26 Shadowplay list price up 100k a day after IR post...

2

25inIrvine_IHB

New member
I was going through some older stuff on the main blog and came across this:



posted by IR July 15th:



http://www.irvinehousingblog.com/blog/comments/shadowplay/#more



Listing Price History

Date Price

Jul 11, 2008 $599,000

Jul 16, 2008 $699,000



Think this is a coincidence?



My guess is has to do with this quote a bit



<blockquote> There are no pictures on the MLS, but the pictures below are of the identical property at 39 Secret Garden offered by a neighbor for $240,800 more (WTF?) Let's just say this neighbor can't be very happy about this short sale. </blockquote>
 
Interesting. This one of the places that NoWowway emailed the Realtor(R) about? Maybe they figured there is no such thing as bad publicity.... Anyone else catch noticeable price changes on homes for sale once featured here? (Besides the escrow, short sale, foreclosure updates)....
 
[quote author="k.o." date=1218680015]Interesting. This one of the places that NoWowway emailed the Realtor(R) about? Maybe they figured there is no such thing as bad publicity.... Anyone else catch noticeable price changes on homes for sale once featured here? (Besides the escrow, short sale, foreclosure updates)....</blockquote>


Maybe the lender reads IHB and said WTF is that dumb a$$ agent thinking, we know we could get more for that place. Too bad the google search doesn't provide all the other posts that show it will be sold for less.



Hi! Bagholder of Shadowplay, you are dumb, very very dumb to not except a short sale on this home. Go ahead, pay the fees to have it go back to you, hold it for months, then have to pay an agent to sell, but list it for a price too high. You just sit on those holding costs, and hope for a market come back. I am sure you are smarter than me and you will sell it for more than is owed in the next year.
 
My guess is IR's mention of the comparable being 240k higher made the bagholder think "well geeze, if my competition is 240k higher, I am still 140k less than him if I raise the price 100k." But sadly, neither one will probably sale
 
The Deuce taught me something about short sales. Let's see if I got this somewhat right.


The listing agent for the short sale will publish a very low listing price to get some bids so that the bank, and the agent, can get a sense of what the property will go for. After getting a few bids, the bank adjusts the published listing price above the highest bid, but not so high as to be outrageous.
 
[quote author="awgee" date=1218761741]The Deuce taught me something about short sales. Let's see if I got this somewhat right.


The listing agent for the short sale will publish a very low listing price to get some bids so that the bank, and the agent, can get a sense of what the property will go for. After getting a few bids, the bank adjusts the published listing price above the highest bid, but not so high as to be outrageous.</blockquote>


Wow, fishing for prices.... I guess if you can afford to have it sit on the market for that long it isn't so bad.



-bix
 
Likewise, I've benefited from several of awgee's pearls of wisdom, one of which has been, "when in doubt, go directly to the source."

I called the agent, and left a message. Will post when call is returned.
 
[quote author="IrvineRealtor" date=1218764240]Likewise, I've benefited from several of awgee's pearls of wisdom, one of which has been, "when in doubt, go directly to the source."

I called the agent, and left a message. Will post when call is returned.</blockquote>


I am as susceptible to flattery as the next person, maybe more so, but I don't think I ever said that. I think I said something more like, "When in doubt, go directly to the <strong>STORE</strong>, to get some Haagen Daaz."
 
Awgee-

If I was wrong, as I'm perfectly capable of being (and often am) I stand corrected. Perhaps I was oversimplifying and consolidating my perceived sum of your posts. :)



Recently:



[quote author="awgee" date=1218681559]Did you ever <strong>ask a banker </strong>why they would rather foreclose on a property than writedown principal, even though all statictics show it costs less to rework a loan and writedown principal?</blockquote>


and



[quote author="awgee" date=1216504844]The <strong>real stuff</strong> is better.</blockquote>


and your valuable transfers from CR by "<em>Default</em>" - also directly from the source.



I just think it's wise in principle and in practice.
 
[quote author="IrvineRealtor" date=1218764240]Likewise, I've benefited from several of awgee's pearls of wisdom, one of which has been, "when in doubt, go directly to the source."

I called the agent, and left a message. Will post when call is returned.</blockquote>


Do you know the agent? Are you expecting a call back? I hope that he/she does call you back! I look forward to the reasoning behind this.
 
Agent (Steve, not Jay) informed me that the initial listing price was merely a typographical error. That's a big error, but a simple explanation.



Sniff test still smells like a short sale tactic since it has been on market for 36 days now...
 
Ut roh... what is happening on 8/27? Oh... how about the foreclosure auction of 26 Shawdowplay.



Like I have said before, get your news here on housing to make informed decisions.
 
Thanks for the info guys. Another thing to note, this has been added to the description area on redfin:



<blockquote>

Price&Commission;are subject to lender approval. *Property is currently not available to be shown until further notice.*



</blockquote>


That mean it probably won't be shown until after it goes back to the bank?
 
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