Home Buying in Katy>Question Details

Lmink, Home Owner in Katy, TX

What's the story with 5207 Shadowbreeze Lane 77494? Has been for sale a long time, others in our area go quickly...

Asked by Lmink, Katy, TX Thu Feb 9, 2012

0 votes Share Flag Home Buying in Katy

Help the community by answering this question:

Answers

7
Being an agent that has successfully assisted several sellers with a short sale of their home, I see something that jumps out at me as to why this home did not sell. After being on the market for 172 days, the final list price of the home before it expired was $229,888; it was not marketed at that time as a short sale from what I can see. The home was then relisted, with the same agent, for $228,500; it was marketed as a short sale. Most short sales are sold "as is" and, as such, normally sell for at least a little less than the average market value for this same size home. (In this case, the difference between these two list prices is only $1400). Short sales can be a tedious and time consuming process, however if an agent prepares this type of seller for the process before the home even goes on the market, it can help to streamline the process of finding a buyer and getting that Offer approved by the bank, which all equates to less days on the market.

Debbie Spence
832-654-5004
0 votes Thank Flag Link Thu Feb 9, 2012
This home is listed as a short sale. You are correct. It has been on the market for a long time. It was first listed in October 2010 for $245,000, then went through a few price reductions, and the MLS data expired yesterday 02/08/2012 at a list price of $228,500.

Even though there is a lot of competition in Cinco Ranch, this home should have sold. Its interior location is very nice, it's near Kilpatrick Elementary another plus, and the photos appear to indicate the home is in good condition. Offers may have been received, but a Realtor cannot change the listing status to "pending" until a fully signed contract is received back from the bank. These types of transactions are tedious and most take a very long time to get to closing, (if they close at all).
There is one clue in the MLS Private Remarks that say "must close by Feb 2012" . If the bank did not receive an acceptable offer during the short sale period, then this property may be headed into foreclosure at this time. Each month the new list of foreclosed properties is released the first Tuesday of the month, Feb 7. That corresponds with the listing's expiration date.

I live and home office in Cinco Ranch, (since 1997). I'd be happy to answer any questions you have about the sales and pricing trends in this area. Keeping current matters; especially if you are a resident of this community, or are planning on living here.
0 votes Thank Flag Link Thu Feb 9, 2012
5207 Shadow Breeze (MLS #65916243) is a short sale, that like other short sales requires bank approval. The listing expired on 2/8/12 (yesterday) so while no one other than those intimately involved can say with absolute certainty, most likely, one of two things is going on - either a) they are awaiting bank aproval of a sale or b) they've given up.
The home was built in 2007, so at 5 years old, it's possible the home could be in need of a few updates, such as carpet, paint, etc. Unfortunately, short sales are typically financially motivated, which many times indicates the funds for any necessary updates aren't available. That would certainly be suspect of a +/-9 month listing - the original 4/12/11 listing date, which expired 10/1/11 (+/-6 months), and then the re-listing of the home on 11/10/11 and the subsequent expiration this month (+/-3 months).
You are correct in that generally homes in our area do sell quickly. Most of the homes in our area are updated and properly priced, which is usually a pre-requisite for a "speedy sale."

Joe Provenzano
http://www.JoeProRealty.com
713-396-2020
0 votes Thank Flag Link Thu Feb 9, 2012
Lmink

Like Victor stated it was a short sale and it appears to have expired yesterday. As to why it has not sold is a question only the listing agent would know that answer. There may not be a thing wrong with the house it's self could be all the new contruction going on just west of this house. There might have been offers that were too low to cover the expenses.
There is a mis-conception by buyers that if it is a short sale they can offer a much lower than market price for the house and it will be accepted, the truth is far from it. The mortgage company can not let a house go for what ever offer that might come in, if the hosue is in good shape they will try to get full market value for the house.
If you are interested in this house let me know, if you live close to it and are just wondering give me a call I will be happy to talk to you about what is going on in this area.
0 votes Thank Flag Link Thu Feb 9, 2012
Recommend have your Buyers agent schedule a property tour determine IF ANYTHING is wrong with the home. You can have the prefect house on market for years.. have overpriced ugly home sold in less than 24 hours

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Thu Feb 9, 2012
This is a Short sale.

Victor Short
281.728.4663
0 votes Thank Flag Link Thu Feb 9, 2012
Hum interesting, its not coming up on MLS. But if you are interested in another property I would be glad to send you a detail information. Thanks.

geralda Botnick
http://www.geraldabotnick.com
0 votes Thank Flag Link Thu Feb 9, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Texas > Harris County > Katy > Home Buying in Katy > Question
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer