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This is the second property that I have witnessed that this seller agent teamed up with the buyer agent, to buy the properties for themselves with no competition from the lender. It is an awesome price for this property in its condition. And they are keeping all the commission as well. So the true price for them is probably around $470k. They in turn flip it, a home that doesn't really need any work. This home will sell for $600k after touching up.
Private remarks from the MLS:
Private : BANK IS WORKING WITH AN OFFER. PLEASE HOLD OFFERS until further notice! REO. Send offers to offers@ciriosre.com. Seller requires all non-cash offers to include a pre-approval letter from Quicken Loans, contact: 800.493.4574 or www.quickenloans.com
What was the point of that? As if you needed to give instructions to agents to make way for yourself.
http://www.redfin.com/CA/Daly-City/165-Dennis-Dr-94015/home/916649
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