Sunday, January 2, 2011

The big drop and some MLS hanky panky




Here's a perfect bubble poster child and possibly some MLS hanky panky. It's nothing criminal but it looks like this guy as no intention of selling this house.

17939 Timberview up in Bridle Creek was purchased right at the peak and actually closed just as the crash was starting. The home was built in 2006 but didn't close until Jan 2007. This poor fella dropped a cool $1,000,000 on this house. That's right a million dollars. Alright technically he probably dropped nothing other than his signature on some loan docs. Some idiot lender dropped $1M on this thing. He must have upgraded everything as this floorplan was "only" selling for around $800k. There's no landscaping to speak of but he poured enough concrete to build a runway.

Fast forward 3 years and he lists it in May as a short sale for $392k. So a 60% drop in value in 3 years. The price might seem like a good deal for a home in this tract, but for this floor plan with no landscaping that's actually pretty close. If it's highly upgraded inside he probably has it listed a little on the low side. The comps for that floor plan range from $375k to $450k. I actually put an offer in on the $45ok house. That one was spectacular though. All upgraded inside and out with a pool and Viking appliances.

But here's were this listing is questionable. It lists for a day and then goes on hold for a month. I'm not sure what's going on here but it seems like someone is playing games with a bank.

Jan 02, 2011 Relisted (Active) -- -- CARETS #P738448
Dec 20, 2010 Delisted (Hold) -- -- CARETS #P738448
Dec 20, 2010 Relisted (Active) -- -- CARETS #P738448
Dec 07, 2010 Delisted (Hold) -- -- CARETS #P738448
Dec 06, 2010 Relisted (Active) -- -- CARETS #P738448
Nov 11, 2010 Delisted (Hold) -- -- CARETS #P738448
Nov 10, 2010 Relisted (Active) -- -- CARETS #P738448
Oct 05, 2010 Delisted (Hold) -- -- CARETS #P738448
Oct 05, 2010 Relisted (Active) -- -- CARETS #P738448
Sep 25, 2010 Delisted (Hold) -- -- CARETS #P738448
Sep 25, 2010 Relisted (Active) -- -- CARETS #P738448
Sep 01, 2010 Delisted (Hold) -- -- CARETS #P738448
Sep 01, 2010 Relisted (Active) -- -- CARETS #P738448
Aug 17, 2010 Delisted (Hold) -- -- CARETS #P738448
Aug 15, 2010 Relisted (Active) -- -- CARETS #P738448
Jul 26, 2010 Delisted (Hold) -- -- CARETS #P738448
Jul 21, 2010 Relisted (Active) -- -- CARETS #P738448
Jun 09, 2010 Delisted (Hold) -- -- CARETS #P738448
Jun 08, 2010 Listed (Active) $392,000 -- CARETS #P738448

And one more to start off the new year.

Here's a tale of two foreclosures. Unfortunately it's on the same house. As the crow flies this house is probably about a mile from the Bridle Creek house. That mile and a different zip code makes this house worth about $100k less though. 19159 Eldorado is over in "the boulders" off Cajalco and Wood streets. This is technically Perris although it's actually no where near Perris. It's Perris in zip code only. Like most of the homes in this area this tract has large homes on large lots. Horsey properties or folks with lotsa toys buy these. This house was built in 2005 and sold for $523k. In July of 2008 the bank too the home back and it was sold a few months later for $310k. These people probably didn't put much money into this deal as it was foreclosed on again in May 2010. They could not have made very many payments to end up foreclosed on only 20 months after purchasing. The amount the lender was seeking at the trustee sale was actually $25k more than the purchase price. I guess they were actually trying to recoup those late fees and back payments. Now it's for sale again. You can pick this baby up for the bargain price of $280k. That's not too shabby for a newer 3000 s/f, 5 bedroom home on a 1/2 acre lot.

Happy New Year
X

4 comments:

Ladybug said...

As for MLS hanky panky, it is not unusual to see this pattern with short sales that have several offers. By the time the bank accepts an offer and informs the agent to change the MLS, they find out the buyer has moved on (wouldn't you after several months?) Then it takes another month for the bank to agree to the next seller, and the pattern repeats. (There probably is a better way, but that's how they do it.)

golfer_X said...

Yea, I've seen that but they usually go pending and not "on hold". And this home has a pattern of the same thing all the way back for nearly a year. It's way too regular, once a month is not normal. It usually takes two or three months (or longer) during a short sale for a buyer to fall out of a deal.

AJ said...

We have had 2 offers on the Timberview house and even prequalified w/ B of A for quicker escrow since the REO belongs to B of A... Our first offer was done in August and another 2 weeks ago... Richard Cerda has not been very professional and not submitting offers in a timely matter. Yetserday this guy sends an email that our was denied and has not been able to produce anything from bank stating offer was denied And NO COUNTER OFFER considering we have $110,000 for down payment and qualified. He said there were no offers on this house we were the only offer now he said it sold 2 days ago.

AJ said...

We have had 2 offers on the Timberview house and even prequalified w/ B of A for quicker escrow since the REO belongs to B of A... Our first offer was done in August and another 2 weeks ago... Richard Cerda has not been very professional and not submitting offers in a timely matter. Yetserday this guy sends an email that our was denied and has not been able to produce anything from bank stating offer was denied And NO COUNTER OFFER considering we have $110,000 for down payment and qualified. He said there were no offers on this house we were the only offer now he said it sold 2 days ago.