realtors admit they blew it, revised data coming 12-21

Dec 16th, 2011  
by IrvineRenter  in Library News

Astute Observations

Astute Observation by Casual Observer
2011-12-16 08:58 AM

$600K for an empty swimming pool???  Not even in Beverly Hills would that fly!

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Astute Observation by wheresthebeef
2011-12-16 10:59 AM

600K for a house that the agent even admits needs LOTS of repairs inside and out.  Planet Reality this is your chance to jump on another prime Irvine house below rental partiy, I don’t think your tenants will care about the empty pool!!!

Bwahahaaha.  We still have a way to go folks.  I wonder if the OCAR condemns the actions of the NAR, essentially cooking the books and doing some Lehman Brothers style accounting to make a turd look like a gold nugget.  I wouldn’t trust David Lereah or Lawrence Yun further than I could throw them!

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Astute Observation by Casual Observer
2011-12-16 12:04 PM

@where….here’s the food chain….OCAR sends it’s data to CAR….CAR sends it to NAR

Not positive about current policy, but CAR used to only count SFD properties, ignored condos.  So much for medians.

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Astute Observation by Todd S.
2011-12-16 01:26 PM

I found this blog post yesterday: http://housing-kaboom.blogspot.com/2011/11/scam-alert.html

An agent lists this house as, “Short Sale. Property is in poor condition. Needs repairs. Sold as is, seller will not pay for repairs, termite or buyers closing costs” and it sells for $270k on 10/21/11.

The same agent then lists it 11/19/11 for $439,900, describing it as, “Once in a life time opportunity! Santa Barbara style beauty with a 180 degree panoramic view lot of almost 30,000 sf.”

There are links to both listings in that blog post.

From the post: “This looks like a perfect example of short sale fraud. He lists the property indicating it’s a dog, gets it cheap and then turns if for a quick profit. And of course the lender takes a bigger loss than they otherwise would have.”

Is this sort of thing becoming commonplace? I keep seeing houses on Redfin that show as “pending” the day that they are listed and they are listed as being short sales. Something seems fishy about that to me.

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Astute Observation by Casual Observer
2011-12-16 02:25 PM

If it looks like a duck, quacks like a duck, it’s probably not a rare South American parrot.

Worse yet, it becomes it’s own comp for an appraiser.

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Astute Observation by wheresthebeef
2011-12-16 02:23 PM

That could likely be fraud.  However, there was a month between the previous sale and the new listing.  Maybe someone did a really quick flip job on this thing.  The 439K is a listing price…how close to the market price is that?

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Astute Observation by Todd S.
2011-12-16 02:56 PM

This house is right around the corner and almost 400 sq ft larger. It sold for $360k on 8/17/11. It appears as though the asking price of $439k is rather high.

http://www.redfin.com/CA/Riverside/16564-Creekside-Rd-92503/home/4758695

Something else worthy of mentioning is that the same listing and buyer’s agent was used for the original sale at $270k.

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