buying houses and the foreclosure situation

[temeculaguy]

I often read about people fearing that they cannot inspect homes they buy on the courthouse steps. Who the heck would buy a house at that stage, that is just a ceremony, required by law where someone can buy the place for the amount of the debt. If the value was more than or equal to the debt, the owner would have sold proir to the procedure, those courthouse step trustee sales are almost always well above today’s market value in our current declining price scenario. Once the bank gets it back and after the courthouse step procedure it will end up on the MLS and you will have the opportunity to view with your realtor and bring a private inspector along on a subsequent visit before making an offer. The risk is the lack of warranty and inability to sue for non disclosure in case you missed something, making the private inspection even more vital. The reward can be a lower price and even more leverage in negotiations. Even if you avoid the REO’s, you benefit from their comp lowering. Sometimes the shorts and the refurbs are worse than the repos because they try to hide the problems, doing everything on the cheap, I’d rather they leave it alone and I’ll do it right.

Dealhunter, i’ve seen the granite removed on more than one occasion and many times all of the kitchen cabinets, in fact I saw one stripped and saw the ad on craigslist from the person that stripped it because they used pictures from when it was in place.

[Anonymous]

Thanks SDR. If PMI is NOT involved, then things are indeed different. Here is another agent’s thoughts on why short sales can be unproductive for many, but not all.

Short Sales Are "Fake Listings." Only 5% Close!

How different is the short sale process in CA versus other states that had big gains this decade?

[Anonymous]

Thanks SDR. If PMI is NOT involved, then things are indeed different. Here is another agent’s thoughts on why short sales can be unproductive for many, but not all.

Short Sales Are "Fake Listings." Only 5% Close!

How different is the short sale process in CA versus other states that had big gains this decade?

[Anonymous]

Thanks SDR. If PMI is NOT involved, then things are indeed different. Here is another agent’s thoughts on why short sales can be unproductive for many, but not all.

Short Sales Are "Fake Listings." Only 5% Close!

How different is the short sale process in CA versus other states that had big gains this decade?

[Anonymous]

Thanks SDR. If PMI is NOT involved, then things are indeed different. Here is another agent’s thoughts on why short sales can be unproductive for many, but not all.

Short Sales Are "Fake Listings." Only 5% Close!

How different is the short sale process in CA versus other states that had big gains this decade?

[Anonymous]

Thanks SDR. If PMI is NOT involved, then things are indeed different. Here is another agent’s thoughts on why short sales can be unproductive for many, but not all.

Short Sales Are "Fake Listings." Only 5% Close!

How different is the short sale process in CA versus other states that had big gains this decade?

[JC]

Patientlywaiting, thanks for pulling up JWM’s post. May I ask an opinion? Would you still think this was the wrong time to buy if one could get something at a 2001 price and it was at an affordability level for a person that they could still save a decent amount? Also, if the 2001 amount was at the current rental amount in that particular area? (I do realize rents could come down in the future).

Also, does anyone know anything about OC Scam’s comment about realtors not getting thier commission on REOs? As I mentioned, I have an awesome realtor and I don’t want this to happen to them. Is this something to address directly with one’s realtor?

Thank you!

[JC]

Patientlywaiting, thanks for pulling up JWM’s post. May I ask an opinion? Would you still think this was the wrong time to buy if one could get something at a 2001 price and it was at an affordability level for a person that they could still save a decent amount? Also, if the 2001 amount was at the current rental amount in that particular area? (I do realize rents could come down in the future).

Also, does anyone know anything about OC Scam’s comment about realtors not getting thier commission on REOs? As I mentioned, I have an awesome realtor and I don’t want this to happen to them. Is this something to address directly with one’s realtor?

Thank you!

[JC]

Patientlywaiting, thanks for pulling up JWM’s post. May I ask an opinion? Would you still think this was the wrong time to buy if one could get something at a 2001 price and it was at an affordability level for a person that they could still save a decent amount? Also, if the 2001 amount was at the current rental amount in that particular area? (I do realize rents could come down in the future).

Also, does anyone know anything about OC Scam’s comment about realtors not getting thier commission on REOs? As I mentioned, I have an awesome realtor and I don’t want this to happen to them. Is this something to address directly with one’s realtor?

Thank you!

[JC]

Patientlywaiting, thanks for pulling up JWM’s post. May I ask an opinion? Would you still think this was the wrong time to buy if one could get something at a 2001 price and it was at an affordability level for a person that they could still save a decent amount? Also, if the 2001 amount was at the current rental amount in that particular area? (I do realize rents could come down in the future).

Also, does anyone know anything about OC Scam’s comment about realtors not getting thier commission on REOs? As I mentioned, I have an awesome realtor and I don’t want this to happen to them. Is this something to address directly with one’s realtor?

Thank you!

[JC]

Patientlywaiting, thanks for pulling up JWM’s post. May I ask an opinion? Would you still think this was the wrong time to buy if one could get something at a 2001 price and it was at an affordability level for a person that they could still save a decent amount? Also, if the 2001 amount was at the current rental amount in that particular area? (I do realize rents could come down in the future).

Also, does anyone know anything about OC Scam’s comment about realtors not getting thier commission on REOs? As I mentioned, I have an awesome realtor and I don’t want this to happen to them. Is this something to address directly with one’s realtor?

Thank you!

[patientlywaiting]

JC, I think that temeculaguy said it best on another thread. There is no reason to buy when you see prices dropping every month, even if you can comfortably afford the house.

http://piggington.com/we_are_richer_when_house_prices_go_down?page=2

On his example, if you had bought in Jan 2008 thinking that that the Spring 2008 bounce was about to kick in and that we had reached a bottom, you would have lost $30,000. How long does it take you to save $30,000? Couldn’t you do something better with the money? So why give it to the seller?

Oct 02, 2007 $580,000
Oct 17, 2007 $575,000
Oct 30, 2007 $565,000
Nov 05, 2007 $545,000
Nov 09, 2007 $535,000
Nov 19, 2007 $500,000
Dec 11, 2007 $450,000
Jan 02, 2008 $435,000
Jan 11, 2008 $420,000
Jan 16, 2008 $390,000
Jan 25, 2008 $380,000
Feb 25, 2008 $350,000

Watch the macro picture and don’t fixate on specific houses per se. Look at inventory, foreclosures, loan resets, unemployment, the economy, etc….

We are far from bottom. If owning give you psychological satisfaction then buy. Otherwise, buying now (foreclosure or whatever) is catching the falling knife, in my opinion.

[patientlywaiting]

JC, I think that temeculaguy said it best on another thread. There is no reason to buy when you see prices dropping every month, even if you can comfortably afford the house.

http://piggington.com/we_are_richer_when_house_prices_go_down?page=2

On his example, if you had bought in Jan 2008 thinking that that the Spring 2008 bounce was about to kick in and that we had reached a bottom, you would have lost $30,000. How long does it take you to save $30,000? Couldn’t you do something better with the money? So why give it to the seller?

Oct 02, 2007 $580,000
Oct 17, 2007 $575,000
Oct 30, 2007 $565,000
Nov 05, 2007 $545,000
Nov 09, 2007 $535,000
Nov 19, 2007 $500,000
Dec 11, 2007 $450,000
Jan 02, 2008 $435,000
Jan 11, 2008 $420,000
Jan 16, 2008 $390,000
Jan 25, 2008 $380,000
Feb 25, 2008 $350,000

Watch the macro picture and don’t fixate on specific houses per se. Look at inventory, foreclosures, loan resets, unemployment, the economy, etc….

We are far from bottom. If owning give you psychological satisfaction then buy. Otherwise, buying now (foreclosure or whatever) is catching the falling knife, in my opinion.

[patientlywaiting]

JC, I think that temeculaguy said it best on another thread. There is no reason to buy when you see prices dropping every month, even if you can comfortably afford the house.

http://piggington.com/we_are_richer_when_house_prices_go_down?page=2

On his example, if you had bought in Jan 2008 thinking that that the Spring 2008 bounce was about to kick in and that we had reached a bottom, you would have lost $30,000. How long does it take you to save $30,000? Couldn’t you do something better with the money? So why give it to the seller?

Oct 02, 2007 $580,000
Oct 17, 2007 $575,000
Oct 30, 2007 $565,000
Nov 05, 2007 $545,000
Nov 09, 2007 $535,000
Nov 19, 2007 $500,000
Dec 11, 2007 $450,000
Jan 02, 2008 $435,000
Jan 11, 2008 $420,000
Jan 16, 2008 $390,000
Jan 25, 2008 $380,000
Feb 25, 2008 $350,000

Watch the macro picture and don’t fixate on specific houses per se. Look at inventory, foreclosures, loan resets, unemployment, the economy, etc….

We are far from bottom. If owning give you psychological satisfaction then buy. Otherwise, buying now (foreclosure or whatever) is catching the falling knife, in my opinion.

[patientlywaiting]

JC, I think that temeculaguy said it best on another thread. There is no reason to buy when you see prices dropping every month, even if you can comfortably afford the house.

http://piggington.com/we_are_richer_when_house_prices_go_down?page=2

On his example, if you had bought in Jan 2008 thinking that that the Spring 2008 bounce was about to kick in and that we had reached a bottom, you would have lost $30,000. How long does it take you to save $30,000? Couldn’t you do something better with the money? So why give it to the seller?

Oct 02, 2007 $580,000
Oct 17, 2007 $575,000
Oct 30, 2007 $565,000
Nov 05, 2007 $545,000
Nov 09, 2007 $535,000
Nov 19, 2007 $500,000
Dec 11, 2007 $450,000
Jan 02, 2008 $435,000
Jan 11, 2008 $420,000
Jan 16, 2008 $390,000
Jan 25, 2008 $380,000
Feb 25, 2008 $350,000

Watch the macro picture and don’t fixate on specific houses per se. Look at inventory, foreclosures, loan resets, unemployment, the economy, etc….

We are far from bottom. If owning give you psychological satisfaction then buy. Otherwise, buying now (foreclosure or whatever) is catching the falling knife, in my opinion.

[Author]

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