U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 10-15-2008, 08:13 AM
 
25,881 posts, read 39,166,424 times
Reputation: 13870

Advertisements

Today we received 2 emails about home prices increased.....yes indeed increased and in a way the were increased, but before not experienced buyers are going to be shocked and starting to buy allof a sudden, I will explain how this happened and most experienced people already knew this.

These realtors/brokers set the listing prices for short sales unrealistic low....they get an offer and maybe more than one, and provide it to the bank who of course, denies the offer.

The only thing the realtor can do is increase the price, but now the want to have it look like the market is bouncing in my area and want to make it look like you have to be so quick to buy or you will loose out on the low prices....

In one of these cases I have called the realtor and asked her what the listing price was based on...her response was on comperable comps!

The comperable cmps were all way higher than she listed the house for and the amount owed to both mortgage lenders was also way higher than the listing price....I never wasted my deposit to be out there and be denied and losing and interest since if you are just reasonable the price was never realistic and these realtors/brokers just want to get people to call them and get their name out there...well they got their name outthere.....so every one knew they are the once who needed to be weeded out!!!!

One good thing came from it and that was that 1 name was of the brokers list and that was the person who set the unrealistic selling price.

At least in my area the prices aren't up yet and IMO since we have so many short sales, foreclosures and even auctions coming up, there still will be good deals.

In my area most people won't be able to refi since they have more than one home they are defaulting on and the refi is only for the primary homes and than you have to proof you can pay a certain amount per month, etc....
Reply With Quote Quick reply to this message

 
Old 10-15-2008, 09:34 AM
 
Location: OK
2,747 posts, read 6,488,743 times
Reputation: 1894
[quote=bentlebee;5698997]



Quote:
In one of these cases I have called the realtor and asked her what the listing price was based on...her response was on comperable comps!
Do you mean Comparable Sales?

Quote:
The comperable cmps were all way higher than she listed the house for .
Perhaps those sales aren't that comparable.

Quote:
and the amount owed to both mortgage lenders was also way higher than the listing price...
The amount owed is irrelevant to the market value.

Out of curiosity .... are you in the r e business?
Reply With Quote Quick reply to this message
 
Old 10-15-2008, 03:13 PM
 
25,881 posts, read 39,166,424 times
Reputation: 13870
yes a an investor and I owned a home in the community in which the realtor/broker was trying to list that house for a ridiculous low price and the broker is now advertising with "increased price".

Comperable sales and listings or comps., whatever you will call it, have to be reasonable and now to advertise like the market is going to go up in my area is beyond ridiculous.

IMO this is called, bad business advertising and not in the best interest of any seller or buyer!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top