Property Q&A in Benicia>Question Details

fullservice98, Home Buyer in Benicia, CA

Why is there MLS yet for this house? 2 open houses, probably 20 offers and no MLS ID. Is bank or the seller not motivated to find sell?

Asked by fullservice98, Benicia, CA Mon Aug 13, 2012

Besides posting a low-ball asking price and blurb, is there a point besides baiting buyers? And when the buyers a baited, it takes so long for a decision to be made about the offers. Am I missing something? Experts, please educate me

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Yes, it's an exclusive listing at this point, for the listing agent. It is listed low, but the sales for 5 bedroom homes in Water's End have been $495k up to high $600k range. There may be one in high $800k range which is uncommon right now. So the range is pretty broad & a little uncertain about how it will appraise. I'll guess that there are offers over asking price.
0 votes Thank Flag Link Tue Aug 14, 2012
The listing agent is a member of the Solano Board. Some agents feel in this market where there are plenty of buyers and not enough houses, that they are better off not offering the home on MLS as then they can represent both parties and double their commission. As to why it is listed for this price, I have no idea. Seems quite low. Some agents feel that under listing a property generates such activity that they will get more for the property than if they have just listed it at or around what they thought they could get it sold for. Sometimes there isn't much time left before the foreclosure sale, and the property is listed low to get an offer in quickly so the sale can be stopped and the bank can decide whether or not to accept the short sale. Each agent will have a different approach to marketing a home. Ultimately, the seller decides which agent is going to give them the best representation.
0 votes Thank Flag Link Tue Aug 14, 2012
My guess is that the agent is not a member of our local MLS so he is unable to post the listing. The reason the decision making process is taking so long is because it is a short sale.
0 votes Thank Flag Link Mon Aug 13, 2012
Why do decisions on short sales take so long?
Flag Mon Aug 13, 2012
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