neighborhood sentiments on foreclosed houses and buyers

[wantobuy]

Rick’s latest graph shows that June’s foreclosure number is the highest in nearly two decades. If the number is going to increase in the coming months, there might be some good deals for those waiting to buy. Would a neighborhood have negative sentiments toward those foreclosure buyers? because the comps are significantly impacted?

[FormerOwner]

The neighbors would have a negative sentiment towards the owners who got foreclosed on but not the new owners.

Same thing goes for people who list their houses at the low end of the price range – neighbors get mad at the sellers but think the new buyers got a deal.

In reality, the only houses that sell now are the ones that are at the lower end of the range. People fail to realize that those new “low” comps are not flukes – they represent the true price that buyers are willing to pay at that particular time.

[FormerOwner]

The neighbors would have a negative sentiment towards the owners who got foreclosed on but not the new owners.

Same thing goes for people who list their houses at the low end of the price range – neighbors get mad at the sellers but think the new buyers got a deal.

In reality, the only houses that sell now are the ones that are at the lower end of the range. People fail to realize that those new “low” comps are not flukes – they represent the true price that buyers are willing to pay at that particular time.

[housingfreefall]

Yes neighbors DO have negative sentiment. Yesterday, in the complex we are leasing in Bankers Hill park view very nice! A bit of a riot broke out. All the owners in this complex are original, because the clever builder did NOT do preconstruction sales, but instead released the units for purchase after they were complete, hence forth 05 buy in was 800K. Unfortunately, a women in this complex recently lost her job and listed her place at 780K, well a few months have gone by and the unit is not moving, she has been lowering every her asking price every 3 weeks and has now lowered it to 649K.
Yesterday, a mop of people knocked at her door to vent..it was ugly!! I heard things like you are not selling you are dumping. Do you know what this will do us…..more drama to report later..To a point, I can judge and think stupid people, but the hysteria was at such a high volume and the thought of making it big lured people in. It is like deal or no deal and they are all hit with reality 150K vanished in a blink of an eye…or more since who knows what the final selling price will be. OUCH!!! ZB

[housingfreefall]

Yes neighbors DO have negative sentiment. Yesterday, in the complex we are leasing in Bankers Hill park view very nice! A bit of a riot broke out. All the owners in this complex are original, because the clever builder did NOT do preconstruction sales, but instead released the units for purchase after they were complete, hence forth 05 buy in was 800K. Unfortunately, a women in this complex recently lost her job and listed her place at 780K, well a few months have gone by and the unit is not moving, she has been lowering every her asking price every 3 weeks and has now lowered it to 649K.
Yesterday, a mop of people knocked at her door to vent..it was ugly!! I heard things like you are not selling you are dumping. Do you know what this will do us…..more drama to report later..To a point, I can judge and think stupid people, but the hysteria was at such a high volume and the thought of making it big lured people in. It is like deal or no deal and they are all hit with reality 150K vanished in a blink of an eye…or more since who knows what the final selling price will be. OUCH!!! ZB

[dny]

If you don’t mind saying, what is the address of the property?

[dny]

If you don’t mind saying, what is the address of the property?

[Bugs]

She’s not selling because she wants to, but because she has to. If they think she’s dumping it maybe one of them should step up to buy it from her, so as to protect their investment. If they’re right there’s a lot of money in a flip for them. If they’re wrong, well, that fact will become apparent the next time one of those owners has to sell.

It’s just a matter of time.

[Bugs]

She’s not selling because she wants to, but because she has to. If they think she’s dumping it maybe one of them should step up to buy it from her, so as to protect their investment. If they’re right there’s a lot of money in a flip for them. If they’re wrong, well, that fact will become apparent the next time one of those owners has to sell.

It’s just a matter of time.

[jeeman]

Bugs is right. If they want to prop up their property value, they should buy the property themselves before this woman goes into foreclosure and the banks set the comps really low…

Jeeman

[jeeman]

Bugs is right. If they want to prop up their property value, they should buy the property themselves before this woman goes into foreclosure and the banks set the comps really low…

Jeeman

[34f3f3f]

Seems like a form of lynching and should be outlawed. No one should feel press ganged by mob rule, and sellers or buyers should not be intimidated by it. It is the very same market forces that artificially raised prices, that now seems to be correcting itself. What are they going to do with it if they buy it? Get me out of here, this is crazy talk!

[34f3f3f]

Seems like a form of lynching and should be outlawed. No one should feel press ganged by mob rule, and sellers or buyers should not be intimidated by it. It is the very same market forces that artificially raised prices, that now seems to be correcting itself. What are they going to do with it if they buy it? Get me out of here, this is crazy talk!

[JWM in SD]

That is totally insane. Bugs is right on the money about that issue. If they want to maintain that comp then they can pool their resources since they have so much “equity” in their homes.

Damn, that mob is lucky I wasn’t there…I would have sent them back into their overpriced stucco boxes with tears in their eyes.

[JWM in SD]

That is totally insane. Bugs is right on the money about that issue. If they want to maintain that comp then they can pool their resources since they have so much “equity” in their homes.

Damn, that mob is lucky I wasn’t there…I would have sent them back into their overpriced stucco boxes with tears in their eyes.

[Author]

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