As an electrical engineer I am anal about data and numbers. So the link to the foreclosure website was cool but man, the NODs and REOs varied by like 40% compared to the info I was getting from my title officer. So I need to raust my title officer and see why they are not getting me all of the recording information. I was curious to see if others who have connections with title companies are getting correlated data.
I guess somehow I have given the posters an impression that I am not bearish on the market. I am most likely as bearish as you it is just that in some cases I guess I am more… forgiving.. (for lack of a better term) to some people considering making a purchase as long as some of the basic caviots for which I have repeated ad nauseum are adhered to.
What you said is really true, average first time buyers REALLY REALLY need serious counseling and all you can do is give them guidance but you cannot watch them 24 hours a day. I told this story many months ago on Piggington… First time buyers down in Eastlake of all places. I worked with them for about 3 months, showed them a zillion properties, begged them not to buy, went to the credit union with them many times to work with the loan officer, set a limit on the prices they should offer, did an entire financial spread sheet of their monthly budget, the whole 9 yards.. made 5 or 6 lowball offers on places, offered them a smoking rebate… Did everything I absolutely could to counsel them to not buy, or at least if they were gonna buy to drive a hard bargain. In the end they got tired of all the lowball offers being rejected, went out one day and put a full price offer on a home that had PREVIOUSLY expired and was back on the market 1 day. The worked directly with the listing agent who held the open house…
What can ya do… I expect to see the house getting foreclosed on in another year or two…
As you have seen people will buy. I don’t get it, I don’t agree with them, and it confounds me. However they are out there. Shoot I will be one of them as I will end up buying before I want to… Of the clients I have had recently that have sold, many of them have been smart enough to sell and then rent…A few of them though, did end up buying. I told them my thoughts, ran through some projections of depreciating scenarios (up to 10% a year for 4 years from now) and they still moved forward.
