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I actually checked and the commision is 2% for the buyer agent. Not too sure how much the commision for the listing agent is. And I highly doubt they will sell at $599k. They are hoping for a bidding war. Why do people bid past the previous listing price as soon as the list price drops? I've seen a trend in that. I'm assuming they've been conned by their buyer agent. When the prices drop, many times a new listing will be used. I guess the agents have the buyer fooled thinking it's new on the market and that it's "hot."
Anyways, I think this property will get $560k max since it's done some remodelling. At $560k, they've taken a major hit. I don't think this was really an investor flipping it. I think it's just a case of buyer remorse, trying to recover.
This property was also given as an example of "comparable sales" for another property. My realtor tried to use this property's selling price as a basis of what I should bid on another property. Glad he's fired.
Note: I don't think they've spent much on renovation. They redid the kitchen and I'm assuming the owner did the work himself. The materials for a new kitchen is about $3k. Not too sure how much the bathrooms costed to redo. They refaced the fireplace with about 10 tiles of marble, and repainted the place. They've also cleaned the supposed legal in-law unit up and painted it. They may have redone the hardwood floors or retarnished it at least. I did not rip open any carpet previously to check the condition. HOWEVER, the reason why I didn't want this property was because the rear corner bedroom was suffering water damage. Water had seeped into the home and was visible looking at the drywall. It was even soft and mushy. We busted it open to check and it was bad. I doubt he repaired the water damage. Probably slapped some putty on to hold thru and put new dry wall up. I also doubt he disclosed it on his seller disclosures.
And it's up to $628k now. I'm thinking someone offered $599k, but it disappointed them because they had thought $599k would induce a bidding war. They're about $100k off from a bidding war price. I am pretty sure $628k is the absolute minimum they'd sell the home. Good luck :)
pkowen
@
2010 Sep 27, 8:03am
Sold for $615,000, 6/25/2010. Mortgage deed of trust is for $417,000. So they put down $198k.
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http://www.redfin.com/CA/Daly-City/90-Belhaven-Ave-94015/home/1895366
I remember chasing this house a year back. At $499k shortsale, I didn't want it. I considered it when it was a Foreclosure at $469k. But this house didn't have what others were looking for - a high ceiling so that they can renovate an in-law unit to cover mortgage expenses. That's why these houses are going for ~$550k'ish.
This guy overbid from $469k to $540k. The seller agent was helping me on this one. But still I did not desire this property. I was told by the listing agent that the second highest bid was $475k.
So this guy flips it and is attemping to sell it at $648k ! I'd like to watch him suffer a huge loss now. The highest I've seen this type of home sell in this area was for $638k. But that one was just stunning. It was in immaculate condition and fully upgraded. This was a year back.
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