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no sale for 112 days? try raising the price!

femtofemto
edited December 2007 in Seattle Real Estate
http://www.redfin.com/stingray/do/print ... id=1000782

Price was just raised $20,000, and the listing now states:
We'll make your payment for up to 6 months!

I'm hopeful no bank would actually approve a loan with this arrangement...

Comments

  • AlanAlan
    Awesome! I'd like a 6 month mortgage please.
  • deejayohdeejayoh
    Alan wrote:
    Awesome! I'd like a 6 month mortgage please.
    :lol: :lol: :lol: :lol:
  • rose-colored-coolaidrose-colored-coolaid
    Alan wrote:
    Awesome! I'd like a 6 month mortgage please.

    A) Before you close you should roll a new car and a boat into your mortgage.

    B) It says up to 6 months; I.E. X months where 
    X <= 6
    . Would you trust these sneaks to pick X=6? I sure wouldn't.
  • AlanAlan
    Good catch RCC! They are even sneakier than I am.
  • AlanAlan
    By the way, most scams depend on the mark being greedy or dishonest. It allows the scammer to have a clear conscience as he fleeces the guy who just tried to fleece him.

    I feel like a mark right now.
  • jillaynejillayne
    The home would have to appraise for the increased amount, and the seller concessions would have to be disclosed to the new mortgage lender.

    If the home doesn't appraise, the buyer would have the opportunity to renegotiate the sales price.

    What we need to be watching out for now is the behind the scenes stuff that's not disclosed to the appraiser or to the lender. Often this begins by.....raising the sales price much, much higher than what it was on the MLS. Be cautious of this.
  • laxtosnocolaxtosnoco
    These folks aren't even very tricky. The seller should at least close the MLS listing and open a fresh one. If I was an appraiser called in on this one, and I saw the pricing history in the MLS, alarm bells would go off in my head.
  • femtofemto
    Seem to have finally gotten the message--priced just dropped $40K (a net drop of $20K from before the increase and per the listing now $75K off the original asking price) and the kickbacks are gone. Hopefully they're not going to be chasing this market much longer, but I don't have any feel for what that neighborhood is worth--anyone ready to predict a bottom for Magnolia?
  • carlislematthewcarlislematthew
    Check out the pictures! It's listed as a "2+ bedroom" and the pictures show you why. You can see a bed in the unfinished basement with the unfinished ceiling right above it!

    There is no way this house is 2000 sq ft.
  • pumpkinpumpkin
    Boy, that is one tiny, dinky looking house. Over 2,000 ft2, huh? The house doesn't seem to be a "Magnolia style." I will say that I have noticed huge drops in Magnolia homes -- too bad we don't have the stomach to live there again.
  • carlislematthewcarlislematthew
    " too bad we don't have the stomach to live there again."

    Why not? The commute was bad, or something?

    Serious question....
  • S-CrowS-Crow
    It is quite possible that the financing by a lender under these circumstances would structure the loan in this manner. It is not the seller that is actually paying the mortgage per se: wouldn't happen, couldn't happen.There are lenders "out there" that are doing this to assist sales. It's a bit complicated to discuss on the board, but the point is that the seller is not really paying for the mortage---the 3mos or 6 mos of payments are perhaps placed into escrow where the payments are drawn from. Loan officers would be able to explain the program best.
  • S-CrowS-Crow
    Cute house. But, is that daylight shining from beneath the front door?
  • pumpkinpumpkin
    carlislematthew wrote:
    " too bad we don't have the stomach to live there again."

    Why not? The commute was bad, or something?

    Serious question....

    Magnolia is different from other parts of town. We have friends who live there and love it, but it's just not for us. Hubby lived there when he was in high school, and we lived there together for 2 years in the early 90s (right behind Albertsons, literally - the view from our bathroom was the back wall of the store). Magnolia reminds me of the eastside in many ways, which again is not everyone's cup of tea. However, if prices keep dropping in Magnolia and no where else in-city, I may have to eat my words (or drink the tea?). :wink:
  • MarkorMarkor
    pumpkin wrote:
    Magnolia is different from other parts of town.
    Yep, even significantly different than Queen Anne next door. On QA there are lots of outdoor cats, and liberals. On Magnolia, few cats around and people are more conservative and staid. A problem with Magnolia is that it's a commute hassle when one of its few access points gets cut off.
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