March 18, 2011

Dsys1-7 offers will not be reviewed

Today’s listing is thanks to Burbed reader sfbubblebuyer, who sent it in for everyone’s reading pleasure, or financial opportunity.  You just never know!

200 POINSETTIA Ave, San Mateo, CA 94403


BATHS: 2.5
SQ. FT.: 1,950
$/SQ. FT.: $295
LOT SIZE: 9,240 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Cape Cod
VIEW: Neighborhood
COMMUNITY: San Mateo Village/Glendale Village
COUNTY: San Mateo
MLS#: 81055396
STATUS: Active
ON REDFIN: 113 days

Dsys1-7 offers will not be reviewed. days 8-12: offers ONLY from NSP buyers, Municipalities, Non -profit organization and Owner-occupants will be reviewed. Days 13+: We will consider offers from all buyers.

Here’s what sfbubblebuyer had to say about this house:

Check the listing description, then the days on market…

imageWhat’s 113 days?  Don’t you know how long it takes to get a place foreclosed around here?  It’s already bank-owned?  Well, no problem then!  Looks like the bank took it back in October, 2009 and waited until November 2010 to list the place. Since then it’s only been pending twice. 

So clearly this house has seen a lot of action and the bank is ready to respond quickly to your overbid!  You remember Monday’s house where you deserve a Yes?  Just imageimagine what you deserve here!

To find out, head to the front door of today’s featured house. They want you to admire that front door first, since they didn’t bother showing the inside of the house. Now pretend you’re Opportunity Knocking!  You never know who might answer the door.

I mean, this place is great!  It looks like a giant Tangrams set!

Sold to the FB for $830,000 in 2005, the house has a cool $255K in instant equity, just waiting for someone like you to come and get it.  All you have to do is wait until Days 13+, which will come around again in another 100 days.

Comments (23) -- Posted by: madhaus @ 5:08 am

23 Responses to “Dsys1-7 offers will not be reviewed”

  1. sfbubblebuyer Says:

    Good thing they informed us that they weren’t reviewing offers for the first week because they wanted to collect as many over-bids as possible!

    Remember, this gem is ONLY for government cheese buyers! You normal buyers with SAVED money (Where does one get this… SAVED MONEY?) get to the back of the line.

  2. ES Says:

    it’s nice to see the Realtor(r)is staying on top of this listing and updating the description as necessary.

  3. SEA Says:

    #1- Does it really matter where one gets the money? Where does it say offers from owner-occupants with ‘SAVED money’ to get the to back of the line?

  4. sfbubblebuyer Says:

    #3 : I know the intent was to say “no flippers” but the way they put the NDS, municipal and non-profits at the front there was pretty funny. Coupled with the arrogance of the scheduled days for accepting offers, the whole thing was hilarious. More to the point, how are they going to know if you’re an “owner-occupier” in your offer? Cause you said you are? I stand by my assessment that only government cheese would get you to the head of their list.

    Sadly, the government ran out of cheese, and this mouse trap is unsprung.

  5. nomadic Says:

    What is an NSP buyer?

    Maybe I’m too sleep-deprived, but I also don’t get what a “government cheese” buyer would be.

  6. sfbubblebuyer Says:

    #5 : NSP = Neighborhood Stabilization Program. The cheese is the downpayment assistance you get to ‘stabilize the neighborhood’. The listing mentions municipalities, which refers to when the city buys properties and give them to Habitat or other groups super cheap for rehab/rebuilding for low income housing. In that case, the cheese is given to the builder/developer. Any buyer with a government program behind them is a ‘government cheese’ buyer. (You could argue freddie and frannie keeping mortgage credit flowing makes almost everybody a government cheese buyer.) The flipper with cash is not. And the flipper is not welcome here. 🙂

  7. madhaus Says:

    Maybe they should reconsider that. Obviously flippers “add value” to the neighborhood! In this case, the way to add value would be granite, stainless, Pergo, and arson.

  8. The Gilroy Alex Says:

    $75k for the house, a half-mil for the new company name, Dsys!

    And Peter Bazooka sez: No one buys gov’t cheese but we all pay for it!

  9. Real Estater Says:

    East Bay among California’s most diverse places.

  10. sfbubblebuyer Says:

    Da easter I go, da verse it gets!

  11. SEA Says:

    #4- Is this what you mean by ‘government cheese:’

    I’m not sure if I’ve posted it here before, but my cash, green American was refused when I tried to buy a car from a friend. It was before the tax laws changed. The IRS paid far more than the car was worth (i.e. the net tax benefit was far more than I was willing to pay). I actually purchased that same vehicle at auction for less than what I had originally offered. So my friend ended up with the big tax deduction, and I ended up with the car for less cash out of pocket.

    If so, you’re right, I could not compete with the IRS.

  12. SEA Says:

    Let me add:

    At those auctions there were plenty of dealers. A person who was buying a car for himself or herself would always outbid a dealer, if the buyers both had sufficient funds. Sure the dealer could outbid a bidder who had little cash, since that bidder would drop out early. But if you had buyers with sufficient cash (more cash than willingness to overpay), then the person seeking to own the vehicle for a long time would essentially always win.

    Yes, from time-to-time dealers might have a market for a specific vehicle, but generally dealers look to buy low and sell high.

  13. anon Says:

    Government cheese smells a lot like borrowed dollars to me.

    The unwashed masses are still being given unpayable loans with which to use to speculate on real estate with as little as 3.5% down with record low interest rates. Anyone who uses earned dollars to compete with this is an utter fool.

  14. Tuno Says:

    oh, I’ve missed so much, having spent the past five days reading about fuel rods, and watching the Simpson’s hulu clip on “Atomic Energy Our Misunderstood Friend.” . . . so much to catch up on . . . so many posts and comments to savor . . .

    They’re asking 690K for #137 Poinsettia. so this place must be a steal!!

    and it’s a Cape Cod!! isn’t here a Patsy Cline song here?? if you’re fond of sand dunes, and salty air . . . quaint little villages here and there . . . but wait a second, it looks kind of Bavarian to me.

    If you wander the street in street view, the house actually looks a fair bit less repulsive. Decent working class neighborhood, nice trees; surely those houses are worth a solid 150k each, though with higher food and gas prices and taxes, let’s say 125k.

  15. madhaus Says:

    #14, check out Tuesday’s column, then. You might like it.

  16. Tuno Says:

    oh I did, I did, madhaus. I read every column and every post, albeit late. heaven forbid I should miss any burbed snark. it’s going to be esp. painful next week, when I visit my parents for a few days on the east coast: they still have *dial-up*.

  17. madhaus Says:

    Dial-up? They allow that in those Connecticut villages? I would have thought they’d just send the stable boy’s younger brother to town to deliver the bits 16 at a time. Oh you poor dear!

  18. Tuno Says:

    yuck, yuck. rich western CT has high speed, I’m sure. in my hometown you can now buy this:

    ack! I revealed my hometown!! oh, whatever

    I think my parents could get high speed internet via Comcast, but they despise the company because the get cable through it and it is CONSTANTLY going down, for long periods of time. so I can’t send email them anything that’s truly funny.

  19. madhaus Says:

    $268,000? That’s the serf house, right? Where does the Lord and Master live?

  20. Tuno Says:

    Swamp Yankees know no Lord or Master other than the one specified by the Congregational Church. Which tends to keep them from getting ahead in life.

  21. Dave Says:

    I saw the inside of this place a couple of months ago, believe me, you wouldn’t want to see it. It resembled a recently evacuated drug den.

    It is certainly a good price, the house is not structurally up to much but the grounds are somewhat impressive.

    They told me that they had received multiple cash offers for the place. Apparently, none of those offers went through.

  22. ms Says:

    Sold 11/11, 829K

  23. Petsmart groomer Says:

    > Sold 11/11, 829K

    Someone probably bought it as Christmas decoration.

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