buying houses and the foreclosure situation

[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.

[Deal Hunter]

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

Speaking for my neck of the woods (Las Vegas), here is an example of a short sale I'm doing this weekend:

Stonebrook Subdivision (by Centex)
Lot 17 (New from builder): $199K after incentives
Lot 48 REO/Bankowned: Listed on MLS for $213K
Lot 21: my Short Sale: $169K offer awaiting lender approval.

Note:  Lot 17, 48, & 21 are all the same floorplan, all in the same subdivision.

[Deal Hunter]

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

Speaking for my neck of the woods (Las Vegas), here is an example of a short sale I'm doing this weekend:

Stonebrook Subdivision (by Centex)
Lot 17 (New from builder): $199K after incentives
Lot 48 REO/Bankowned: Listed on MLS for $213K
Lot 21: my Short Sale: $169K offer awaiting lender approval.

Note:  Lot 17, 48, & 21 are all the same floorplan, all in the same subdivision.

[Deal Hunter]

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

Speaking for my neck of the woods (Las Vegas), here is an example of a short sale I'm doing this weekend:

Stonebrook Subdivision (by Centex)
Lot 17 (New from builder): $199K after incentives
Lot 48 REO/Bankowned: Listed on MLS for $213K
Lot 21: my Short Sale: $169K offer awaiting lender approval.

Note:  Lot 17, 48, & 21 are all the same floorplan, all in the same subdivision.

[Deal Hunter]

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

Speaking for my neck of the woods (Las Vegas), here is an example of a short sale I'm doing this weekend:

Stonebrook Subdivision (by Centex)
Lot 17 (New from builder): $199K after incentives
Lot 48 REO/Bankowned: Listed on MLS for $213K
Lot 21: my Short Sale: $169K offer awaiting lender approval.

Note:  Lot 17, 48, & 21 are all the same floorplan, all in the same subdivision.

[Deal Hunter]

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

Speaking for my neck of the woods (Las Vegas), here is an example of a short sale I'm doing this weekend:

Stonebrook Subdivision (by Centex)
Lot 17 (New from builder): $199K after incentives
Lot 48 REO/Bankowned: Listed on MLS for $213K
Lot 21: my Short Sale: $169K offer awaiting lender approval.

Note:  Lot 17, 48, & 21 are all the same floorplan, all in the same subdivision.

[SD Realtor]

Generally there are commissions involved in both REO and short sales. However I have found them to be a 50/50 split at about 4.5% which is 2.25 per side. This is only on some of the cases I have been involved in so please do not generalize. JC if you like the job your realtor has done then I would assume your realtor is experienced and will make sure that there is a coop commission offered, especially if that realtor is doing a foreclosure search for you.

As for the other topic about short sales not being worth the time, for the most part there are alot of short sales that are priced very low indeed simply to get the paperwork in and start the process without much intent for the lender to actually accept the offer. However more and more of them are indeed getting accepted.

One thing that experienced hunters know is that it takes time and patience. If you are truly serious about trying to save alot of money or get a screaming deal, then be prepared to try as many avenues as you can. Submit a hundred lowballs and you will most likely get a hundred no thank yous. However if you don’t try you will absolutely get nothing.

Personally I don’t think they are a waste of time. You just have to try and if they say no then check back in a few months.

Disclaimer – this is not an it is time to buy posting. It is just addressing that short sales, while frustrating and mostly tough to deal with, can indeed yield a deal in some cases.

SD Realtor

[SD Realtor]

Generally there are commissions involved in both REO and short sales. However I have found them to be a 50/50 split at about 4.5% which is 2.25 per side. This is only on some of the cases I have been involved in so please do not generalize. JC if you like the job your realtor has done then I would assume your realtor is experienced and will make sure that there is a coop commission offered, especially if that realtor is doing a foreclosure search for you.

As for the other topic about short sales not being worth the time, for the most part there are alot of short sales that are priced very low indeed simply to get the paperwork in and start the process without much intent for the lender to actually accept the offer. However more and more of them are indeed getting accepted.

One thing that experienced hunters know is that it takes time and patience. If you are truly serious about trying to save alot of money or get a screaming deal, then be prepared to try as many avenues as you can. Submit a hundred lowballs and you will most likely get a hundred no thank yous. However if you don’t try you will absolutely get nothing.

Personally I don’t think they are a waste of time. You just have to try and if they say no then check back in a few months.

Disclaimer – this is not an it is time to buy posting. It is just addressing that short sales, while frustrating and mostly tough to deal with, can indeed yield a deal in some cases.

SD Realtor

[SD Realtor]

Generally there are commissions involved in both REO and short sales. However I have found them to be a 50/50 split at about 4.5% which is 2.25 per side. This is only on some of the cases I have been involved in so please do not generalize. JC if you like the job your realtor has done then I would assume your realtor is experienced and will make sure that there is a coop commission offered, especially if that realtor is doing a foreclosure search for you.

As for the other topic about short sales not being worth the time, for the most part there are alot of short sales that are priced very low indeed simply to get the paperwork in and start the process without much intent for the lender to actually accept the offer. However more and more of them are indeed getting accepted.

One thing that experienced hunters know is that it takes time and patience. If you are truly serious about trying to save alot of money or get a screaming deal, then be prepared to try as many avenues as you can. Submit a hundred lowballs and you will most likely get a hundred no thank yous. However if you don’t try you will absolutely get nothing.

Personally I don’t think they are a waste of time. You just have to try and if they say no then check back in a few months.

Disclaimer – this is not an it is time to buy posting. It is just addressing that short sales, while frustrating and mostly tough to deal with, can indeed yield a deal in some cases.

SD Realtor

[SD Realtor]

Generally there are commissions involved in both REO and short sales. However I have found them to be a 50/50 split at about 4.5% which is 2.25 per side. This is only on some of the cases I have been involved in so please do not generalize. JC if you like the job your realtor has done then I would assume your realtor is experienced and will make sure that there is a coop commission offered, especially if that realtor is doing a foreclosure search for you.

As for the other topic about short sales not being worth the time, for the most part there are alot of short sales that are priced very low indeed simply to get the paperwork in and start the process without much intent for the lender to actually accept the offer. However more and more of them are indeed getting accepted.

One thing that experienced hunters know is that it takes time and patience. If you are truly serious about trying to save alot of money or get a screaming deal, then be prepared to try as many avenues as you can. Submit a hundred lowballs and you will most likely get a hundred no thank yous. However if you don’t try you will absolutely get nothing.

Personally I don’t think they are a waste of time. You just have to try and if they say no then check back in a few months.

Disclaimer – this is not an it is time to buy posting. It is just addressing that short sales, while frustrating and mostly tough to deal with, can indeed yield a deal in some cases.

SD Realtor

[SD Realtor]

Generally there are commissions involved in both REO and short sales. However I have found them to be a 50/50 split at about 4.5% which is 2.25 per side. This is only on some of the cases I have been involved in so please do not generalize. JC if you like the job your realtor has done then I would assume your realtor is experienced and will make sure that there is a coop commission offered, especially if that realtor is doing a foreclosure search for you.

As for the other topic about short sales not being worth the time, for the most part there are alot of short sales that are priced very low indeed simply to get the paperwork in and start the process without much intent for the lender to actually accept the offer. However more and more of them are indeed getting accepted.

One thing that experienced hunters know is that it takes time and patience. If you are truly serious about trying to save alot of money or get a screaming deal, then be prepared to try as many avenues as you can. Submit a hundred lowballs and you will most likely get a hundred no thank yous. However if you don’t try you will absolutely get nothing.

Personally I don’t think they are a waste of time. You just have to try and if they say no then check back in a few months.

Disclaimer – this is not an it is time to buy posting. It is just addressing that short sales, while frustrating and mostly tough to deal with, can indeed yield a deal in some cases.

SD Realtor

[temeculaguy]

JC, 2001 priced homes are not that common and they tend to sell quickly, if you’ve found one and would be happy with it, can afford it and it costs you the same as rent, you will lose a little sleep thinking about it because it does make sense for a number of reasons, we will each find our time, just be sure you aren’t talking yourself into something and being honest about the 2001 prices, rents and your ability to afford it because we are in the early or middle innings, there will be no price appreciation for years and you need to be prepared to stay put and have fixed rate payments that you can truly afford.

patiently, thanks for cutting and pasting me, that post was so late in that thread I didn’t think anyone read it and felix never responded, it felt like I screamed in that room and everyone stopped talking afterwards. It wasn’t really a single case scenario, I can throw those up all day long and i firmly believe that in six months I will still be able to, in fact it should be easier and more dramatic.

[temeculaguy]

JC, 2001 priced homes are not that common and they tend to sell quickly, if you’ve found one and would be happy with it, can afford it and it costs you the same as rent, you will lose a little sleep thinking about it because it does make sense for a number of reasons, we will each find our time, just be sure you aren’t talking yourself into something and being honest about the 2001 prices, rents and your ability to afford it because we are in the early or middle innings, there will be no price appreciation for years and you need to be prepared to stay put and have fixed rate payments that you can truly afford.

patiently, thanks for cutting and pasting me, that post was so late in that thread I didn’t think anyone read it and felix never responded, it felt like I screamed in that room and everyone stopped talking afterwards. It wasn’t really a single case scenario, I can throw those up all day long and i firmly believe that in six months I will still be able to, in fact it should be easier and more dramatic.

[temeculaguy]

JC, 2001 priced homes are not that common and they tend to sell quickly, if you’ve found one and would be happy with it, can afford it and it costs you the same as rent, you will lose a little sleep thinking about it because it does make sense for a number of reasons, we will each find our time, just be sure you aren’t talking yourself into something and being honest about the 2001 prices, rents and your ability to afford it because we are in the early or middle innings, there will be no price appreciation for years and you need to be prepared to stay put and have fixed rate payments that you can truly afford.

patiently, thanks for cutting and pasting me, that post was so late in that thread I didn’t think anyone read it and felix never responded, it felt like I screamed in that room and everyone stopped talking afterwards. It wasn’t really a single case scenario, I can throw those up all day long and i firmly believe that in six months I will still be able to, in fact it should be easier and more dramatic.

[temeculaguy]

JC, 2001 priced homes are not that common and they tend to sell quickly, if you’ve found one and would be happy with it, can afford it and it costs you the same as rent, you will lose a little sleep thinking about it because it does make sense for a number of reasons, we will each find our time, just be sure you aren’t talking yourself into something and being honest about the 2001 prices, rents and your ability to afford it because we are in the early or middle innings, there will be no price appreciation for years and you need to be prepared to stay put and have fixed rate payments that you can truly afford.

patiently, thanks for cutting and pasting me, that post was so late in that thread I didn’t think anyone read it and felix never responded, it felt like I screamed in that room and everyone stopped talking afterwards. It wasn’t really a single case scenario, I can throw those up all day long and i firmly believe that in six months I will still be able to, in fact it should be easier and more dramatic.

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