Ahh revenge……..how sweet it is!

[jpinpb]

Well, I’m a little OCD when it comes to RE. I check regularly b/c I think there may be deals to be had, but hard to come by and when they come up, they go QUICK.

I learn along the way. There are several zip codes I check, usually on SDL. But only once in a while did I go to Realtor to check on multi-units (usually not as nice as SFH)

I remember that a duplex came up on Jackdaw in MH on a Friday. I hadn’t checked that week or weekend. I checked on the Monday following the listing. It went pending w/10 offers. Listed at something like 500k! I would have gone over the list on that – and I usually low ball! Each unit was 2/1. It made sense w/down and rent – covering PITI even above 500k. At peak they were selling for 750k on that street (2 years earlier)

So since then, I try to check regularly b/c you just never know. But I also monitor NODs and foreclosures to see what’s on the horizon and know the inventory.

For example, 2828 Deerpark caught my eye. Anyone not doing their homework would think it’s a good deal.

BUT 2 places were taken off the market (stealth), one listed for almost a year, one that was going to foreclosure that the bank hasn’t listed, one w/a NOD, and 3 others listed.

So that makes me think that street has some more price reductions on the way.

PB is sticky, but the hidden inventory is there. I can’t give addresses for all of them, but the one that readily comes to mind always is 1844 Law (very nice). Listed for a very long time, like 2 years, I think, for a million something. Reduced slightly, but still at a mil. NOD was filed in Oct. 2007. Foreclosure occurred like May 1 or thereabouts. Still not listed for sale by bank.

That’s just one quick example. There are many more. So my long answer, if you have time to check, then it doesn’t really hurt.

[nostradamus]

Like jpinpb and ibjames I still browse homes but won’t buy until people really start to play ball. Sellers lingeringly stinking drunk on kool-aid and all. I wanted to make a low-ball offer on a rental condo but got the line from the sales agent that they have “tons of offers above the asking price”. Well, it’s a month later and the house is still listed. That was a kick back to reality, I’m going to sit it out and keep shorting the market.

[nostradamus]

Like jpinpb and ibjames I still browse homes but won’t buy until people really start to play ball. Sellers lingeringly stinking drunk on kool-aid and all. I wanted to make a low-ball offer on a rental condo but got the line from the sales agent that they have “tons of offers above the asking price”. Well, it’s a month later and the house is still listed. That was a kick back to reality, I’m going to sit it out and keep shorting the market.

[nostradamus]

Like jpinpb and ibjames I still browse homes but won’t buy until people really start to play ball. Sellers lingeringly stinking drunk on kool-aid and all. I wanted to make a low-ball offer on a rental condo but got the line from the sales agent that they have “tons of offers above the asking price”. Well, it’s a month later and the house is still listed. That was a kick back to reality, I’m going to sit it out and keep shorting the market.

[nostradamus]

Like jpinpb and ibjames I still browse homes but won’t buy until people really start to play ball. Sellers lingeringly stinking drunk on kool-aid and all. I wanted to make a low-ball offer on a rental condo but got the line from the sales agent that they have “tons of offers above the asking price”. Well, it’s a month later and the house is still listed. That was a kick back to reality, I’m going to sit it out and keep shorting the market.

[nostradamus]

Like jpinpb and ibjames I still browse homes but won’t buy until people really start to play ball. Sellers lingeringly stinking drunk on kool-aid and all. I wanted to make a low-ball offer on a rental condo but got the line from the sales agent that they have “tons of offers above the asking price”. Well, it’s a month later and the house is still listed. That was a kick back to reality, I’m going to sit it out and keep shorting the market.

[jpinpb]

That’s funny, nostradamus, b/c I had a similar experience on 2828 Deerpark, see Open House.

Realtor said he had multiple offers. Yet 2 months later, still for sale. I had a friend call recently and he said he has an offer at 480k. I mean, you have an offer at 480k in a declining market w/tightening credit and soaring gas prices and continued unemployment, what the hell are you waiting for to close? Doesn’t say pending.

I’m amazed at people’s optimism. But power to them. I just know there’s pain on that street and NWI.

[jpinpb]

That’s funny, nostradamus, b/c I had a similar experience on 2828 Deerpark, see Open House.

Realtor said he had multiple offers. Yet 2 months later, still for sale. I had a friend call recently and he said he has an offer at 480k. I mean, you have an offer at 480k in a declining market w/tightening credit and soaring gas prices and continued unemployment, what the hell are you waiting for to close? Doesn’t say pending.

I’m amazed at people’s optimism. But power to them. I just know there’s pain on that street and NWI.

[jpinpb]

That’s funny, nostradamus, b/c I had a similar experience on 2828 Deerpark, see Open House.

Realtor said he had multiple offers. Yet 2 months later, still for sale. I had a friend call recently and he said he has an offer at 480k. I mean, you have an offer at 480k in a declining market w/tightening credit and soaring gas prices and continued unemployment, what the hell are you waiting for to close? Doesn’t say pending.

I’m amazed at people’s optimism. But power to them. I just know there’s pain on that street and NWI.

[jpinpb]

That’s funny, nostradamus, b/c I had a similar experience on 2828 Deerpark, see Open House.

Realtor said he had multiple offers. Yet 2 months later, still for sale. I had a friend call recently and he said he has an offer at 480k. I mean, you have an offer at 480k in a declining market w/tightening credit and soaring gas prices and continued unemployment, what the hell are you waiting for to close? Doesn’t say pending.

I’m amazed at people’s optimism. But power to them. I just know there’s pain on that street and NWI.

[jpinpb]

That’s funny, nostradamus, b/c I had a similar experience on 2828 Deerpark, see Open House.

Realtor said he had multiple offers. Yet 2 months later, still for sale. I had a friend call recently and he said he has an offer at 480k. I mean, you have an offer at 480k in a declining market w/tightening credit and soaring gas prices and continued unemployment, what the hell are you waiting for to close? Doesn’t say pending.

I’m amazed at people’s optimism. But power to them. I just know there’s pain on that street and NWI.

[nostradamus]

Well like SDR and mini-me (sdr) have been saying, I guess one needs patience; however, one thing I don’t have patience for is selling agent shenanigans. I know there must be good REAs out there, but some of them are so very very dumb. They brush off potential buyers with so much confidence that they don’t even take your number down for when things get desperate.

BTW There’s a letter posted on my neighbor’s door this morning. Being neighborly (nosy) I went and read it: it’s a “cash for keys” offer for $6000 to turn over the property–which they say was sold at a trustee sale– without damaging the place!!!

Does sold at a trustee sale mean it went back to the bank or is this when the bank sold it to someone else?

[nostradamus]

Well like SDR and mini-me (sdr) have been saying, I guess one needs patience; however, one thing I don’t have patience for is selling agent shenanigans. I know there must be good REAs out there, but some of them are so very very dumb. They brush off potential buyers with so much confidence that they don’t even take your number down for when things get desperate.

BTW There’s a letter posted on my neighbor’s door this morning. Being neighborly (nosy) I went and read it: it’s a “cash for keys” offer for $6000 to turn over the property–which they say was sold at a trustee sale– without damaging the place!!!

Does sold at a trustee sale mean it went back to the bank or is this when the bank sold it to someone else?

[nostradamus]

Well like SDR and mini-me (sdr) have been saying, I guess one needs patience; however, one thing I don’t have patience for is selling agent shenanigans. I know there must be good REAs out there, but some of them are so very very dumb. They brush off potential buyers with so much confidence that they don’t even take your number down for when things get desperate.

BTW There’s a letter posted on my neighbor’s door this morning. Being neighborly (nosy) I went and read it: it’s a “cash for keys” offer for $6000 to turn over the property–which they say was sold at a trustee sale– without damaging the place!!!

Does sold at a trustee sale mean it went back to the bank or is this when the bank sold it to someone else?

[nostradamus]

Well like SDR and mini-me (sdr) have been saying, I guess one needs patience; however, one thing I don’t have patience for is selling agent shenanigans. I know there must be good REAs out there, but some of them are so very very dumb. They brush off potential buyers with so much confidence that they don’t even take your number down for when things get desperate.

BTW There’s a letter posted on my neighbor’s door this morning. Being neighborly (nosy) I went and read it: it’s a “cash for keys” offer for $6000 to turn over the property–which they say was sold at a trustee sale– without damaging the place!!!

Does sold at a trustee sale mean it went back to the bank or is this when the bank sold it to someone else?

[Author]

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