Relisting experiences wanted

Posted on February 6, 2008 by grim

I talked to ABC News Nightline about a story on re-listing. They’re looking to speak with people ASAP in the Northern NJ and NYC Metro area who have had an experience buying a home relatively “new to the market”, which they later found out was a re-listed property. If you’ve had this experience and are interested in sharing it, please get in touch with them through this link:

Nightline Seeks Interview Subjects for Upcoming Show

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36 Responses to Relisting experiences wanted

  2. chicagofinance says:
    February 6, 2008 at 9:08 pm

    This is a hoax….ABC news will never follow up and put you on the air…take it from someone who knows ;)

  3. Rich In NNJ says:
    February 6, 2008 at 9:32 pm

    Chi is right JB!

    Your head is WAY to small for TV.

  4. Pat says:
    February 6, 2008 at 9:57 pm

    Yeah, if they were serious, they’d just pull up the last 20 sales in Anytown, NJ and call the buyers.

    JB could tell them live the number of relistings and DOM for their sales, and johnny camera guy could film the shocked, simply shocked, look on those innocent faces.

  5. chicagofinance says:
    February 6, 2008 at 9:58 pm

    Rich In NNJ Says:
    February 6th, 2008 at 9:32 pm
    Chi is right JB!
    Your head is WAY to small for TV.

    Rich…..may I call you DICK!

  6. grim says:
    February 6, 2008 at 10:00 pm

    Pat,

    They are most certainly serious.

  8. chicagofinance says:
    February 6, 2008 at 10:47 pm

    Come on Pat….I’m waiting…..

  9. Pat says:
    February 6, 2008 at 10:49 pm

    You really want it?

  10. grim says:
    February 6, 2008 at 10:51 pm

    Ridgewood comp killer

    222 Gateway

    Purchased: 7/19/2005
    Purchase Price: $640,000

    MLS# 2804604
    Current asking: $629,000

  11. Pat says:
    February 6, 2008 at 10:51 pm

    I still think it was a mistake not to go for the allergy testing.

    Go ask SL what she thinks.

  12. chicagofinance says:
    February 6, 2008 at 10:52 pm

    I was foaming at the mouth about this earlier today……

    WSJ
    Next Round In the Crunch: Europe’s Banks
    By CARRICK MOLLENKAMP
    February 7, 2008

    Investors hoping for calm after January’s market turmoil could be disappointed again: European banks are about to report earnings, and the outlook isn’t pretty.

    Analysts are predicting write-downs for an array of problems, including exposure to debt backed by struggling U.S. bond insurers, high-yield corporate loans, commercial-mortgage securities, and “alt-A” U.S. mortgages that rank a step above subprime loans in risk.
    [edit]

  13. Pat says:
    February 6, 2008 at 10:56 pm

    http://www.npr.org/templates/story/story.php?storyId=18754222
    Foreign Investments in U.S. Banks Draw Attention
    “..concerns because they aren’t revealing enough about their operations or intentions”

  14. Clotpoll says:
    February 6, 2008 at 10:56 pm

    Hey Grim-

    After taking a peek at the old threads, I’ll suggest this: why don’t you reach out to UnRealtor and sic ABC on him? He’s got bitterness and resentment to burn…and re-listing was always his proof positive that anyone holding a RE license was the child of Satan.

    Of course, the internet, phone and any other means of communication with the outside world may have removed from his bunker months ago.

    If you can find him- and ABC thinks they can handle him- I promise I’ll show up for the taping, stand off camera and squirt him with a water pistol until he snaps.

  15. chicagofinance says:
    February 6, 2008 at 10:57 pm

    Read all the way to the end and attempt to keep the contents of your stomache down…..

    WSJ CAPITAL By DAVID WESSEL
    Housing Forecast: More Storms
    February 7, 2008
    The one thing Federal Reserve Chairman Ben Bernanke would most like to know is this: How much longer and farther will American house prices fall?

    If home prices are near a bottom, then the Fed — and its allies in the White House and Congress — probably have deployed enough forces to prevent a deep, prolonged recession. But if those prices still have a long way to fall, then the Committee to Save the World (Version 2.0) — Mr. Bernanke and Treasury Secretary Henry Paulson, in place of predecessors Alan Greenspan, Robert Rubin and Lawrence Summers — is going to need heavy artillery and air support.

    Falling house prices aren’t the U.S. economy’s only challenge, of course, just the biggest one.

    It isn’t just that new-home construction is — or used to be — an important industry and employer. It’s that houses are American families’ single biggest financial asset. A persistent decline in their value will depress both Americans’ wealth and their spirits.

    And it is that — unbeknown to most of us — Wall Street built a fragile house of securities on the premise that U.S. home prices would never fall, except in isolated markets. The premise was wrong. Billions of dollars have been lost as a result.

    Wall Street can’t place a value on all its mortgage-linked securities until it can figure out the worth of the houses underlying those securities. And until that happens, the credit crunch is likely to spread and intensify.

    So, as Merrill Lynch economist David Rosenberg asked in a commentary this week: “Is the worst over for the housing market?” Replying to his own question with refreshing, perhaps courageous, certainty, he said: “The answer is no.”

    Home builders already have cut new-home construction to an annual rate of one million units. That’s back to levels last seen in May 1991, and far below what builders — and the Fed — had anticipated would be necessary to restore the balance of supply and demand. Yet the backlog of unsold houses and condos, measured against the monthly pace of sales, continues to climb. And that’s despite the fact that the median price of a new home — now at $219,200 — has fallen to where it was three years ago.

    Mr. Rosenberg predicts housing construction will have to slow to a 700,000 annual pace before the market stabilizes.

    Meanwhile, the S&P/Case-Shiller index of house prices in 20 metropolitan markets fell another 2.1% in November (the most-recent data available) for the 16th month in a row. It was down nearly 8% from a year earlier.

    Prices in all 20 markets are now dropping. And only Portland, Ore.; Charlotte, N.C., and Seattle are still up for the year. Mr. Rosenberg is betting on another 20% decline or more over the next couple of years.

    Ouch. The looming recession, if it arrives, isn’t likely to be as mild as the recessions of 1990-91 or 2001. In a new Wall Street Journal survey, forecasters give 40% odds it would be worse than the previous two.

    Yet house prices haven’t fallen enough for buyers to jump into the market: The fraction of Americans who say they plan to buy a house in the next six months is lower than at any time since 1994, according to the Conference Board, the research group that conducts monthly consumer-confidence surveys. Or maybe potential buyers doubt they can get mortgages, even at today’s more attractive rates.

    The economy will soon be feeling a shot of adrenaline from rate cuts and tax rebates. The Fed clearly has decided to err on the side of doing too much. Mr. Bernanke backed a fiscal-stimulus plan early on. And the Fed has cut its key interest rate to 3% from 5.25% since September.

    Markets now expect the Fed to drop the rate to 2.5% by mid-March. To bring rates as far below inflation as it usually does in recessions, the Fed will have to push the rate down to 2%.

    If the Bernanke Fed succeeds in heading off what might have been a severe recession, it will look like they have done too much. The challenge for Mr. Bernanke then will be to boost rates as rapidly as he has just cut them to avoid an outbreak of inflation.

    But that is the more pleasant outcome. What if house prices keep falling, and the economy keeps sinking?

    Another three or four months like the past one, and Mr. Bernanke and Mr. Paulson will be thinking seriously about aggressive proposals that — for now — are deemed too radical. Like creating a federally funded outfit to buy mortgages that are in or near default and refinance them at easier terms so the borrowers can keep their homes, as Senate Banking Committee Chairman Christopher Dodd is already suggesting. Or helping state and local government agencies buy houses that are in foreclosure and rent them out until the housing-market rebounds, as San Diego is already contemplating.

    This war isn’t won yet.

  16. Pat says:
    February 6, 2008 at 11:02 pm

    Man, Oh, Man. Over here in PA we already have some school districts in a panic over uncollected property taxes.

    Yeah. Let the local dudes run the properties. Hah.

  17. Confused In NJ says:
    February 6, 2008 at 11:18 pm

    Australia May Increase Interest Rate to 7.25%, Survey Shows

  18. njpatient says:
    February 6, 2008 at 11:32 pm

    Fascinating. I’ve never understood how that isn’t simple old-fashioned common-law fraud.

  19. RentinginNJ says:
    February 6, 2008 at 11:42 pm

    My show idea:

    Dateline NBC
    Chris Hansen\Jim Bednar: “To catch a Realtor®”
    (based on to catch a predator)

    You & your wife go to open houses where the Realtor has relisted and is offering the house as “new”. You pose as young & naïve buyers, eagerly hanging on every word as the realtor vomits sunshine about how great everything is and how they better jump on this deal while they have a chance. You ask a few innocent innocuous sounding questions about the “newness” of the listing to catch the realtor in a lie…all while holding a hidden camera.

    Then Chris Hansen rings the bell and confronts the realtor (with camera crew) with the facts & asks why the realtor is trying to trick buyers into thinking the listing is new. Squirming realtors making up dumb excuses on the fly ensue, making for an informative & entertaining show.

  20. njpatient says:
    February 6, 2008 at 11:43 pm

    15 chi
    “Read all the way to the end and attempt to keep the contents of your stomache down…..”

    Sorry, Captain! I failed to accomplish the mission!

    “houses are American families’ single biggest financial asset. A persistent decline in their value will depress both Americans’ wealth and their spirits.”

    Their spirits? Jeebus, somebody call the waahmbulance!

  21. Clotpoll says:
    February 7, 2008 at 12:15 am

    rent (19)-

    Har!

    I think many agents can explain the relisting thing, but how will they explain why they’re standing there, buck naked?

  22. Clotpoll says:
    February 7, 2008 at 12:17 am

    patient (20)-

    Makes you wonder how some bloated stiff and his Wii-addicted offspring would handle a couple of days driving across Oklahoma during the Dust Bowl.

  23. mikeinwaiting says:
    February 7, 2008 at 12:32 am

    They’re starting to sh*t their pants.Finally figured out they can cut to 0 for all the good it will do the houseing market.Till homes come in line with incomes the market will fall.This is going to be real ugly & the rest of the world is comeing along for the ride.

  24. G$ says:
    February 7, 2008 at 12:38 am

    Grim – I’m always glued to your site – its invaluable. I’ve been searching for a place in Metuchen for so long, for every crap cape and rundown ranch in town i could tell you OLP, DOM, the color of their carpet and their dogs name – its a long frustrating search with no end in sight – and I’ve seen the same handful of houses relisted over and over. Its insulting to claim a home is ‘new’ on the market when I’ve been to their last open house and the only thing thats ‘new’ is the scented candle and freshly minted flyer showing six DOM – oh- and now I’m wearing a parka instead of cargo shorts.

  25. nj buyer says:
    February 7, 2008 at 9:28 am

    217 Martha Rd, Harrington Park NJ. this was a re-list. Could anyone tell me what this finally sold for? I was in contract on it and ran after inspection. Thanks

  26. skep-tic says:
    February 7, 2008 at 9:43 am

    realtors always claim relisting isn’t fraud because no one really relies on whether the listing is new in making or not making a purchase.

    yes, maybe buyers do not care if a listing is 30 days old or 1 day old, but most certainly care if a listing is 300 days old vs 1 day old. A 300 day old listing indicates that many people have looked at the house and rejected it, which is very valuable information.

  27. Rich In NNJ says:
    February 7, 2008 at 10:06 am

    Future Buyers,

    FYI
    Be sure to ask your agent to pull the history of the listing before bidding. This will allow you to compute and see the actual DOM, OLP and if the property had previously been under attorney review and/or under contract.
    Now falling out of attorney review or from being under contract can be for numerous reasons. Buyer can’t get financing, the inspection found that the property was riddled with termites, buyer found out a prison was to be built next door, the seller or buyer is crazy, etc.
    But falling out of attorney review or under contract numerous times is a red flag to me.

    Chi (5),

    hehehehe

    NJ Buyer (25),

    My first home was about 3-4 houses down from this address.
    It’s under contract with an estimated closing of 2/20/08

    ACT 217 MARTHA RD $619,000 12/18/2006
    PCH 217 MARTHA RD $599,000 3/7/2007 (price change)
    PCH 217 MARTHA RD $574,900 4/29/2007
    PCH 217 MARTHA RD $549,900 6/13/2007
    EXT 217 MARTHA RD $549,900 6/13/2007 (extended contract)
    ACT* 217 MARTHA RD $549,900 9/10/2007 (attorney review)
    U/C 217 MARTHA RD $549,900 9/12/2007 (under contract)
    BOM 217 MARTHA RD $549,900 9/25/2007 (back on market)
    PCH 217 MARTHA RD $514,900 10/11/2007
    EXP 217 MARTHA RD $514,900 12/19/2007 (expired listing)

    New listing, new agent
    ACT 217 MARTHA RD $495,000 12/19/2007
    ACT* 217 MARTHA RD $495,000 12/27/2007
    U/C 217 MARTHA RD $495,000 1/16/2008

  28. Shore Guy says:
    February 7, 2008 at 10:12 am

    It is interesting to see the media starting to look at issues like relisting. I suspect that cash back at closing, and related tools RE agents use to make prices look higher will also soon come into focus. The media attention will be good for the overall market, even if individual sellers take a hit.

  29. Ann says:
    February 7, 2008 at 12:01 pm

    19 That would be awesome.

  30. Jason says:
    February 7, 2008 at 9:56 pm

    462 Conklintown Rd, Ringwood NJ

    Can anyone give me some history on this listing? I feel it was a relist, because the listing appeared, disappeared, and reappeared.
    Thank you

  31. Ruby says:
    February 8, 2008 at 1:25 am

    15

    Was this posted here? The state housing agencies don’t want to buy bad loans either.

    Bush Subprime Plan Undermined, States Shun Borrowers (Update1)

    Feb. 1 (Bloomberg) — President George W. Bush’s proposal to help 1 million subprime borrowers avoid foreclosure with tax- exempt bonds has an obstacle: states don’t want the risk any more than private lenders do.

    The state housing agencies that are already offering mortgage refinancing options are turning away so many applicants that they’ve had no need to raise funds….

    http://www.bloomberg.com/apps/news?pid=newsarchive&sid=al4wLYqTFa10

  32. Mike says:
    February 8, 2008 at 4:41 pm

    Only the listing agent would not tell the Buyer that the property had been relisted. At least in my experience.

  33. luci says:
    February 10, 2008 at 10:33 am

    The ‘Ultimate Buyer’ is a corporate transfer from out of town, because he’ll have a fat relo package, limited time to buy and limited knowledge of the area. He’s almost forced to trust ‘a real estate professional’ I have seen so many of the tricks (scams) used by listing and other agents – you have to repeatedly remind yourself these guys do not represent you whether you’re a buyer or seller. Do the transaction and send the check, thank you very much.

  34. Ron Holland says:
    February 11, 2008 at 11:02 am

    I believe Merrill Lynch is correct about the arrival of recession in the United States. The housing downturn is negatively impacting property sales in second home communities in Florida. This is also slowing sales in NC mountain resorts that depend on Florida buyers.

    Still the downturn in prices and building of inventories is starting to attract second home buyers from Florida looking for cool temperatures in our mountains. Also the dramatic decline in the dollar combined with weakness in American real estate markets are beginning to interest some bargain hunting European investors.

    Ron Holland, Broker/Realtor with Wolf’s Crossing Realty. See http://www.ronaldholland.com Ron markets resale mountain and ski resort properties in NC in Wolf Laurel and The Preserve at Wolf Laurel.

  35. Hard Times says:
    February 20, 2008 at 11:51 pm

    It ain’t easy making a live in real estate anymore! Get yo hussle on and just make more paperwork and rules for everyone after your ABC NEWS….HOPE YOU DIDN’T SHOOT YOURSELF IN THE FOOT!

  36. Barb says:
    February 21, 2008 at 7:15 pm

    Looks like you were right — ABC Nightline aired the story last night and they quoted an agent from my area (Minnesota) who relists all the time. I always do the digging to find actual history, but the relisting thing always felt wrong to me.

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