BofA is going to start dumping properties

[bearishgurl]

[quote=SD Realtor]. . . There are times when we are researching what is going to sell at auction we come across homes already sold and closed escrow.[/quote]

SDRealtor, it sounds like a lot of lenders are falling down on the job. IMHO, if these incompetent lenders would have just exercised their timely rights to a non-judicial foreclosure prior to all this “government intervention,” perhaps all the blood in the streets would have been washed down the storm drains by now. We might have now been referred to as “SD by the red sea” in the popular media, but we would have at least been able to see the light at the end of the tunnel, i.e. a semblance of health being restored to the local real estate market.

[jpinpb]

[quote=bearishgurl]… but we would have at least been able to see the light at the end of the tunnel, i.e. a semblance of health being restored to the local real estate market.[/quote]

I have to say that I would like to see a real recovery. IMO we cannot have that until we resolve all the crap that’s shoved under the rug. The longer they drag this out, the longer it’ll be before we see a true recovery.

[jpinpb]

[quote=bearishgurl]… but we would have at least been able to see the light at the end of the tunnel, i.e. a semblance of health being restored to the local real estate market.[/quote]

I have to say that I would like to see a real recovery. IMO we cannot have that until we resolve all the crap that’s shoved under the rug. The longer they drag this out, the longer it’ll be before we see a true recovery.

[jpinpb]

[quote=bearishgurl]… but we would have at least been able to see the light at the end of the tunnel, i.e. a semblance of health being restored to the local real estate market.[/quote]

I have to say that I would like to see a real recovery. IMO we cannot have that until we resolve all the crap that’s shoved under the rug. The longer they drag this out, the longer it’ll be before we see a true recovery.

[jpinpb]

[quote=bearishgurl]… but we would have at least been able to see the light at the end of the tunnel, i.e. a semblance of health being restored to the local real estate market.[/quote]

I have to say that I would like to see a real recovery. IMO we cannot have that until we resolve all the crap that’s shoved under the rug. The longer they drag this out, the longer it’ll be before we see a true recovery.

[jpinpb]

[quote=bearishgurl]… but we would have at least been able to see the light at the end of the tunnel, i.e. a semblance of health being restored to the local real estate market.[/quote]

I have to say that I would like to see a real recovery. IMO we cannot have that until we resolve all the crap that’s shoved under the rug. The longer they drag this out, the longer it’ll be before we see a true recovery.

[sdrealtor]

Prepare for lots of patience. This market is going to be pretty much the same for at least 2 more years and probably closer to 5 years.

[sdrealtor]

Prepare for lots of patience. This market is going to be pretty much the same for at least 2 more years and probably closer to 5 years.

[sdrealtor]

Prepare for lots of patience. This market is going to be pretty much the same for at least 2 more years and probably closer to 5 years.

[sdrealtor]

Prepare for lots of patience. This market is going to be pretty much the same for at least 2 more years and probably closer to 5 years.

[sdrealtor]

Prepare for lots of patience. This market is going to be pretty much the same for at least 2 more years and probably closer to 5 years.

[garysears]

I think for the low end the “flooding” of the market was 2007-2008 for REOs. I could be wrong but I am currently buying anyway, so I have placed my bet.

I also want to take the opportunity to vent about the REO process as I see it. In general it appears most lenders are not taking offers unless you use a predetermined lender of their choice to do the pre-approval. I don’t even know how this is legal but apparently it must be since it is the rule and not the exception. I played the game for one property but then decided I was done. If my current pre-approvals were not enough to get into escrow I wasn’t interested. Even with 2 current pre-approvals from different lenders, BofA still demanded I get a pre-approval from BofA. I refused and vowed to never do any business with them if I can avoid it. There is no reason I should have to have my credit run by a different company each time I simply want to make an offer.

My other observation: Fraud, Deceit, and Misrepresentation appear to be the norm for real estate transactions, at every level of the process. There is no transparency. There is no honest market.

End rant.

[garysears]

I think for the low end the “flooding” of the market was 2007-2008 for REOs. I could be wrong but I am currently buying anyway, so I have placed my bet.

I also want to take the opportunity to vent about the REO process as I see it. In general it appears most lenders are not taking offers unless you use a predetermined lender of their choice to do the pre-approval. I don’t even know how this is legal but apparently it must be since it is the rule and not the exception. I played the game for one property but then decided I was done. If my current pre-approvals were not enough to get into escrow I wasn’t interested. Even with 2 current pre-approvals from different lenders, BofA still demanded I get a pre-approval from BofA. I refused and vowed to never do any business with them if I can avoid it. There is no reason I should have to have my credit run by a different company each time I simply want to make an offer.

My other observation: Fraud, Deceit, and Misrepresentation appear to be the norm for real estate transactions, at every level of the process. There is no transparency. There is no honest market.

End rant.

[garysears]

I think for the low end the “flooding” of the market was 2007-2008 for REOs. I could be wrong but I am currently buying anyway, so I have placed my bet.

I also want to take the opportunity to vent about the REO process as I see it. In general it appears most lenders are not taking offers unless you use a predetermined lender of their choice to do the pre-approval. I don’t even know how this is legal but apparently it must be since it is the rule and not the exception. I played the game for one property but then decided I was done. If my current pre-approvals were not enough to get into escrow I wasn’t interested. Even with 2 current pre-approvals from different lenders, BofA still demanded I get a pre-approval from BofA. I refused and vowed to never do any business with them if I can avoid it. There is no reason I should have to have my credit run by a different company each time I simply want to make an offer.

My other observation: Fraud, Deceit, and Misrepresentation appear to be the norm for real estate transactions, at every level of the process. There is no transparency. There is no honest market.

End rant.

[garysears]

I think for the low end the “flooding” of the market was 2007-2008 for REOs. I could be wrong but I am currently buying anyway, so I have placed my bet.

I also want to take the opportunity to vent about the REO process as I see it. In general it appears most lenders are not taking offers unless you use a predetermined lender of their choice to do the pre-approval. I don’t even know how this is legal but apparently it must be since it is the rule and not the exception. I played the game for one property but then decided I was done. If my current pre-approvals were not enough to get into escrow I wasn’t interested. Even with 2 current pre-approvals from different lenders, BofA still demanded I get a pre-approval from BofA. I refused and vowed to never do any business with them if I can avoid it. There is no reason I should have to have my credit run by a different company each time I simply want to make an offer.

My other observation: Fraud, Deceit, and Misrepresentation appear to be the norm for real estate transactions, at every level of the process. There is no transparency. There is no honest market.

End rant.

[Author]

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