Some agents need to think before they write. This Craigslist ad indicates that this home shows "Pride of ownership"- but the home is owned by the bank:
The bank must be so proud.
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Craigslist is kind of perturbing sometimes, although I still like it. For instance, where I work they call contracting companies and say send me 4 bodies, we fired the last 4 you sent us. Well, these contracting outfits which are corporate sponsored will let recruiters use craigslist to advertise the job, and talk it up to be something it really isn’t and the cycle continues. It’s really quite sad, how it works out for some people who are really just used and taken for a ride. Same concept for desperate sellers and realtors trying to make a buck.
Toysarefun-
I love Craigslist too- but it’s definitely “caveat emptor”.
It’s gotten popular with agents who now find themselves on a tighter advertising budget. Flyers are expensive and you’ll get more coverage with a Craigslist ad- you can provide better details than a listing too.
It also however, can allow sellers look pretty silly when they don’t proofread and/or consider the legality of their ad. [I don't see anything illegal with this one- but I have in other "cash back" or "foreclosure sale" ads.]
Twist, I just clicked on the link. Here’s what Craig had to say:
“This posting has been deleted by its author.”
Igor says he’s shocked, but I’m not
Slim-
I have a feeling the agent might be revising the ad. : )
Hey Twist, I don’t know if you saw the news out of western Canada this month, but the crash is underway. Calgary Herald reported today that prices dropped 9% last month, and in Victoria we’re officially year-over-year negative for both the average and median. We’re about 10% off the peak now. Vancouver and Edmonton are pretty much the same news.
Igor says tragic. I say new hope!
womp -
Which part are you at? I’m a Maritimer and from my perch in North End Halifax I can see that this isn’t going to end well, but have not been following the stats so don’t know when the hammer is going to come down on the Right Coast.
Womp-
I have been watching. Agents from Western Canada have been some of the most adamant, “But it could never happen here!” spinsters in North America- so I’ve been enjoying the opportunity to watch them eat crow.
I also saw that July starts were up 24% YOY in the Vancouver area as sales are slowing, so I’m expecting more of the same for awhile to come.
the agent, Matt didn’t identify his firm, which is required in all advertising.
Twist,
It is hard to believe that no-down payment financing still exist. To my understanding that financing is going away after this month. I am predicting that this will really cause prices to tumble. I would like to know your take
Thanks
Surak-
I’ve read a number of opinions on how important DPA is to the housing market. It is said that 40% of FHA loans utilize DPA, and that this could affect 10%-25% of the market.
Sales slow down in the winter anyway, so the loss of DPA will undoubtedly hurt the market short-term and probably put additional downward pressure on prices.
On the upside, DPA borrowers are 26% more likely to go into default. Lower prices and tighter lending standards will eventually lead to greater stability in the market. I thought eliminating DPA was one of the few reasonable things that Congress did.
I think congress has no choice, but to get rid of DPA. Otherwise there will be no more investors.
AZRob-
In Matt’s defense, the original ad did identify his firm- but we have readers who can’t handle images over 600 pixels wide- so I have to cut out all but the essential parts.
I provided a link back to his ad which would have identified his firm, but for some reason, he decided to remove the ad from Craigslist. : )