 more, do you think they’d be interested? I think so.
The agent’s comments are screaming “I’m going to work you over” to the buyer’s agents, which causes fewer showings and the resulting price drops.
But I’m still shaking my head how an appraiser could bring this in at $639,000????
On the contrary, I believe $639k is a fair price. All one needs to do is looking at the recent sales within a mile radius: average @ $207/ft. And this 2011 built brand new @$182/ft ($650k/3571 ft) does not help either:
http://www.redfin.com/CA/Carlsbad/3263-Sitio-Avellana-92009/home/22390307
That one with a view of the “water treatment” plant, plus $410/month fees, in the San Marcos school ditrict?