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? for the real estate gurus...

Discussion in 'Other Off Topic Forum' started by 8 SNAKE, May 30, 2007.

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  1. 8 SNAKE

    8 SNAKE F1 Veteran

    Jan 5, 2006
    6,948
    Springfield, MO
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    Mike
    #1 8 SNAKE, May 30, 2007
    I've been watching a property for a while and noticed that the realtor recently changed the MLS number on the property. Since the same agent and real estate company hold the listing (ie nothing has changed), I'm wondering why the listing number changed. Can anyone shed some light on it for me?

    Note: I haven't asked the real estate company that has the listing because I don't trust them based on some previous experiences.
     
  2. SrfCity

    SrfCity F1 World Champ

    Nov 1, 2003
    10,142
    Orange County, CA
    #2 SrfCity, May 30, 2007
    Yea, he's trying to refresh the listing. IOW make it look like the property has not been on the market too long and stale. Here in the OC you can not relist for 90 days after a listing expires without showing the total days on market.
     
  3. 8 SNAKE

    8 SNAKE F1 Veteran

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    #3 8 SNAKE, May 30, 2007
    Thanks! That's exactly what I thought he was doing but wanted to ask some people with far more knowledge than me.
     
  4. ZINGARA 250GTL

    ZINGARA 250GTL F1 World Champ
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    Jun 21, 2002
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    #4 ZINGARA 250GTL, May 30, 2007
    They all do this. Refresh is exactly correct. Remember the original asking. You now have the ability to come in lower if you want it. They can only turn down reasonable offers for so long. However, some fools are willing to suck on a property like a lollipop while paying higher property taxes and mortgage payments. That, sir is YOU'RE leverage. Keep your notes!

     
  5. elo904

    elo904 Rookie

    Dec 17, 2003
    24
    Orlando
    #5 elo904, May 30, 2007
    Extra tip....always reference your local Property Appraisers website or GIS when looking at real estate. This is such a wonderful resource into the history of a property (past sale amounts, tax info, yearly appraisals, past owners, actual dimensions, history of improvements, etc). This can also be a great negotiating tool when you know how much the owner is vested.
     
  6. 8 SNAKE

    8 SNAKE F1 Veteran

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    Springfield, MO
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    #6 8 SNAKE, May 31, 2007
    Thanks for the tip, but it won't apply much in this deal. It's a partially finished home that the bank foreclosed on. I'm surprised that the bank would hold the property so long, but they seem to be in no hurry to sell. Ah well, I'm in no hurry to buy unless I can get a phenomenal deal.
     
  7. SrfCity

    SrfCity F1 World Champ

    Nov 1, 2003
    10,142
    Orange County, CA
    #7 SrfCity, May 31, 2007
    If it's an REO low ball the hell out of it. The bank may just want to get it off their books especially if it's unfinished and just sitting there. $.60 on the dollar offer(maybe lower) is not unreasonable if that's even in your budget. Go to the lender directly or have the sneaky RE agent do it. BTW, the RE agent will tell you, "oh they won't accept that" but don't listen to him ;)
     
  8. 8 SNAKE

    8 SNAKE F1 Veteran

    Jan 5, 2006
    6,948
    Springfield, MO
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    #8 8 SNAKE, May 31, 2007
    Thanks again! You've actually pinpointed exactly what I've been thinking about doing. The home is completely framed out with a finished roof, all windows and most plumbing and duct work done. It had the exterior house wrap put on, but the brick is just sitting around the place on pallets. The house wrap has been peeling off, so I assume it won't be long before much of the exterior wood begins to warp (I have no idea why the bank didn't just spend the money to put the brick up and protect the home). This house is going to do nothing but lose value...and fast. If (huge if at this point) I make an offer, it will be 40% of the asking price.

    On a side note, the realtor has told me that they do not have any blueprints or construction plans for this house. That completely blows my mind, but like I said I've not been very impressed with the realtor. How do you sell a partially finished house without any construction plans???
     
  9. SrfCity

    SrfCity F1 World Champ

    Nov 1, 2003
    10,142
    Orange County, CA
    #9 SrfCity, May 31, 2007
    That's because the place is a foreclosure and the previous owner just took them as his investment was going down the drain. I'm sure if you contacted the guy he'd give or sell them to you. A title search will tell you who it was and or neighbors may know the guy. The neighbors will be more than willing to help as they want the place fixed up. Don't tell them you're planning to offer $.40 on the dollar though ;) Make sure any offer is written up and presented as the realtor may be too lazy to even talk to the lender unless he's obligated.
     
  10. 8 SNAKE

    8 SNAKE F1 Veteran

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    #10 8 SNAKE, May 31, 2007
    I've got a copy of the disclosure statement (I think that's what it's called) from the realtor, so I know the person at the bank that I could contact. I'm tempted to contact the bank directly, but they might just defer me back to the realtor.
     
  11. ZINGARA 250GTL

    ZINGARA 250GTL F1 World Champ
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    Jun 21, 2002
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    #11 ZINGARA 250GTL, May 31, 2007
    Do that, Mike. You have nothing to lose. Banks don't want real estate. They should cooperate.


     
  12. 8 SNAKE

    8 SNAKE F1 Veteran

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    #12 8 SNAKE, May 31, 2007
    I need a certain university in New Haven to make up its mind first. ;)
     
  13. ZINGARA 250GTL

    ZINGARA 250GTL F1 World Champ
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    #13 ZINGARA 250GTL, May 31, 2007
    I could always send up some educators from South Phili to push it along. Capito, mio serpente?


     
  14. 8 SNAKE

    8 SNAKE F1 Veteran

    Jan 5, 2006
    6,948
    Springfield, MO
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    #14 8 SNAKE, May 31, 2007
    That would certainly enhance the diversity of the school's new curriculum!

    As much as I'd like to finish out this house and potentially make a profit, I'd rather invest two years in New Haven.
     

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