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Platinum Super Contributor
buyinghouse
Posts: 5,890
Registered: ‎04-23-2011
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Are Pocket Listings Hurting the RE Market? I Found one in my Neighborhood!

  I will never lie to you guys, so you have to trust me on this one. By mistake, I Googled an address that I wasn't supposed to investigate and it gave me a notice in the beginning that it had been foreclosed. I kind of went "no way", I have been walking buy it almost every 4-5 days when my daughter asks me to walk the dog with her at my side. So, today, when I answered the last topic I wanted to revise what it was all about and the property came with a description of "upgraded", and that it was in the market but you need to contact this broker at xxxxxxxxxxxxx.com. So, I went for a walk, I picked through the window and yes, it was painted recently and as I said, I didn't see anything going on because when I see a painter, I always go to see how they work and pick on them I see they did a remodeling, nice flooring and really surprised me to find it hidden from the public.

 

   It's a 3/2, 1,129 sq. ft. of living space and 3,484 total sq. ft.  Price? $389K

 

   Now, here's where I am going to sound stupid (am I?) or be a liar but I am going to keep it for myself. :smileyvery-happy:

 

   This property was foreclosed on 10-19-2012 and listed on whatever website on 10-24-2012. I think they tried to beat the foreclosure clock but got beaten.

 

  I just wanted to share with you the opinion that this is why the pocket listing are "THE WAY TO GO" according to a friend of mine I interviewed this afternoon. That's why prices are increasing in the BA. By not showing these properties in the market, they are increasing the number of desperate buyers on the lose.

 

  Perhaps I will release the information if a lost soul somewhere needs a home badly. Dog on it! A year ago I was going to knock on that property when I tried to work as a Realtor in disguise. :smileyvery-happy: 

 

 Oh, by the way, checking Zillow, it gave a higher price for all the properties around mine but mine was kept at the same price we entered in contract with? I really laughed about it, Zillow is just a dumb site. It doesn't know what's going on around.

 

  I hope this gives you an inside look at the real Estate market nowadays.

Contributor
Flyme
Posts: 40
Registered: ‎09-07-2008
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Re: Are Pocket Listings Hurting the RE Market? I Found one in my Neighborhood!

but why wouldn't they market the house? would the bank want to get as much for the house as they can ?

Gold Super Contributor
Jil
Posts: 3,209
Registered: ‎10-24-2011

Re: Are Pocket Listings Hurting the RE Market? I Found one in my Neighborhood!


buyinghouse wrote:

 

 Oh, by the way, checking Zillow, it gave a higher price for all the properties around mine but mine was kept at the same price we entered in contract with? I really laughed about it, Zillow is just a dumb site. It doesn't know what's going on around.

 


Check your home with BOA records. It is almost gives current range (low to high), better that zillow.

 

http://realestatecenter.bankofamerica.com/tools/marketvalue.aspx

 

By giving this, at least, I can make you happy:smileyvery-happy:

 

 

Platinum Super Contributor
buyinghouse
Posts: 5,890
Registered: ‎04-23-2011
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Re: Are Pocket Listings Hurting the RE Market? I Found one in my Neighborhood!


Flyme wrote:

but why wouldn't they market the house? would the bank want to get as much for the house as they can ?


     You know, it shows at Zillow's if you use Google, but when you go through Trulia it doesn't show as for sale?  I think this home was bought at a foreclosure sale by a particular.

  Here's the description:

 

  For Info: www.Bob the builder.com:smileyvery-happy: .. Stunning bright and cozy home. COMPLETELY UPGRADED!!!! throughout. New beautiful kitchen appliances, hardwood/laminate floors, granite counters, new bathrooms, new interior and exterior paint, new fixtures and more. Fall in love with this nice open floor plan with high vaulted ceilings with a brand new home feeling to it. Easy access to freeways and close to Parks and local High School.

 

  I will release the information later. But if you guys are really, I mean it, really smart, you can find it with the information I gave you. I didn't give you any address, but I repeat, it's so easy to find...........:smileyvery-happy:

 

Gold Super Contributor
Jil
Posts: 3,209
Registered: ‎10-24-2011
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Re: Are Pocket Listings Hurting the RE Market? I Found one in my Neighborhood!

This is pending do not show in Mlslistings. It is listed in MLS. ==> Offered at $389,990 - Pending (Do Not Show)

Platinum Super Contributor
buyinghouse
Posts: 5,890
Registered: ‎04-23-2011
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Re: Are Pocket Listings Hurting the RE Market? I Found one in my Neighborhood!


Jil wrote:

buyinghouse wrote:

 

 Oh, by the way, checking Zillow, it gave a higher price for all the properties around mine but mine was kept at the same price we entered in contract with? I really laughed about it, Zillow is just a dumb site. It doesn't know what's going on around.

 


Check your home with BOA records. It is almost gives current range (low to high), better that zillow.

 

http://realestatecenter.bankofamerica.com/tools/marketvalue.aspx

 

By giving this, at least, I can make you happy:smileyvery-happy:

 

 


Believe me, it made me sad...:smileyfrustrated:

  It gave me a price range of -$5K and +$60K. Properties around needing repairs have sold for more than $50K what mine's price is and as I said they will need another $30-$50 in repairs. Of course, BofA is just speculating. It takes some comps around that don't make sense, some of those....well, here we go again, those deals that close in weeks, those deals you go..."wait, why didn't they put it in the market? I could have paid $50K more"!

Platinum Super Contributor
buyinghouse
Posts: 5,890
Registered: ‎04-23-2011
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Re: Are Pocket Listings Hurting the RE Market? I Found one in my Neighborhood!


Jil wrote:

This is pending do not show in Mlslistings. It is listed in MLS. ==> Offered at $389,990 - Pending (Do Not Show)


MLS? Oh, that? Why Redfin is not showing it as pending?

Gold Super Contributor
Jil
Posts: 3,209
Registered: ‎10-24-2011
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Re: Are Pocket Listings Hurting the RE Market? I Found one in my Neighborhood!

[ Edited ]

buyinghouse wrote:

Jil wrote:

This is pending do not show in Mlslistings. It is listed in MLS. ==> Offered at $389,990 - Pending (Do Not Show)


MLS? Oh, that? Why Redfin is not showing it as pending?


Because of ==> Do Not Show <== status

 

I sent you the PM complete MLS link see this.

Platinum Super Contributor
buyinghouse
Posts: 5,890
Registered: ‎04-23-2011
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Re: Are Pocket Listings Hurting the RE Market? I Found one in my Neighborhood!


Jil wrote:

buyinghouse wrote:

Jil wrote:

This is pending do not show in Mlslistings. It is listed in MLS. ==> Offered at $389,990 - Pending (Do Not Show)


MLS? Oh, that? Why Redfin is not showing it as pending?


Because of ==> Do Not Show <== status

 

I sent you the PM complete MLS link see this.


Wow! Pending? $389K? See? I told you, my home is worth more than this one.

 

Silver Contributor
New2BA
Posts: 501
Registered: ‎05-14-2012
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Re: Are Pocket Listings Hurting the RE Market? I Found one in my Neighborhood!

I've seen similar things going on, though not in front of my nose like you right now.. and it always leaves questions about what is going on behind the scenes.  Using your clues, I see the price history below (zillow) and I don't get it.  How is it that the 2007 sold price was $18500 and then suddenly listed, foreclosed and sold within 5 days?  

 

Maybe you can do some more digging and share the story here when you meet your new neighbor!

 

 

Price History

Date Description Price Change $/sqft Source  

10/24/2012Sold: Foreclosure Auction$288,500-26.0%$255Public Record  
10/19/2012Listed for sale$389,9902,008%$345Agent 
11/20/2007Sold$18,500-95.9%$16Public Record  
07/20/2004Sold$450,00012.5%$398Public Record  
09/18/2003Sold$400,000--$354Public Record