Sunday, May 25, 2008


5316 Mecca Ave Tarzana, CA 91356

This one is a tail about a bank, "US Bank", that is in denial, acting very slow and basically losing money as we speak. The listing description is simply a killer. The bank/agent claims that there are multiple offers for this amazing property and that last best offer need be submitted by...
3-11-08 AT 9:00 A.M.
Well, we are more than two months after...and what happened to those multiple offers???? NOT EVEN ONE!
Here is the full description from the listing:
*** THIS PROPERTY IS IN MULTIPLE OFFERS, IF YOU CHOOSE TO WRITE AN OFFER, PLEASE CALL FOR FORMS, DEADLINE FOR ALL 'HIGHEST & BEST' OFFERS IS TUESDAY, 03-11-08 AT 9:00 A.M. - THANK YOU! *** REO Blow out! REDUCED!!! S of Ventura, 3+2+Fam rm, Hardwd, Fp's; great master, sliding glass to pool! Some copper, newer electric, Seller crediting $10,000 for Buyer Closing Costs,Direct entry 2 car garage; gated parking; 2 car att gar; cent air/ht; Breakfat rm, open kitchen; Great newer home with old style craftsman - work. A fantastic Value. Covered patio, Just Reduced and incentives added; This is your chande!!! Step-down dining area. Paver tile flooring, wet bar. Some dual Pane windows. Vaulted ceilings. Pool, spa, Rear bedroom with own separate bath with dressing area and separate tub and shower. 2 car attached garage with direct access to house. Separate laundry room. ***Reduced with Bonus and Seller incentives to buyer and buyer's agents!!! Go Quickly, now's the time!!!
The bank took this house back for $852,129 back in May 2007, it is already a year and they still hold it...
Here is the History of asking prices:
Aug 18, 2007 $985,000
Sep 12, 2007 $965,000
Nov 10, 2007 $920,000
Nov 22, 2007 $895,000
Dec 08, 2007 $870,000
Jan 15, 2008 $820,000
Jan 29, 2008 $799,000
Jan 30, 2008 $790,000
May 23, 2008 $744,900
As of August 1, 2008 Asking price is $690,000

Zillow zestimates it at: $937,000. My only advice to the bank is to sell the house to zillow...and my advice to zillow is to correct their wishing price to actual market price. (somewhere in the $600,000 for that area)
zillow zestimate is now at $832,000 I guess they corrected by $100,000 in about 90 days....
They have another $200,000 to go....

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