New Glendale Short Sale Listing
Natalie received a call from a client regarding a 3 bedroom Glendale home priced at $449,000 – the neighborhood was okay… hmmm looks like a buy – oh wait it’s a short sale – which means – write an offer and we’ll see if the bank will accept it, counter it, reject it or simply ignore it. And by the way, it is priced so low that the seller and their agent will get lots of offers– that way the bank will see how many offers and may take the best one.
Sounds like a plan for the listing agent. Because the seller is still losing their home, the seller is still ruining his credit. If there are ten offers (best case only nine disappointed buyers) and this short sale actually closes the listing agent still gets paid.
This is where this listing gets more interesting, in the MLS private agent remarks (the remarks which aren’t visible to the public or reflected on other websites such as Realtor.com) reads: “This is a short sale listing - terms and commissions are subject to lender approval. PLEASE DO NOT DISTURB OCCUPANT- DRIVE BY ONLY!!!” An interesting way to sell a home .. hmmm, if you apply for a loan, how do you get an appraisal if the appraiser can't go inside? Lots of questions here. 
Hmmm… seems like the bank prior to accepting a short pay might ask the listing agent for a copy of the private MLS sheet, but hmmm… the agent could delete those remarks before they provide it to the bank… hmmm… how should the bank protect themselves from short sale fraud?
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3/31/2009 6:59 PM
Los Angeles Real Estate Blog wrote:
Don't be a real estate fool, each area and each price range is different. The average days on market (the number of days it takes a property to enter escrow) is up from 2008. The high end of the price range is down; don’t pay attention to the low end because there are number of short sales and BS Fantasyland prices (this is another post). Inventory (the number of available homes for sale) is down in Glendale and La Crescenta; up in Montrose and La Canada. The point:: Each area and each price range is ... -
4/1/2009 6:11 AM
Los Angeles Real Estate Blog wrote:
Don't be a real estate fool, each area and each price range is different. The average days on market (the number of days it takes a property to enter escrow) is up from 2008. The high end of the price range is down; don’t pay attention to the low end because there are a number of short sales and BS Fantasyland prices (this is another post). Inventory (the number of available homes for sale) is down in Glendale and La Crescenta; up in Montrose and La Canada. The point:: Each area and each price range ... -
4/1/2009 7:45 AM
Los Angeles Real Estate Blog wrote:
Happy April Fools Day, but don't you be a real estate fool, each area and each price range is different. The average days on market (the number of days it takes a property to enter escrow) is up from 2008. The high end of the price range is down; don’t pay attention to the low end because there are a number of short sales and BS Fantasyland prices (this is another post). Inventory (the number of available homes for sale) is down in Glendale and La Crescenta; up in Montrose and La Canada. The point: ...
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