Repos hitting astounding new lows-will it affect the rest

[4plexowner]

tg – how do you know this a REO and not a short sale?

I ask because I am leery of short sale pricing right now

the 3 bdrm SFR listed at $297K north of Adams in Normal Heights (active thread about 2 wks ago) opened my eyes to the pricing strategy on short sales (ie, list at a ridiculously low price so some wide-eyed buyer will make an offer that can be presented to the bank)

do you think this thing might actually close escrow at this price?

~

aside: I’ve been in southern CA too long – $329K actually seems like an inexpensive house!

[Jumby]

Well…I love hearing about these falling prices because I know that it will start marching south eventually…I know it’s happening already, but slowly….

[Jumby]

Well…I love hearing about these falling prices because I know that it will start marching south eventually…I know it’s happening already, but slowly….

[Jumby]

Well…I love hearing about these falling prices because I know that it will start marching south eventually…I know it’s happening already, but slowly….

[Jumby]

Well…I love hearing about these falling prices because I know that it will start marching south eventually…I know it’s happening already, but slowly….

[Jumby]

Well…I love hearing about these falling prices because I know that it will start marching south eventually…I know it’s happening already, but slowly….

[pizzaman]

I saw the same thing in Murrieta last week. I would post the link but it looks like it sold. The bank listed for 354,000 in an area where all the other listings including the other REOs were at 400,000 or above. It seems as though the REO dam may be getting ready to burst here in Temecula/Murrieta.

[pizzaman]

I saw the same thing in Murrieta last week. I would post the link but it looks like it sold. The bank listed for 354,000 in an area where all the other listings including the other REOs were at 400,000 or above. It seems as though the REO dam may be getting ready to burst here in Temecula/Murrieta.

[pizzaman]

I saw the same thing in Murrieta last week. I would post the link but it looks like it sold. The bank listed for 354,000 in an area where all the other listings including the other REOs were at 400,000 or above. It seems as though the REO dam may be getting ready to burst here in Temecula/Murrieta.

[pizzaman]

I saw the same thing in Murrieta last week. I would post the link but it looks like it sold. The bank listed for 354,000 in an area where all the other listings including the other REOs were at 400,000 or above. It seems as though the REO dam may be getting ready to burst here in Temecula/Murrieta.

[pizzaman]

I saw the same thing in Murrieta last week. I would post the link but it looks like it sold. The bank listed for 354,000 in an area where all the other listings including the other REOs were at 400,000 or above. It seems as though the REO dam may be getting ready to burst here in Temecula/Murrieta.

[temeculaguy]

4plex, My error, It doesn’t say either way. I picked that one because it was the lowest price per square of the three I was debating about posting, but they were all huge drops. The other two clearly stated bank owned and now I realize that this one doesn’t say. While you can’t trust zillow/redfin sale history, the fact that they show it didn’t change hands recently probably means it isnt a repo.

As pizzaman mentioned, we are seeing chunks taken off by banks and builders, the race to the bottom has begun. Will it close for 329K, if it’s not a short it will close under that. If I didn’t hate that lot I’d load my lowball cannon and fire off a 275k offer. Pizza you are right, the screaming 20-30% off deals that pop up for a few days are actually selling. Perhaps the rest will realize that huge price drops actually work.

The whole situation feels like the battle scene in a war movie where the men can see the enemy charge but are being told to hold their fire until they can see the whites of their eyes, for some reason, right now it feels like we can see the charge we just need to wait for the right shot.

[temeculaguy]

4plex, My error, It doesn’t say either way. I picked that one because it was the lowest price per square of the three I was debating about posting, but they were all huge drops. The other two clearly stated bank owned and now I realize that this one doesn’t say. While you can’t trust zillow/redfin sale history, the fact that they show it didn’t change hands recently probably means it isnt a repo.

As pizzaman mentioned, we are seeing chunks taken off by banks and builders, the race to the bottom has begun. Will it close for 329K, if it’s not a short it will close under that. If I didn’t hate that lot I’d load my lowball cannon and fire off a 275k offer. Pizza you are right, the screaming 20-30% off deals that pop up for a few days are actually selling. Perhaps the rest will realize that huge price drops actually work.

The whole situation feels like the battle scene in a war movie where the men can see the enemy charge but are being told to hold their fire until they can see the whites of their eyes, for some reason, right now it feels like we can see the charge we just need to wait for the right shot.

[temeculaguy]

4plex, My error, It doesn’t say either way. I picked that one because it was the lowest price per square of the three I was debating about posting, but they were all huge drops. The other two clearly stated bank owned and now I realize that this one doesn’t say. While you can’t trust zillow/redfin sale history, the fact that they show it didn’t change hands recently probably means it isnt a repo.

As pizzaman mentioned, we are seeing chunks taken off by banks and builders, the race to the bottom has begun. Will it close for 329K, if it’s not a short it will close under that. If I didn’t hate that lot I’d load my lowball cannon and fire off a 275k offer. Pizza you are right, the screaming 20-30% off deals that pop up for a few days are actually selling. Perhaps the rest will realize that huge price drops actually work.

The whole situation feels like the battle scene in a war movie where the men can see the enemy charge but are being told to hold their fire until they can see the whites of their eyes, for some reason, right now it feels like we can see the charge we just need to wait for the right shot.

[temeculaguy]

4plex, My error, It doesn’t say either way. I picked that one because it was the lowest price per square of the three I was debating about posting, but they were all huge drops. The other two clearly stated bank owned and now I realize that this one doesn’t say. While you can’t trust zillow/redfin sale history, the fact that they show it didn’t change hands recently probably means it isnt a repo.

As pizzaman mentioned, we are seeing chunks taken off by banks and builders, the race to the bottom has begun. Will it close for 329K, if it’s not a short it will close under that. If I didn’t hate that lot I’d load my lowball cannon and fire off a 275k offer. Pizza you are right, the screaming 20-30% off deals that pop up for a few days are actually selling. Perhaps the rest will realize that huge price drops actually work.

The whole situation feels like the battle scene in a war movie where the men can see the enemy charge but are being told to hold their fire until they can see the whites of their eyes, for some reason, right now it feels like we can see the charge we just need to wait for the right shot.

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