FHA AOK'D WTF FSBO

327 Chestnut Ave, 90802
Price: $223,000
Beds: 2
Baths: 2
Sq. Ft.: 910
$/Sq. Ft.: $245
Year Built: 1990
Listing #: 22197353
On Redfin: 47 days
Description: Upgraded 2 Bedroom 2 Bath Top Floor Private End Unit with two Balcony patios with City Light Views. Master has private bath. Pergo Flooring throughout. Western Exposure give lots of light and beautiful sunset views. Stainless Steel and black appliances included. Stove, Dishwasher, Side by Side Refrigerator. Pricess Court is a secure building with Underground Parking with 2 spaces also additional spaces for guests. Three blocks from beach area and Pine street with theateres performaning arts, Hotels Conventions Center restaurants Nightlife next to the Pike. FHA approvedand appraised for full sales price

"Pricess"? Dude, you don't even know the name of your complex?

"Theateres"?

"Performaning"?

I mean, what language is this description written in? It's good to know that it's not just realtors who are illiterate dolts.

I've said it before, but it bears repeating: For-sale-by-owner listings consistently out-greed, out-delusion, and out-my-place-is-special than realtor-listed sellers.

Without fail.

First, these photos are pathetic:
More wall than kitchen, way to go Ansel Adams!



And way to highlight whatever the hell is going on with the area where tile meets floor. Watch your step!


TURD CHECK!

Come on, bro. Say what you want about realtors' lack of work ethic and horrendous, frankly embarrassing marketing skills, but only a FSBO could screw things up this badly.

Maybe his philosophy is, "Why should I pay someone to royally fuck up the marketing of my property when I can do that just fine on my own?"

One look at the nearby competition, and it's clear this guy thinks his shabby, cramped apartment is special:

$169,000 327 Chestnut Ave #106 (Hi neighbor!)
0 miles 2 bd / 2 ba 990 Sq. Ft.

$160,000 335 Cedar #208
0.08 miles 2 bd / 2 ba 877 Sq. Ft.

$185,000 350 Cedar Ave #309
0.12 miles 2 bd / 2 ba 1,016 Sq. Ft.

$165,000 401 W 5th St Unit 2b
0.13 miles 2 bd / 2 ba 956 Sq. Ft.

$219,900 640 W 4th St #112
0.2 miles 2 bd / 2 ba 915 Sq. Ft.

$332,640 640 W 4 St #203
0.2 miles 2 bd / 2 ba 945 Sq. Ft.

$144,900 535 Magnolia Ave #117
0.2 miles 2 bd / 2 ba 920 Sq. Ft.

$140,000 535 Magnolia Ave #312
0.2 miles 2 bd / 2 ba 966 Sq. Ft.

There is only one nearby listing that exceeds our FSBO's absurd demand, and that clueless bastard has no shot at selling at his 2004 ask (75 days on market).

The cocksure hubris of this FSBO's pricing strategy is emanating like those squiggly stink lines from cartoons.

Just check out this smug closing line:

"FHA approvedand [SIC] appraised for full sales price"

This guy is attempting to use the FHA as third-party credibility to justify his ridiculous demand. But, the FHA has clearly shown they have absolutely NO FUCKING IDEA what they're doing.

To wit:

“It appears destined for a taxpayer bailout in the next 24 to 36 months,” Edward Pinto, a former Fannie Mae executive, said in testimony prepared for the hearing. Mr. Pinto, who was the chief credit officer from 1987 to 1989 for Fannie Mae, went further than most housing analysts and predicted that F.H.A. losses would more than wipe out the agency’s $30 billion of cash reserves.

Need further evidence? Apparently when the (soon-to-be bailed out by us taxpayers) FHA appraised this place for the full sales price of $223,000, they forgot to check the nearby comps.

And by "nearby" I mean IN THE SAME STINKIN' BUILDING:

$140,000 327 Chestnut Ave Apt 112 Sold on May 14, 2009
2 bd / 2 ba 860 Sq. Ft.

$200,000 327 Chestnut Ave Apt 210 Sold on Aug 24, 2009
2 bd / 2 ba 1,010 Sq. Ft.

The latter property is 100 square feet larger and still sold for $23,000 less! So after #210 was appraised for, and sold for $200,000, how exactly did the FHA determine the FSBO in the same building was worth nearly 25k more?

The Federal Housing Administration: Your taxpayer dollars...at lunch.