What can one sale do to a neighborhood?

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25w100k+_IHB

25w100k+_IHB

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As a lot of you know, I've been looking for a condo, so homes in woodbury have come up on my radar a lot. IR has profiled this very interesting property <a href="http://www.redfin.com/CA/Irvine/52-Vintage-92620/unit-106/home/7214630">http://www.redfin.com/CA/Irvine/52-Vintage-92620/unit-106/home/7214630</a> that is currently asking $258 a sq ft. for newer condo construction.



At first I thought this was a good attempt at getting a quick sale, having people bid off each other, etc.. Except it hasn't sold in almost a month. Good chance it'll go for less then that. How will this affect the whole neighborhood?



When banks appraise places, do they only look at similar spec'ed homes (3 stories, attached) or do they look at similar sizes, or what? How bad will this hurt Woodbury overall, if a place like this ends up going for 360-380?
 
Isn't this home a short sale and that is why it is still on the market?

I thought short sales took a long time to get into escrow.

So most short sales will be listed for 3 mo. or so before they go into escrow.



Am I mistaken?
 
[quote author="halfnote19" date=1223336430]Isn't this home a short sale and that is why it is still on the market?

I thought short sales took a long time to get into escrow.

So most short sales will be listed for 3 mo. or so before they go into escrow.



Am I mistaken?</blockquote>


It can take months to get a price analysis done by the bank, I think it's called a BPO, and they won't go off market or into escrow obviously until that is complete. If the BPO takes 4-8 weeks, then someone must decide whether to accept the offer, it could take three months to get a short into escrow even if it got a good offer on day one of list...
 
[quote author="ipoplaya" date=1223337003]



It can take months to get a price analysis done by the bank, I think it's called a BPO, and they won't go off market or into escrow obviously until that is complete. If the BPO takes 4-8 weeks, then someone must decide whether to accept the offer, it could take three months to get a short into escrow even if it got a good offer on day one of list...</blockquote>




There was an interesting discussion on JtR's site saturday(?) about when SS listings have to move to "pending" status according to CAR regulations.



apparently, CAR says that as soon as an offer has been accepted by the seller (the listing individual, not the bank), a SS must be moved to "pending" or the listing agent may be subject to a fine.





How many listing agents are doing this?



<strong>Do we get a wistleblower fee from CAR for reporting to CAR the ones leaving them "active" after an offer has been submitted to the bank?</strong>
 
[quote author="freedomCM" date=1223345230][quote author="ipoplaya" date=1223337003]



It can take months to get a price analysis done by the bank, I think it's called a BPO, and they won't go off market or into escrow obviously until that is complete. If the BPO takes 4-8 weeks, then someone must decide whether to accept the offer, it could take three months to get a short into escrow even if it got a good offer on day one of list...</blockquote>




There was an interesting discussion on JtR's site saturday(?) about when SS listings have to move to "pending" status according to CAR regulations.



apparently, CAR says that as soon as an offer has been accepted by the seller (the listing individual, not the bank), a SS must be moved to "pending" or the listing agent may be subject to a fine.





How many listing agents are doing this?



<strong>Do we get a wistleblower fee from CAR for reporting to CAR the ones leaving them "active" after an offer has been submitted to the bank?</strong></blockquote>


No such luck. I have been actively trying to get some of these listings to switch over and have filed complaints. It hurts other legitimate sellers by creating confusion in the market (is it still available for sale, is it sold already, or what?).



I've also had some choice words with a certain "nice little short sale opportunity in NWP" agent that some of you might be familiar with.

I will call bottom/end of her RE career within the next 6 months.
 
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