What I have to do on every listing I show

Scout the public record before showing.

Here’s one: poor guy paid $119K in ’95.

Foreclosure action 3/2003, but later released.

EXACTLY 2 yrs to the date later, Ameriquest re-fi’s him for $161K.

Now? Short-sale.

The latest foreclosure action began 11 months ago. They’ve been successful in stalling the actual seizure, but with only a $6000 delta between list price and the judgment price, why has no one else bought this house?

There are 5800 homes for sale and last I checked, 119 “matched” my buyers needs. They have a small child and not a lot of time on their hands to look at homes. This information plus a preview helps flush out the three-dimensional story of properties prior to viewing.

One response to “What I have to do on every listing I show

  1. Here is another, same buyer: House was re-financed four times in 38 months, August 2003 to October 2006. “Mortgage Solutions” indeed. These were FHA loans, mind you, and the April 2005 re-fi was for $160,945. Magically, the home gained $28,000 in value in seventeen months because the next re-fi was September 28, 2006 at $188,993. Of course, it’s now listed for $155,000 and unsold. NPR had a slightly excessive story last week about the subprime crisis, but I loved the analogy of “making sausage”, that if you put enough junk loans together, eventually it was tasty enough that someone would buy the bundle.

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