Comments on: Throwing Cold Water on a Hot Listing in Coldwater Canyon http://blog.redfin.com/losangeles/2008/05/throwing_cold_water_on_a_listing_in_coldwater_canyon.html Redfin Los Angeles Sweet Digs Sun, 22 Nov 2009 17:43:07 -0800 http://wordpress.org/?v=2.8.1 hourly 1 By: Tim http://blog.redfin.com/losangeles/2008/05/throwing_cold_water_on_a_listing_in_coldwater_canyon.html/comment-page-1#comment-12160 Tim Tue, 13 May 2008 23:46:55 +0000 http://blog.redfin.com/losangeles/2008/05/throwing_cold_water_on_a_listing_in_coldwater_canyon.html#comment-12160 I wanted to get into this in the original post, but thought it was getting too long. Thanks to both Dillon and Phyllis for making these points for me. As Phyllis noted, Redfin always passes along the information if a listing is a short sale, but is normally dependent on the provider MLS for it. Pursuing short sales is a colossal waste of time more often than not, and every MLS should require selling brokers to tag their listings as such. It is deceitful and unethical not to, in my opinion, because much of the time the price is a fantasy of the seller's that the lender has not approved and will never accept. Good luck in training your local MLS to take the high road, Phyllis. Please let us know if, when and how you're able to make progress. I wanted to get into this in the original post, but thought it was getting too long. Thanks to both Dillon and Phyllis for making these points for me. As Phyllis noted, Redfin always passes along the information if a listing is a short sale, but is normally dependent on the provider MLS for it.

Pursuing short sales is a colossal waste of time more often than not, and every MLS should require selling brokers to tag their listings as such. It is deceitful and unethical not to, in my opinion, because much of the time the price is a fantasy of the seller’s that the lender has not approved and will never accept.

Good luck in training your local MLS to take the high road, Phyllis. Please let us know if, when and how you’re able to make progress.

]]> By: Phyllis http://blog.redfin.com/losangeles/2008/05/throwing_cold_water_on_a_listing_in_coldwater_canyon.html/comment-page-1#comment-12154 Phyllis Tue, 13 May 2008 20:59:07 +0000 http://blog.redfin.com/losangeles/2008/05/throwing_cold_water_on_a_listing_in_coldwater_canyon.html#comment-12154 I so agree with you BUT the issue is not Redfin, it is once again the MLS - I have been petitioning my MLS (Glendale/Pasadena) to require the listing agent to tag the property short sale in the Terms section, so that these listings can be pulled from MLS searches, because unless we are living in Fantasyland, we know the lender wants/expects/needs market value, short sale or not. I so agree with you BUT the issue is not Redfin, it is once again the MLS – I have been petitioning my MLS (Glendale/Pasadena) to require the listing agent to tag the property short sale in the Terms section, so that these listings can be pulled from MLS searches, because unless we are living in Fantasyland, we know the lender wants/expects/needs market value, short sale or not.

]]> By: Dillon http://blog.redfin.com/losangeles/2008/05/throwing_cold_water_on_a_listing_in_coldwater_canyon.html/comment-page-1#comment-12153 Dillon Tue, 13 May 2008 20:33:55 +0000 http://blog.redfin.com/losangeles/2008/05/throwing_cold_water_on_a_listing_in_coldwater_canyon.html#comment-12153 I think that Redfin should clearly flag all short sale listings, and add the ability to exclude them from searches. I don't know what the true market value of this house is, but it's unlikely a lender will accept 700k if the comps are 1200k. These "low-ball listings" are nothing more than bait-and-switch scams that waste a buyer's time. The place is listed at 700k, you outbid a bunch of other buyers at 800k, only to be told, 2 months later, that the bank will sell for $300k more at $1100k. In the mean time, the buyer may have already spent the money on an inspection, gave vacancy notice to their landlord, and mentally and emotionally "moved in." Besides, the buyer's told, 1100k is still a discount from a three-month-old comp of 1200k, and you can just get an interest-only loan instead of a fixed. One gets better treatment buying used cars. I think that Redfin should clearly flag all short sale listings, and add the ability to exclude them from searches. I don’t know what the true market value of this house is, but it’s unlikely a lender will accept 700k if the comps are 1200k. These “low-ball listings” are nothing more than bait-and-switch scams that waste a buyer’s time. The place is listed at 700k, you outbid a bunch of other buyers at 800k, only to be told, 2 months later, that the bank will sell for $300k more at $1100k. In the mean time, the buyer may have already spent the money on an inspection, gave vacancy notice to their landlord, and mentally and emotionally “moved in.” Besides, the buyer’s told, 1100k is still a discount from a three-month-old comp of 1200k, and you can just get an interest-only loan instead of a fixed.

One gets better treatment buying used cars.

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