Sometimes you come across a listing where something just isn’t right.
Redfin Asking Price: $999,000
Zip Realty Asking Price: $1,213,000
Purchase Price: $1,300,000
Purchase Date: 10/31/2006
Address: 11 Santa Rida, Irvine, CA 92606
Sq. Ft.: 2,420
$/Sq. Ft.: $413
Lot Size: –
Year Built: 1997
Type: Single Family Residence
On Redfin: 33 days
From Redfin, “Rare opportunity for those Buyers with no credit. This beautiful home on a quiet cul-de-sac shows better than a model home. Mr. clean lives here, great marble flooring, too many upgrades to mention. no need to preview. “
- Rare opportunity for those Buyers with no credit.
- no need to preview.
How does someone with no credit afford a $999,999 home? My first thought is this must be a fraud scam, but when you see a $300,001 loss based on asking price, that scenario makes no sense. Perhaps the price is a teaser to generate interest and if they find a straw buyer the purchase price will suddenly be raised $500,000?
No need to preview? Is this a realtor note trying to assure another realtor of the quality? Wouldn’t a realtor want to preview it anyway (or are they that lazy?) If you were the realtor, and you had this great listing, wouldn’t you want everyone to see it to generate excitement and hopefully a sale? If this is a note to a potential buyer, I would be very worried. What is it they don’t want me to see? Why no pictures after 30 days? Is there something to hide?
Why the quick sale? This seller just purchased the property 8 months ago. I would consider them a flipper or knife-catcher if they were trying to sell at a profit, but they are looking at a big loss. What is going on?
Let’s assume for a moment this is a legitimate listing. If so, this seller is going to lose a huge sum of money. At current asking price minus a 6% commission, this seller will lose $ 360,940. Ouch!
I guess Mr. Clean wanted to clean out his bank account. He won’t be doing any favors for the other sellers in Westpark. This is another comp killer.