Here’s another great example of realtor/banker ignorance.
This was listed as an REO in November for $599,900.
But the agent was from out-of-county, and inputted the listing onto the LA/OC MLS, thinking that it was the same as our San Diego MLS. They gradually lowered the price to $569,900, and on February 16th took an offer of $488,000 – all the time thinking they were giving it full exposure.
Want to guess the flipper-buyer new list price?
Seems like ignorance leads to arrogance as the new owners didn’t even bother to put new paint inside, clean the carpet or install a colorful flower or two in the backyard.
Why would the bank even distribute a foreclosure listing to an out of area realtor? What, the banker is back east and figured LA and SD is pretty much in the same hood?
classic case of fraud.
OCRenter, I see a lot of REO going to out of area Realtors now. No open houses, not on the broker’s tour and quite often a combination lockbox rather than one from BAREIS (Cheaper). And they seem to be priced by throwing darts at a board. I work out of sebastopol ca and pricing stuff here is very difficult due to the heterogeneous nature of the housing stock.A lot of the lenders are only allowing 5 days for all inspections and that’s not much time when you are dealing with a country property and need thorough well and septic inspections in addition to what is appropriate for a town home.
It must be tough to find the local MLS after realtor training 101.
Thats is how my husband & I purchase our condo in 2009, 2nd home(before finding bubble info)The listing agent,from Orange county, never listed in the SanDiego MLS-after sitting 4 months we offered $15,000 less asking and got bank to pay all closing costs.