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4673 Theta St, Fremont, CA 94536

By anonymous     Thu, 12 Aug 2010, 1:07pm   2,728 views   22 comments
In Fremont CA 94536   Watch (0)   Share   Quote   Permalink   Like   Dislike  

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1. alraaz Follow Befriend (1) 4 threads 35 comments Santa Clara, CA

   1   3:29pm Wed 8 Sep 2010   Share   Quote   Permalink   Like   Dislike (1)   http://www.redfin.com/CA/Fremont/4673-Theta-St-94536/home/1642811 Hi, We bid and lost on this property. We are bummed cause we really liked the place. Its very well remodelled and has big lot. Any idea what we should have offered for this property? We offered $495K and still lost. Thanks.

2. E-man Follow Befriend (31) 34 threads 2,612 comments San Jose, CA Premium

   2   3:45pm Wed 8 Sep 2010   Share   Quote   Permalink   Like   Dislike   Protected   My condolences. Yep, the house was beautifully remodelled with a nice size lot. What happened to the $400k house that you previously bid on in Fremont? Lost on that one too? Was this a short sale? Did you go with the listing agent? If you didn't, you made a mistake. E-man

3. alraaz Follow Befriend (1) 4 threads 35 comments Santa Clara, CA

   3   3:52pm Wed 8 Sep 2010   Share   Quote   Permalink   Like   Dislike   Yeah we have lost on 3-4 of short sales. But E-man do you think was a good offer for this house? I thought we may have underbid. Oh and what do you mean go with listing agent? Our Fremont agent is good, we went with him.

4. E-man Follow Befriend (31) 34 threads 2,612 comments San Jose, CA Premium

   4   4:10pm Wed 8 Sep 2010   Share   Quote   Permalink   Like (1)   Dislike (1)   Protected   Apprarently you didn't. If you had the listing agent represent you as well, it would be in his best interest to make sure you get the house since he would be making commission on both ends, as a listing agent and as a buying agent. 3% for listing agent = $15k 3% for buying agent = $15k Representing you means he would have made a total of 6% = $30k. Does it really matter if he could convince the bank to short sale the house to you for $480k? Nope, because he would still net $28.8k, a lot more than $15k. You saved $15k ($495k-$480k) and got the house, and he made $28.8k in commission instead of $15k. You could easily make 6 figures by closing 4 deals a year instead of 8 deals. Make sense now?

5. alraaz Follow Befriend (1) 4 threads 35 comments Santa Clara, CA

   5   4:15pm Wed 8 Sep 2010   Share   Quote   Permalink   Like (1)   Dislike   Ok it makes sense but isn't it illegal or atleast unethical to do that? But thanks for the advice, appreciate it and will keep in mind. Can you let me know how much we should account for improvement on this property? We offered based on comps + some amount to cater for remodels. They got the house in original condition and remodelled kitchen/baths/family room etc. Any idea how much that kind of remodel is worth when buying a house?

6. E-man Follow Befriend (31) 34 threads 2,612 comments San Jose, CA Premium

   6   5:13pm Wed 8 Sep 2010   Share   Quote   Permalink   Like   Dislike   Protected   Without seeing it in person, I can't tell you the cost of remodeling. Regarding the illegal and ethical issue, for regular or REO sales, it is not illegal if your winning bid is the highest bid. Would you rather pay $1k over the highest bid or blindly bid on the property and could be paying a lot more? If the highest bid is more than what you're willing to pay, you don't have to go forward with it. If this were a short sale, then this is a GRAY area. I don't have time to go into details now.

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

   7   10:02pm Wed 8 Sep 2010   Share   Quote   Permalink   Like   Dislike   E-man says Apprarently you didn’t. If you had the listing agent represent you as well, it would be in his best interest to make sure you get the house since he would be making commission on both ends, as a listing agent and as a buying agent. 3% for listing agent = $15k 3% for buying agent = $15k Representing you means he would have made a total of 6% = $30k. Does it really matter if he could convince the bank to short sale the house to you for $480k? Nope, because he would still net $28.8k, a lot more than $15k. You saved $15k ($495k-$480k) and got the house, and he made $28.8k in commission instead of $15k. You could easily make 6 figures by closing 4 deals a year instead of 8 deals. Make sense now? There are more chances that you will get the house by going with Listing agent but with some risk as he'll not be really representing you.

8. mthom Follow Befriend 2 threads 139 comments

   8   7:28am Thu 9 Sep 2010   Share   Quote   Permalink   Like   Dislike   bubblesitter says E-man says Apprarently you didn’t. If you had the listing agent represent you as well, it would be in his best interest to make sure you get the house since he would be making commission on both ends, as a listing agent and as a buying agent. 3% for listing agent = $15k 3% for buying agent = $15k Representing you means he would have made a total of 6% = $30k. Does it really matter if he could convince the bank to short sale the house to you for $480k? Nope, because he would still net $28.8k, a lot more than $15k. You saved $15k ($495k-$480k) and got the house, and he made $28.8k in commission instead of $15k. You could easily make 6 figures by closing 4 deals a year instead of 8 deals. Make sense now? There are more chances that you will get the house by going with Listing agent but with some risk as he’ll not be really representing you. Hell, buyer's agents don't really represent you very well. They are just out to get you to buy something so they get their commission (in my experience). I agree with E-man, use the listing agent, but make sure you double check everything he says. Use your own inspector, etc. to check on things. On top of him possibly getting you a lower price than if you blindly offer, he may also offer part of his commission back. We've been offered 1.5% and $10k from different listing agents. 4.5% for him is still better than 3%.

9. analyst Follow Befriend 3 comments

   9   1:15pm Fri 10 Sep 2010   Share   Quote   Permalink   Like (1)   Dislike   I've also seen a case where the agent uses a family member (who also happens to have a license) so that 6% stays in the family!

10. E-man Follow Befriend (31) 34 threads 2,612 comments San Jose, CA Premium

    10   1:23pm Fri 10 Sep 2010   Share   Quote   Permalink   Like (1)   Dislike   Protected   @ alraaz, I believe I explained the short sale scenario in one of those emails I sent to you. You may want to look at it again. I'll help you where I can. You just have to buy me taco bell if you get the house using my strategy. Best of luck on the next offer :o)

11. Kit Follow Befriend 2 comments

    11   5:00pm Fri 10 Sep 2010   Share   Quote   Permalink   Like (1)   Dislike   It was sold three years back for $595,000. Let's wait and see the new price update.

12. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

    12   5:34pm Fri 10 Sep 2010   Share   Quote   Permalink   Like   Dislike   alraaz says http://www.redfin.com/CA/Fremont/4673-Theta-St-94536/home/1642811 Hi, We bid and lost on this property. We are bummed cause we really liked the place. Its very well remodelled and has big lot. Any idea what we should have offered for this property? We offered $495K and still lost. Thanks. Dont feel too bad about it. Price History Property History for 4673 THETA St Date Event Price Appreciation Source Aug 23, 2010 Delisted -- -- Inactive EBRD #1 Aug 12, 2010 Listed ** -- Inactive EBRD #1 Sep 13, 2007 Sold (Public Records) $595,000 -17.8%/yr Knife Catcher #3 ? Aug 12, 2007 Delisted -- -- Inactive EBRD #40265895 Aug 07, 2007 Price Changed ** -- Inactive EBRD #40265895 Jun 22, 2007 Price Changed ** -- Inactive EBRD #40265895 May 09, 2007 Listed ** -- Inactive EBRD #40265895 Mar 01, 2007 Sold $733,006 Knife Catcher #2 Nov 30, 2005 Sold $845,000 35.1%/yr Knife Catcher #1 Apr 20, 2004 Sold (Public Records) $520,000 13.8%/yr Public Records Dec 18, 2002 Sold (Public Records) $437,500 -- Public Records Lets look at home next door to get a feel for Pre-Bubble Prices http://www.redfin.com/CA/Fremont/36705-Ada-Ave-94536/home/1046878 Price History Date Description Price % Chg $/sqft Source 01/22/1996 Sold $164,000 -- $124 Public Record $125/sq * 1.35 (inflation) * say 2000 sq ft = $325K-350K would be a resonable offer. Man that joint must be haunted ! Rarely even on Patricks website do we see 2 past knife catchers going on to a third. No sense being the fourth knife catcher. I think you will see a fourth one anyway. Even homes like this doubled in prices 1997-2000 long before toxic loans. Time to rethink the causes of the bubble and how far it will go down.

13. Kit Follow Befriend 2 comments

    13   7:17pm Fri 10 Sep 2010   Share   Quote   Permalink   Like   Dislike (1)   Sold on 09/13/07 $595,000

14. alraaz Follow Befriend (1) 4 threads 35 comments Santa Clara, CA

    14   12:45am Mon 13 Sep 2010   Share   Quote   Permalink   Like   Dislike (1)   Thanks everyone for your help and feedback, appreciate it. I learnt something new about short sales. E-man, I will surely buy you lunch if your tips helped us find a nice place -:)

15. alraaz Follow Befriend (1) 4 threads 35 comments Santa Clara, CA

    15   5:34pm Mon 25 Oct 2010   Share   Quote   Permalink   Like   Dislike (1)   Hi guys, Anymore updates on this. This house was barebones when bought last at 595K in foreclosure last. It has been completely and tastefully remodelleed now. The agent called us that there is a possibility current buyer may back out. Would you guys recommend going in at approved short sale price of 500K? E-man, you are good with numbers. Is this a good deal? Its a bit far from my work (Cupertino). Our concern is that elementary school is not that great and maybe that it is the best house on the street so does it make sense to go with that or go with a basic house in a more upscale neighborhood and upgrade the house yourself? E-man atually if you can call me or email, I will really appreciate. Thanks guys again for your help.

16. SFace Follow Befriend (2) 61 threads 1,336 comments Premium

    16   6:07pm Mon 25 Oct 2010   Share   Quote   Permalink   Like (1)   Dislike (1)   Protected   Go with the neigborhood. You can fix the cosmetic with 25k - 50k and they provide better roi but there is nothing you can do about location. Having the best house in the neigborhood is generally a bad idea. Ask Lebron James, if he can ever sell his house in Arkron, Ohio.

17. E-man Follow Befriend (31) 34 threads 2,612 comments San Jose, CA Premium

    17   4:56pm Tue 26 Oct 2010   Share   Quote   Permalink   Like   Dislike   Protected   @ alraaz, Check your inbox. @ SF ace, Definitely go with the neighborhood. However, money might be an issue. The divergence between good & not so good neighborhoods are getting wider in the past 15 years as far as I can tell.

18. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

    18   11:51pm Tue 26 Oct 2010   Share   Quote   Permalink   Like   Dislike (1)   Not sold yet! Back on the market at $500K... so there were no other higher or winning offers. talk about unethical behavior! yep, im pretty sure this is the other shoe to fall, as people realize the "other higher offer' trick is a sham. i would bet if you put in an offer at $500K the realtor would pull the same trick once again, as they have over the past 10+ years. Man do we have a problem here! http://www.redfin.com/CA/Fremont/4673-Theta-St-94536/home/1642811 Property History for 4673 Theta St Date Event Price Appreciation Source Oct 26, 2010 Price Changed $500,000 -- EBRD #40482060 Oct 26, 2010 Relisted -- -- EBRD #40482060 Aug 23, 2010 Pending -- -- EBRD #40482060 Aug 12, 2010 Listed $474,999 -- EBRD #40482060

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

    19   8:46am Wed 27 Oct 2010   Share   Quote   Permalink   Like   Dislike (1)   thomas.wong1986 says Not sold yet! Back on the market at $500K… so there were no other higher or winning offers. talk about unethical behavior! yep, im pretty sure this is the other shoe to fall, as people realize the “other higher offer’ trick is a sham. i would bet if you put in an offer at $500K the realtor would pull the same trick once again, as they have over the past 10+ years. Man do we have a problem here! http://www.redfin.com/CA/Fremont/4673-Theta-St-94536/home/1642811 Property History for 4673 Theta St Date Event Price Appreciation Source Oct 26, 2010 Price Changed $500,000 — EBRD #40482060 Oct 26, 2010 Relisted — — EBRD #40482060 Aug 23, 2010 Pending — — EBRD #40482060 Aug 12, 2010 Listed $474,999 — EBRD #40482060 I agree. Waiting out this game will be definitely rewarded. I figure there is nothing to loose if the house price remains flat, and even if market has already bottomed what would be YOY appreciation in the current economic air? very negligible.

20. alraaz Follow Befriend (1) 4 threads 35 comments Santa Clara, CA

    20   10:01am Tue 2 Nov 2010   Share   Quote   Permalink   Like (1)   Dislike   Actually the reason it hasn't sold yet is because sellers (after seeing multiple offers) are now asking for buyer to pay a $5K payment to mortgage insurance company in addition to the purchase price. Thats where the negotiation lies right now. Sellers are in no hurry I guess as they would like to stay till holidays.

21. fewy Follow Befriend 2 threads 36 comments

    21   4:04pm Sat 6 Nov 2010   Share   Quote   Permalink   Like   Dislike   This looks like a nice house at 500k the price almost becomes similar to renting.

22. gl_leeanne Follow Befriend 1 comments

    22   2:31pm Thu 11 Nov 2010   Share   Quote   Permalink   Like (1)   Dislike   Does anyone know if the seller still going to sell it or wait after holiday? I heard there were some cash buyers, but not sure if any went through.