While writing my last post it occurred to me that also tracking closings per type of “special condition of sale” would be an interesting exercise.
As of today our MLS is showing 4,305 listings [Reno-Sparks residential]. Breaking out these by the new “Special Condition of Sale” field yields:
| "Special Condition of Sale" | # | % |
| Bank Owned | 409 | 9.5 |
| Relocation | 20 | 0.5 |
| Short Sale | 503 | 11.7 |
| Subject to Court Approval | 24 | 0.6 |
| Other | 273 | 6.3 |
| None | 2,869 | 66.6 |
| Not yet specified | 207 | 4.8 |
| total | 4,305 | 100.0 |
Just as I plan to do with the Pendings tracked in my last post, I will monitor these listings for 30, 60 and 90 days and report on how many have closed. My goal is to get a handle on the types of sales that have a higher probabilty of closing.
GreenNV
This should be interesting! I can’t wait for the statistics to start coming in.
OK, when an agent advertises “approved short sale” in a listing, does it mean that the advertised sales price is actually approved by the lender, or just that the lender is open to short proposals?
Unless you absolutely MUST HAVE THIS HOUSE, I can’t figure any reason to go for a short sale listing. The lender can put a better offer ahead of yours at any time, and you are stuck if the market deteriorates during the process.
Interesting that only 10% of the listings are banked own, yet over 30% of current sales are REOs. It gives you an idea of who is cutting the deals today.
Reno Ignoramus
Speaking of short sales and REO, I wonder if this one will be on the Dickson Realty foreclosure bus tour?
MLS # 80005796. 7535 Briargate in Somersett. Listed for $1,709,000.
Prouldy owned by the Bank of New York and ready for you to preview today. Hurry to check this one out. This one won’t last. If you act today, you can still get this one before the Rich Dumb Californian appears.
Perry
Does this qualify as a special condition? 3248 Diamond Ridge is listed at $339,000. I thought this was really cheap. I called the agent, who stated it was bank owned and that they had well over 10 offers over $400k. I said that this seemed dishonest as the price of the house was obviously low and the bank wanted a bidding war. She said you can ask what ever you want for a house. This is sort of like that conversation a few weeks back about if you put your house out there and get a full price offer do you have to honor it? Apparently not.
So if I want to sell my house quick, I list low and don’t accept any offer until it’s what I think it’s worth. As long as the agent is on board I guess it’s okay. It was obvious that this agent didn’t give a $^#@ about my opinion of this being an misleading way to sell a house. I’m going to call this the “Hidden Auction Method” or “HAM” way of selling a home.
Reno Ignoramus
Perry, case law is clear that a listing price is regarded as an invitation for an offer, not an offer. Therefore, even a full price offer (yes, it’s the buyer who makes the offer, not the seller) can be rejected by the seller. Totally legal. Ethical?
This tactic is being used by REO sellers all over the country now. List very low, and engender a bidding contest, or an auction. This also enables the realtorindustry to spin that bidding wars are back and you better buy NOW or get priced out forever. The spin will never stop. It is endemic to the industry.
smarten
With all due respect RI, please don’t refer to a matter being covered by “case law” unless there’s case law specifically covering the matter [here this sales method] in NV [and if there is case law, how about referring us to it?].
I will therefore use this opportunity to ask of Guy if the rules of the MLS or its listing conditions bind a seller to sell his/her property if he/she receives a full price offer without contingenies, other than those specifically incorporated by reference as a result of listing a property on the MLS?
Now while we’re waiting for Guy’s answer, let me refer you to the other side of the coin. Here’s what Don Kanare [insideincline.com] has to say on the subject of listing prices: “All buyers should take note that an asking price is nothing more than an invitation to negotiate. In 2008, buyers need to write offers close to fair market value on the properties they like and ignore the asking prices. Overpriced properties have become almost epidemic in resort areas such as Lake Tahoe, Aspen, Jackson Hole, etc. It’s important that agents and buyers look at recent sale prices, not asking prices, to determine the fair market value before writing an offer.”
Marla
Smarten, I don’t think RI, or anybody else, needs your permission to post what they want here. RI is absolutely right that a listing price is no more than an invitation to negotiate. Apparently even Don Kanare knows that. Why don’t you just give that one up? You are becoming quite the expert on all things Smarten Nostradamus.
You can time the market. You know everything about the law. You are an expert on values. If you are so damn Smart, Smarten, why aern’t you off spending time on your yacht, instead of lecturing everybody here on every damn thing.
Maybe you ought to go off and form your own blog with the title of Real Estate Master of the Universe.
StJoe
RI said: case law is clear that a listing price is regarded as an invitation for an offer, not an offer. Therefore, even a full price offer (yes, it’s the buyer who makes the offer, not the seller) can be rejected by the seller. Totally legal. Ethical?
SMARTEN said: With all due respect RI, please don’t refer to a matter being covered by “case law” unless there’s case law specifically covering the matter [here this sales method] in NV [and if there is case law, how about referring us to it?].
———
I have to agree with RI on this. While I would not have used the term “case law”, it is black letter law, i.e., no one will dispute it, that a listing price is nothing more than an invitation to negotiate.
SJ
StJoe
Way OT, but has anyone heard if the Belveder condos downtown has filed for bankruptcy?
SJ
Perry
Future foreclosure?
http://reno.craigslist.org/hsh/632598285.html
doofus
Great pick, Perry! Urban Ore from Berkley could make a fortune with an outlet here!
Check this rental out: http://reno.craigslist.org/apa/657700760.html
I “know” the evil poster, and can assure you that this listing has had more action than all of ChaseNation today.
smarten
Doofus, I like your link! What a country.
GrandWazoo
OK, someone explain this one to me:
MLS 80001266 4825 Idlewild Drive 4bd/3ba 2120 sq/ft $649,000
According to Zillow, puchased 05/2005 for $475,000. Nice timing on buying near or at the peak of the bubble. In three short years it is now supposed to be worth 136% of the original purchase price?
Lynne B
3595 Brighton Way http://www.zillow.com/HomeDetails.htm?zprop=7259295
– $1,100,000 sold in Dec 2003 for $788,000. 4200 SQ FT “IF” you count the basement…
“If my grandmother had wheels she’d be a wagon…and this house might sell”
Guy Johnson
GreenNV,
InRe: “when an agent advertises “approved short sale” in a listing, does it mean that the advertised sales price is actually approved by the lender, or just that the lender is open to short proposals?”
It’s the latter. And that is one of the reasons these short sale transactions take so long. Why would a lender want to hurry the process along when there is a chance that another offer might come along and incite a bidding war.
anne knight
Why doesn’t anyone have the answer to this question? If a person has title/owns property in other states and decides to do a short sale on a property in Nevada, can the government come after them for the difference? Where is the written law of the short process and “consequences” of this process?
John Newell
anne knight :
Are you referring to a deficiency on the loan, to tax consequences, or to both? And what is your concern about property owned in other states? Are you concerned about attachment of property owned in other states to pay the deficiency and/or tax liability?
Sell My House
Nice. 4,305 is quite a lot of listings. Do you need to pay anything to access the DB?