Did you see that house selling for $10,000?

[ChefD]

On the ocean..4 bdrms..6646 square feet!! I just cant believe thats all they are selling it for. Someones gonna get a really good deal if its real..you can look at it on emeraldcoasthomesonline.com It is gorgeous! I just cant believe it!

 

[jlweathers]

considering wamu has north of $4 million in a mortgage on the property i don't think 10k is likely. actually, seems like such a low asking price is a good way to get it overlooked on mls

seems kinda silly of wamu to have ever given out the mortgage....mortgage recorded 2/2008 lis pendens filed 4/2008....the homeowner must have never come close to making the 1st payment

 

[Smiling JOe]

When it sounds too good to be true, it probably is. This particular listing is a fee only listing, "limited service," and the agent simply lists it in the mls. ( You get what you pay for.)

I've mentioned that some agents will likely abuse the short sale listings. This is an example. The Gulf front property is priced at $10,001, but it is a short sale, so lender will have to approve. You tell me if you think a lender will approve of that. It is a gimmick to draw people. If anything, I think it will repel people from "fee-only" agents who aren't willing to accurately market the property. The six photos they have posted in the mls, don't even show an exterior photo of the house.

Listing agent says that the seller wants offers, and he suggests offers start at listing price of $10,001. If you want to have fun, ask him to write up your offers for you at that price. Maybe if he gets enough offers at that price, he will see the the problem with not correctly marketing a multi-million dollar property.

 

[Smiling JOe]

considering wamu has north of $4 million in a mortgage on the property i don't think 10k is likely. actually, seems like such a low asking price is a good way to get it overlooked on mls

probably true for real buyers. Someone looking for multi-million dollar homes usually weeds out the junk by placing a minimum price of $1 million. Pricing it so low, will make it at the top of the real estate searches in the mls if one doesn't search with parameters of price. I hope it attracts many people looking for homes priced under $100,000, and I truly hope the agent receives many offers near that list price.

Thankfully, most Realtors don't abuse the system.

 

[30ashopper]

I noticed that the other day. Seems like it was simply a miss placed decimal. It looked more like a 10 million dollar home.

 

[Smiling JOe]

The last sold price as shown on the Property Appraiser's site was in 2007 for $5 Million plus some change. It isn't a misplaced decimal. It is an agent trying to get attention. Looks like it is working. Like I said, if everyone called the listing agent and asked him to write the offer at $10,001, he would either tell you to get for real, or he would change the price so that he didn't spend all day writing ridiculous offers.

 

[SHELLY]

The last sold price as shown on the Property Appraiser's site was in 2007 for $5 Million plus some change. It isn't a misplaced decimal. It is an agent trying to get attention.

Did the agent do this so they can claim, "The market is really picking up! I'm getting lots of interest--I'm getting lots of traffic!"

.

 

[2bohemians]

Just tried calling the owner, because that's what it says to do ....
got no answer, no machine ......