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MLS listings with undisclosed address

By drew_eckhardt   Follow   Mon, 13 Feb 2012, 3:15pm   1,478 views   8 comments
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The bank finished foreclosing on the property next door, an agent's sign post went up, it never got any fliers, the property never showed up in the MLS, and the same set of people started stopping by with friends to whom they explained that they'd bought the place.

A Zillow search in the area turned up a probable match but

(undisclosed address), Sunnyvale, CA

with no information.

What are the chances the agent isn't double dipping?

How not Kosher is that as far as the Realtor(TM) people are concerned?

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1. everything Follow Befriend (2) 3 threads 552 comments Madison, WI

   1   8:08pm Mon 13 Feb 2012   Share   Quote   Permalink   Like   Dislike   Ask them if they paid cash for it. I never hear of realtors in trouble unless they are straw buying, openly scamming people. It seems to me agents/realtors get a piece of the pie no matter what, and that's how the game is rigged.

2. bighorse Follow Befriend 3 threads 104 comments San Jose, CA

   2   10:08pm Mon 13 Feb 2012   Share   Quote   Permalink   Like   Dislike   What's the address? I've heard from more than 1 RE Agent that their client (bank) specifically allows them to double dip the property for a lower price (but with reduced commission). They build strong relationships with these banks.

3. StoutFiles Follow Befriend (1) 24 threads 557 comments

   3   5:09am Tue 14 Feb 2012   Share   Quote   Permalink   Like   Dislike   Banks don't really care about double dipping. Whatever gets the house sold and off the books.

4. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   4   11:39am Tue 14 Feb 2012   Share   Quote   Permalink   Like   Dislike   StoutFiles says Banks don't really care about double dipping. Whatever gets the house sold and off the books. No,they are not that stupid,not especially when our govt. is on their side.

5. justme Follow Befriend (2) 33 threads 3,460 comments

   5   11:54am Tue 14 Feb 2012   Share   Quote   Permalink   Like   Dislike   I think what we should be worried about here is not the commission double-dipping, but that the listing was a "pocket listing", meaning not openly with address on MLS, and therefore not really marketed to give the bank (or the original owner if not already foreclosed) a fair shake at recovering as much as possible of their losses. I find it hard to believe that banks are knowingly permitting this. Please enlighten me about what is *really* going on.

6. Malkovich Follow Befriend (4) 20 threads 108 comments San Francisco, CA Malkovich's website

   6   11:08pm Tue 14 Feb 2012   Share   Quote   Permalink   Like   Dislike   I am curious about this as well. We all know that realt-whores are psychopathic, lying, stealing scumbags but how can banks allow money to fly out the door? The banks are nickel and diming us to death on transactional fees every chance they get. It doesn't seem logical that they would knowingly let thousands of dollars fall off the back of the truck.

7. StoutFiles Follow Befriend (1) 24 threads 557 comments

   7   6:42am Wed 15 Feb 2012   Share   Quote   Permalink   Like   Dislike   bubblesitter says StoutFiles says Banks don't really care about double dipping. Whatever gets the house sold and off the books. No,they are not that stupid,not especially when our govt. is on their side. If you've got a massive inventory and are losing money by having it, you will take a small loss to get it off your hands. They made enough money on the front end of the deal that it's not a big problem.

8. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   8   6:53am Wed 15 Feb 2012   Share   Quote   Permalink   Like   Dislike   StoutFiles says If you've got a massive inventory and are losing money by having it, you will take a small loss to get it off your hands. I don't see that fire sale of their massive inventory!