Long Beach Condos-Short Sales and Fake Pricing!
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LONG BEACH REAL ESTATE - LONG BEACH CONDOS
Just the other day a buyer called very excited about a Long Beach Condo (with a sunset view and huge square footage) which had just reduced its price by $100,000, directly into his price range. He wanted to go see it immediately. While reviewing the data on the SoCalMLS I had to scratch my head. Now I know prices are down, heck we all know that, but this price was so low it just couldn't be right! It was listed $155,000 under the last sale in the complex, the description stated it was a short sale, but come on and get real here, no bank is going to accept this price. The last sale in the complex was in the mid $500's.
Upon calling the listing agent he informed me that he had an offer, a while back, for the price prior to the $100k price reduction. The bank indicated they would accept that price ($80k under the last sale), but that deal fell through because of a bad loan. No other offers materialized so he (the listing agent) went ahead and reduced the price by the $100k, 'to stimulate activity'! I asked him if the bank knew that he had made this price reduction and if they had agreed to entertain offers at this price. NOPE, he hadn't informed them. There is NO WAY the bank is going to entertain this ridiculous price! When I said that to him, he acknowledged it and stated the bank would negotiate the price up with the buyer/s. He knows that the price will never be accepted by the bank and priced it there anyway! Oh the naiveté! Can you say inexperienced?
Well, just excuse the heck out of me, but if you market and advertise a property at a specific price it had better be available at that price! Most buyers are shopping at or near the top of their range expecting to negotiate downwards and here is this "short sale" sitting on the market priced at a hundred thousand dollars under what the bank informed the listing agent they would entertain. Ya wanna get real here? What say you give the bank a call instead of wasting everybody elses time with your fantasies? Its called communication and it goes a long way in this business.
At this fake price, yes it is a FAKE PRICE, this Long Beach Condo should receive at minimum several offers which will sit on a desk at the bank for who knows how long, before they either get rejected outright or are countered at or near a more palpable price.
The pricing on this short sale is fictional and deceitful. I call them as I see them!
| Laurie MannyLong Beach Realtor (562) 212-5420 |
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Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803 |
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· http://www.southbeachrealestateblog.comHey Laurie
There is that scary "red wagon" thing following you around...creepy, no?
Permalink October 14, 2007 03:01:02 · http://beachcityrealestateinfo.blogspot.comAgents like this give all of us a bad name. Granted he doesn't need the bank's approval prior to submitting an offer.. it would have made more sense to at leat talk to the bank about his latest price reduction prior to putting it out to the public.
Permalink October 16, 2007 11:55:00 · http://www.longbeachrealestatehome.comKaye, Yes, agents like this leave a bad feeling in their wake that the rest of us have to wade through. To knowingly price it $100k under what the bank would accept, without consulting the bank AND expecting buyers to bid it up, is unconscionable.
Permalink October 16, 2007 18:48:20 · http://www.neworleanscondos.netJust dropping in to review your site. I am starting a condo blog for New Orleans.
Since the AA forums are about extinct feel free to stop in for ideas.see you
around. Eric
Permalink October 18, 2007 18:35:25 · http://www.longbeachrealestatehome.comBest of luck to you on your new blog. You certainly have a great city to write about.
I didn't know the forums have gone extinct, I rarely ever used them. Will drop by.
Permalink October 19, 2007 00:53:07This post has no comments awaiting moderation.
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