Properties in Novato back on the market...?

Asked by Geo, 94901 Wed Sep 30, 2009

Hi I've been checking out properties in Novato and have noticed a few that were listed, and then they are shown as sold, but then a month (or even sooner) I see it back on the market. What is going on with these properties? Does it have to do with it being a short sale or foreclosure? (I did not notice any indication that they were in fact short sales or foreclosures).

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Sylvia Barry,…, Agent, Marin, CA
Wed Oct 28, 2009
Hi Geo:

Novato's housing market has seen a lot of changes during the past two years, and it has been very interesting to be in the midst (or forefront) of it al - even though I don't like the reason why it's that way, it is the way the market had been during the past two years.

Novato is setting a trend in Marin County for what's going on after the housing market crash and I anticipate seeing similar pattern rippling through Southern Marin, even if its not the same magnitude.

There are quite a few reasons why you would see a house being listed and then sold. Again, depending on the source you are looking at, it might or might not be legitimate. Yes, quite a few a actually foreclosures, and/or auctioned off to investors and they turn around, some upgraded the house, others not, and sell the home. This is the new flip.

My clients bought a few homes through the investors like that and they are quite happy with their purchases.

The investors (at least the ones I happened to work with) are reputable, and keep their words on the improvements they plan to make to the house before selling to my clients. My clients are happy to get updated home that are move-in ready (acutally very charming) at market or below market value.

Why don't you send me the addresses of the few homes you saw and I can take a quick look and see what happened to those homes.

Sylvia Barry
Frank Howard Allen Realtors
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Tristan Cela…, , Marin County, CA
Fri Oct 23, 2009

Most local agent or broker websites provide access to the MLS, where are all active listings are posted. The hyperlink is to my website but there are many others. Pre-foreclosure, Notice of Default, properties are not included, they are not/will not be necessarily be for sale. Short sales are included.

I agree with Anne's hypotheses and conclusion. Hope the search tool helps.
0 votes
Anne Mosnier…, Agent, Kentfield, CA
Mon Oct 12, 2009
Dear Geo,
Well, depending on the source of your information about their "sold" status it might be that they did not actuall "sell" in the traditional sense but were sold at auction to the lender who initiate the foreclosure proceedings. In that case, the MLS status should say "withdrawn" not "sold". But, let's assume the properties did actually "sell" in the traditional sense. One possibility is that they were purchased for an excellent price and the purchaser turned around and immediately re-listed them to try to make a quick profit. Another is that they were purchased with the intention of improving and flipping, but the funding didn't materialize for the improvements. Since these two possibilities don't happen very often, my hunch is that there is a flaw in the interpretation of the status data you're seeing and that their real status was not "sold". If you want to know for sure, let me or another agent know the addresses and we can research it in the MLS for you.
Happy sleuthing!
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