May 25, 2011

Something is rotten in the state of… Delaware?

Sale Pending (MLS-listed)
Listed at: $199,000

Beds: 1
Baths: 1
Sq. Ft.: 740
$/Sq. Ft.: $269
Lot Size: 5,500 Sq. Ft.
Property Type: Detached Single Family
Stories: 1
Year Built: 1912
Community: Parkside
County: San Mateo
MLS#: 81120671
Source: MLSListings
Status: Pending With Release

On Redfin: 9 days
1bd/1ba land value only. Please do not disturb occupants.

That looks like a pretty fine house. I wonder what’s wrong with it.

But here’s what Burbed reader Sam wanted to bring to our attention:

I see this kind of thing from time to time- a short sale property that goes pending the same day it is listed.  I have to wonder how the underwriting bank- who is taking a loss on this kind of transaction- can permit this to happen.  Of course, the bank may not agree to the sale, but if they do it sure smacks of some kind of rigged game/insider shenanigans. Since sunlight is said to be the best of disinfectants, I’m hoping that burbed can shine some light on what appears to be something rotten.

Let’s look at the history real quick:

image

Looking at this listing, what I see is that the listing price is $199k. But we’ll have to wait and see what the final selling price is! Will be $500k? $750k? $1M?

Only time will tell…

Comments (12) -- Posted by: burbed @ 5:40 am

12 Responses to “Something is rotten in the state of… Delaware?”

  1. SEA Says:

    Buyers know if you want to make the big bucks, you must pay more, not less.

  2. madhaus Says:

    Buy this one quick! It only has 4.5 months to go until it quadruples!

  3. SEA Says:

    Buy now or be priced out forever!

  4. nomadic Says:

    Seems odd that this listing says pending, but the property history section doesn’t have that note. Usually it will have the date it went pending.

  5. Double Estater Says:

    2001 price: $401K $199K
    2011 price: $199K $401K

    A solid proof that home price doubles in 10 years.

  6. Real Estater Says:

    Life in flyover country:
    http://www.cnn.com/interactive/2011/05/us/hires.gallery.joplin/index.html?hpt=T2

    Where is Bob? Homes in several states just got cheaper. As we all know, he can retire now!

  7. SanMatean Says:

    More shenanigans, now in Palo Alto:

    http://www.redfin.com/CA/Palo-Alto/1520-Middlefield-Rd-94301/home/779412

  8. madhaus Says:

    #7, Sold for $113K less than the $942K it garnered 11 years ago? Should have sold it last year if they wanted to double their money! Now they have to wait until 2020!

  9. nomadic Says:

    That one will be a test of whether the bank is paying attention. Looking at recent sales in the area, it looks like the losers (aka FBs) should be able to at least sell it for what they paid. Then again, maybe they also did the ATM-thing.

  10. Who? Estater Says:

    #7, Sold for $113K less than the $942K it garnered 11 years ago?
    —-

    Just a new powerline went over this house.

  11. ms Says:

    Still pending

  12. BLACK FRIDAY DEALS: Cheapest House in San Mateo! | Burbed.com Says:

    […] featured it before!  It has no value as a residence, yet there are people living in it.  Plus the tenants […]


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