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  • October 31, 2007 at 6:52 PM #10779
    garysears
    Participant

    Today for the first time I saw a listing that is bank owned but listed using that stupid price range gimmick:

    List Price: $139,900 – $169,900

    Bedrooms: 2
    Full Baths: 1
    Partial Baths: 1
    Square Feet: 864
    Lot Size: N/A
    Year Built: 1990
    Listing Date: 10/26/07
    On Market: 5 days
    Type: CONDO/TH
    Status: ACTIVE
    MLS #: 072083964

    Anyone else seeing this strange behaviour? I noticed it because it is the new advertised low end of the El Cajon 2bd condo market. I track prices at least weekly. My guess is the agent must be hungry. But it seems weird for a bank to go along with it.

    I made an extremely low offer on a different REO condo over a month ago and it was turned down without a counter. A few days ago the listing agent called saying the property is going to auction and asking if I wanted to make another offer. I said I wasn’t interested in a fake auction and my original offer stands. It was a short conversation. I’m wondering if I was the only potential buyer that even bothered.

    October 31, 2007 at 6:55 PM #93978
    garysears
    Participant

    Perhaps I meant “entertain” and not “accept”. Shows how much I pay attention. I guess that makes it BWEOB instead of SWEOB.

    October 31, 2007 at 6:55 PM #94015
    garysears
    Participant

    Perhaps I meant “entertain” and not “accept”. Shows how much I pay attention. I guess that makes it BWEOB instead of SWEOB.

    October 31, 2007 at 6:55 PM #94022
    garysears
    Participant

    Perhaps I meant “entertain” and not “accept”. Shows how much I pay attention. I guess that makes it BWEOB instead of SWEOB.

    November 1, 2007 at 10:00 AM #94173
    kev374
    Participant

    given the risk involved in buying an REO, no warranties, disclosures etc. and factoring in at least a 20% depreciation to protect against the potential declines in the market, 10-15% for required fixes.. I would say that for a good deal I would consider an REO if it is AT LEAST 60% below comparable non-REO listings. If not, the bank can take it’s property and shove it. Not at all worth the hassel.

    November 1, 2007 at 10:00 AM #94210
    kev374
    Participant

    given the risk involved in buying an REO, no warranties, disclosures etc. and factoring in at least a 20% depreciation to protect against the potential declines in the market, 10-15% for required fixes.. I would say that for a good deal I would consider an REO if it is AT LEAST 60% below comparable non-REO listings. If not, the bank can take it’s property and shove it. Not at all worth the hassel.

    November 1, 2007 at 10:00 AM #94218
    kev374
    Participant

    given the risk involved in buying an REO, no warranties, disclosures etc. and factoring in at least a 20% depreciation to protect against the potential declines in the market, 10-15% for required fixes.. I would say that for a good deal I would consider an REO if it is AT LEAST 60% below comparable non-REO listings. If not, the bank can take it’s property and shove it. Not at all worth the hassel.

    November 1, 2007 at 1:05 PM #94268
    garysears
    Participant

    I agree. Problem is no bank is going to accept that big a cut off the perceived “market value”. Making an offer now is a waste of time. So many people are having a hard time telling the difference between what someone paid a few years ago and what the few buyers left today are willing to pay. I am a different kind of buyer than was out there the last several years. I didn’t even consider myself a buyer then. I do now.

    The current “pent up” demand is probably going to be a little more cautious on the downside. I know what I can afford and am willing to wait for it. I didn’t buy during the last 4 years and am in no hurry to buy now that things are finally headed in the direction of affordability.

    I offered 120K on a 181K REO listing. Looks like I’ll have to wait a few years for that kind of reality to sink into the market.

    November 1, 2007 at 1:05 PM #94306
    garysears
    Participant

    I agree. Problem is no bank is going to accept that big a cut off the perceived “market value”. Making an offer now is a waste of time. So many people are having a hard time telling the difference between what someone paid a few years ago and what the few buyers left today are willing to pay. I am a different kind of buyer than was out there the last several years. I didn’t even consider myself a buyer then. I do now.

    The current “pent up” demand is probably going to be a little more cautious on the downside. I know what I can afford and am willing to wait for it. I didn’t buy during the last 4 years and am in no hurry to buy now that things are finally headed in the direction of affordability.

    I offered 120K on a 181K REO listing. Looks like I’ll have to wait a few years for that kind of reality to sink into the market.

    November 1, 2007 at 1:05 PM #94314
    garysears
    Participant

    I agree. Problem is no bank is going to accept that big a cut off the perceived “market value”. Making an offer now is a waste of time. So many people are having a hard time telling the difference between what someone paid a few years ago and what the few buyers left today are willing to pay. I am a different kind of buyer than was out there the last several years. I didn’t even consider myself a buyer then. I do now.

    The current “pent up” demand is probably going to be a little more cautious on the downside. I know what I can afford and am willing to wait for it. I didn’t buy during the last 4 years and am in no hurry to buy now that things are finally headed in the direction of affordability.

    I offered 120K on a 181K REO listing. Looks like I’ll have to wait a few years for that kind of reality to sink into the market.

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