Confused with the current market

[qcomer]

I guess you need to be careful with your rent/buy calculation. Rents are coming down especially for condos as there are lot of investment rental condos on market. Rental vacancy in apartments is upto 8% now. Typical 2Br/2Ba condo rentals are down $100 or so from last year.

[SD Realtor]

qcomer you have to be resilient. It is a frustrating experience. At least you should take solace in the fact that your short sale offers were actually accepted by the seller and sent in. You should also not cross these homes off of your list. One of a few things will happen, it will sell to someone else who decides to offer more, it will eventually go to foreclosure, or it will sit on the market. If it sits on the market long enough, maybe you give it another shot.

Also if the lender rejected the offer, they did so because they had a BPO and/or appraisal completed that led them to believe they could get more for the home.

Let me ask you this, did they simply reject the offer you had or did they counter back? Just curious.

I do not have the official stats on how many short sales eventually go to market but I can tell you that I see a fair share of them. I have mentioned in previous posts that any short sale listed by a “prominent north county agency” has at least a fair probability of going to trustee sale. I have a client looking at homes in Bonita and two of those we put offers on went to trustee sale WHILE in contingent status. Basically it is that agents are to lazy to push the process and that happens alot.

My point is that you need to be resilient and don’t necessarily let those that were rejected sit on the floor. Maybe keep an eye on them and follow up in a few weeks.

Agents are reluctant to work with short sales because they have a lower probability of acceptance and are alot of work. However be patient and push your agent hard on it.

Don’t confuse this post with me saying this is a great time to buy or anything like that. Just realize that deals come to those who kick and scrap and don’t give up when things get tough.

[SD Realtor]

qcomer you have to be resilient. It is a frustrating experience. At least you should take solace in the fact that your short sale offers were actually accepted by the seller and sent in. You should also not cross these homes off of your list. One of a few things will happen, it will sell to someone else who decides to offer more, it will eventually go to foreclosure, or it will sit on the market. If it sits on the market long enough, maybe you give it another shot.

Also if the lender rejected the offer, they did so because they had a BPO and/or appraisal completed that led them to believe they could get more for the home.

Let me ask you this, did they simply reject the offer you had or did they counter back? Just curious.

I do not have the official stats on how many short sales eventually go to market but I can tell you that I see a fair share of them. I have mentioned in previous posts that any short sale listed by a “prominent north county agency” has at least a fair probability of going to trustee sale. I have a client looking at homes in Bonita and two of those we put offers on went to trustee sale WHILE in contingent status. Basically it is that agents are to lazy to push the process and that happens alot.

My point is that you need to be resilient and don’t necessarily let those that were rejected sit on the floor. Maybe keep an eye on them and follow up in a few weeks.

Agents are reluctant to work with short sales because they have a lower probability of acceptance and are alot of work. However be patient and push your agent hard on it.

Don’t confuse this post with me saying this is a great time to buy or anything like that. Just realize that deals come to those who kick and scrap and don’t give up when things get tough.

[SD Realtor]

qcomer you have to be resilient. It is a frustrating experience. At least you should take solace in the fact that your short sale offers were actually accepted by the seller and sent in. You should also not cross these homes off of your list. One of a few things will happen, it will sell to someone else who decides to offer more, it will eventually go to foreclosure, or it will sit on the market. If it sits on the market long enough, maybe you give it another shot.

Also if the lender rejected the offer, they did so because they had a BPO and/or appraisal completed that led them to believe they could get more for the home.

Let me ask you this, did they simply reject the offer you had or did they counter back? Just curious.

I do not have the official stats on how many short sales eventually go to market but I can tell you that I see a fair share of them. I have mentioned in previous posts that any short sale listed by a “prominent north county agency” has at least a fair probability of going to trustee sale. I have a client looking at homes in Bonita and two of those we put offers on went to trustee sale WHILE in contingent status. Basically it is that agents are to lazy to push the process and that happens alot.

My point is that you need to be resilient and don’t necessarily let those that were rejected sit on the floor. Maybe keep an eye on them and follow up in a few weeks.

Agents are reluctant to work with short sales because they have a lower probability of acceptance and are alot of work. However be patient and push your agent hard on it.

Don’t confuse this post with me saying this is a great time to buy or anything like that. Just realize that deals come to those who kick and scrap and don’t give up when things get tough.

[SD Realtor]

qcomer you have to be resilient. It is a frustrating experience. At least you should take solace in the fact that your short sale offers were actually accepted by the seller and sent in. You should also not cross these homes off of your list. One of a few things will happen, it will sell to someone else who decides to offer more, it will eventually go to foreclosure, or it will sit on the market. If it sits on the market long enough, maybe you give it another shot.

Also if the lender rejected the offer, they did so because they had a BPO and/or appraisal completed that led them to believe they could get more for the home.

Let me ask you this, did they simply reject the offer you had or did they counter back? Just curious.

I do not have the official stats on how many short sales eventually go to market but I can tell you that I see a fair share of them. I have mentioned in previous posts that any short sale listed by a “prominent north county agency” has at least a fair probability of going to trustee sale. I have a client looking at homes in Bonita and two of those we put offers on went to trustee sale WHILE in contingent status. Basically it is that agents are to lazy to push the process and that happens alot.

My point is that you need to be resilient and don’t necessarily let those that were rejected sit on the floor. Maybe keep an eye on them and follow up in a few weeks.

Agents are reluctant to work with short sales because they have a lower probability of acceptance and are alot of work. However be patient and push your agent hard on it.

Don’t confuse this post with me saying this is a great time to buy or anything like that. Just realize that deals come to those who kick and scrap and don’t give up when things get tough.

[SD Realtor]

qcomer you have to be resilient. It is a frustrating experience. At least you should take solace in the fact that your short sale offers were actually accepted by the seller and sent in. You should also not cross these homes off of your list. One of a few things will happen, it will sell to someone else who decides to offer more, it will eventually go to foreclosure, or it will sit on the market. If it sits on the market long enough, maybe you give it another shot.

Also if the lender rejected the offer, they did so because they had a BPO and/or appraisal completed that led them to believe they could get more for the home.

Let me ask you this, did they simply reject the offer you had or did they counter back? Just curious.

I do not have the official stats on how many short sales eventually go to market but I can tell you that I see a fair share of them. I have mentioned in previous posts that any short sale listed by a “prominent north county agency” has at least a fair probability of going to trustee sale. I have a client looking at homes in Bonita and two of those we put offers on went to trustee sale WHILE in contingent status. Basically it is that agents are to lazy to push the process and that happens alot.

My point is that you need to be resilient and don’t necessarily let those that were rejected sit on the floor. Maybe keep an eye on them and follow up in a few weeks.

Agents are reluctant to work with short sales because they have a lower probability of acceptance and are alot of work. However be patient and push your agent hard on it.

Don’t confuse this post with me saying this is a great time to buy or anything like that. Just realize that deals come to those who kick and scrap and don’t give up when things get tough.

[qcomer]

Thanks for the tips and your considerate reply, SD Realtor. I had 2 offers rejected and was countered with higher price that I didn’t take. One was just flat out rejected and maybe it went back on market.

[qcomer]

Thanks for the tips and your considerate reply, SD Realtor. I had 2 offers rejected and was countered with higher price that I didn’t take. One was just flat out rejected and maybe it went back on market.

[qcomer]

Thanks for the tips and your considerate reply, SD Realtor. I had 2 offers rejected and was countered with higher price that I didn’t take. One was just flat out rejected and maybe it went back on market.

[qcomer]

Thanks for the tips and your considerate reply, SD Realtor. I had 2 offers rejected and was countered with higher price that I didn’t take. One was just flat out rejected and maybe it went back on market.

[qcomer]

Thanks for the tips and your considerate reply, SD Realtor. I had 2 offers rejected and was countered with higher price that I didn’t take. One was just flat out rejected and maybe it went back on market.

[an]

[quote=sdcellar][quote=CA renter]Although many of us would like to think we’re buying our “last” house, life has a tendency to be unpredictable, and any number of events — like changes in family formation (marriage, divorce kids, in-laws, etc.), job loss or transfer, etc.– might force someone to have to sell. Better to have bought near the low, so that you are always able to sell at any point in the future.[/quote]

Agree that it’s difficult (impossible?) for anyone to see 30 years out. I tend to think a good approach is to make sure things work for you 7-10 years out with somewhat challenging assumptions (e.g. value drops another 15-20%, can’t re-fi, must sell, etc.). If that can work, then it typically only gets better from there.[/quote]
First and foremost, planning to pay off the house and keep it forever doesn’t mean that it has to be your forever house. I agree with both of you that life can always throw you curve balls and you have to be prepare for them. That’s why rent vs buy is very important in my eyes. I have no plan of selling any of the house I buy. I plan to buy, live in it for 7-10 years while I save enough down payment for the next one. Then rent out the current one. Rinse and repeat until I’m ready to retire. The purchases I made and will be making have to be cheaper than rent and have to be handled by 1 income, just in case one of us get laid off. If you can rent it out for a profit, job loss, divorce, etc. wouldn’t affect you as much since you won’t need to sell. If the house you purchased can be handled by one income, even if you get divorce, one of you can pay out the other and the one w/ the house can still easily handle the payment.

[an]

[quote=sdcellar][quote=CA renter]Although many of us would like to think we’re buying our “last” house, life has a tendency to be unpredictable, and any number of events — like changes in family formation (marriage, divorce kids, in-laws, etc.), job loss or transfer, etc.– might force someone to have to sell. Better to have bought near the low, so that you are always able to sell at any point in the future.[/quote]

Agree that it’s difficult (impossible?) for anyone to see 30 years out. I tend to think a good approach is to make sure things work for you 7-10 years out with somewhat challenging assumptions (e.g. value drops another 15-20%, can’t re-fi, must sell, etc.). If that can work, then it typically only gets better from there.[/quote]
First and foremost, planning to pay off the house and keep it forever doesn’t mean that it has to be your forever house. I agree with both of you that life can always throw you curve balls and you have to be prepare for them. That’s why rent vs buy is very important in my eyes. I have no plan of selling any of the house I buy. I plan to buy, live in it for 7-10 years while I save enough down payment for the next one. Then rent out the current one. Rinse and repeat until I’m ready to retire. The purchases I made and will be making have to be cheaper than rent and have to be handled by 1 income, just in case one of us get laid off. If you can rent it out for a profit, job loss, divorce, etc. wouldn’t affect you as much since you won’t need to sell. If the house you purchased can be handled by one income, even if you get divorce, one of you can pay out the other and the one w/ the house can still easily handle the payment.

[an]

[quote=sdcellar][quote=CA renter]Although many of us would like to think we’re buying our “last” house, life has a tendency to be unpredictable, and any number of events — like changes in family formation (marriage, divorce kids, in-laws, etc.), job loss or transfer, etc.– might force someone to have to sell. Better to have bought near the low, so that you are always able to sell at any point in the future.[/quote]

Agree that it’s difficult (impossible?) for anyone to see 30 years out. I tend to think a good approach is to make sure things work for you 7-10 years out with somewhat challenging assumptions (e.g. value drops another 15-20%, can’t re-fi, must sell, etc.). If that can work, then it typically only gets better from there.[/quote]
First and foremost, planning to pay off the house and keep it forever doesn’t mean that it has to be your forever house. I agree with both of you that life can always throw you curve balls and you have to be prepare for them. That’s why rent vs buy is very important in my eyes. I have no plan of selling any of the house I buy. I plan to buy, live in it for 7-10 years while I save enough down payment for the next one. Then rent out the current one. Rinse and repeat until I’m ready to retire. The purchases I made and will be making have to be cheaper than rent and have to be handled by 1 income, just in case one of us get laid off. If you can rent it out for a profit, job loss, divorce, etc. wouldn’t affect you as much since you won’t need to sell. If the house you purchased can be handled by one income, even if you get divorce, one of you can pay out the other and the one w/ the house can still easily handle the payment.

[an]

[quote=sdcellar][quote=CA renter]Although many of us would like to think we’re buying our “last” house, life has a tendency to be unpredictable, and any number of events — like changes in family formation (marriage, divorce kids, in-laws, etc.), job loss or transfer, etc.– might force someone to have to sell. Better to have bought near the low, so that you are always able to sell at any point in the future.[/quote]

Agree that it’s difficult (impossible?) for anyone to see 30 years out. I tend to think a good approach is to make sure things work for you 7-10 years out with somewhat challenging assumptions (e.g. value drops another 15-20%, can’t re-fi, must sell, etc.). If that can work, then it typically only gets better from there.[/quote]
First and foremost, planning to pay off the house and keep it forever doesn’t mean that it has to be your forever house. I agree with both of you that life can always throw you curve balls and you have to be prepare for them. That’s why rent vs buy is very important in my eyes. I have no plan of selling any of the house I buy. I plan to buy, live in it for 7-10 years while I save enough down payment for the next one. Then rent out the current one. Rinse and repeat until I’m ready to retire. The purchases I made and will be making have to be cheaper than rent and have to be handled by 1 income, just in case one of us get laid off. If you can rent it out for a profit, job loss, divorce, etc. wouldn’t affect you as much since you won’t need to sell. If the house you purchased can be handled by one income, even if you get divorce, one of you can pay out the other and the one w/ the house can still easily handle the payment.

[Author]

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