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Old 10-15-2008, 09:13 AM
 
27,206 posts, read 46,565,189 times
Reputation: 15661

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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....
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Old 10-15-2008, 10:34 AM
 
Location: OK
2,825 posts, read 7,520,825 times
Reputation: 2056
[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?
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Old 10-15-2008, 04:13 PM
 
27,206 posts, read 46,565,189 times
Reputation: 15661
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!
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