Timeline of a foreclosure???

[SD Realtor]

tg –

If you do make the purchase you will not be able to get it from the trustee sale. Don’t confuse an REO with a trustee sale.

The home you are living in now is (if I read your post correct) in default or close to it. The foreclosure process is essentially starting. The culmination of the process will be a public auction known as a trustee sale. Anyone can attend however in order to purchase the home at the trustee sale you will not be able to come in with conventional financing. If nobody else does either the home will go back to the lender. Let that happen.

Let the home go to the lender and then once the home becomes an REO then go after it. If you do make the purchase from the lender all of the liens will be cleaned up and you will not have to worry about anything.

Also you know my stance about living in a home during the foreclosure process. All bets are off. Indeed while the state is very tenant friendly at one point or another you will be out of there. I always play things close to the vest and am conservative so yes while I would say you are safe until the trustee sale, after the trustee sale things do get a bit more dicey.

Finally as HLS said the 10 year has been on the move. Indeed from the low of 3.85 not less then 2 weeks ago we are almost 35 basis points up. This translates to a DIRECT hit on long term rates. It is not inconceivable that in another few months the 10 year can be back up another 50 bp thus bringing rates up as well. This will serve to help depress pricing and for those with cash, will be beneficial.

SD Realtor

[HLS]

SD…

Not sure if you have followed TG’s posts..
He has no intention of buying where he is right now..
It’s only a Motel 6 stop in his travels. He’ll be checking out soon.

His landlord is apparently heading to FC..

TG was asking about other REO opportunities vs. buying new from builder. He wants his next move to be his Hilton, with or without Paris or Nicky.

I really don’t like to predict rate moves, but I don’t think there will be another 50bp move close to 5% again.

Election year, weak dollar, etc. I think that we may not see a 4.50% 10YR in 2008, but the way the govt is manipulating things, they could have an influence.

I think it will stay within 25bps of 4.10% + or –
with 30 YR conforming between 5.75% and 6.25% at par.

Complete speculation.

[HLS]

SD…

Not sure if you have followed TG’s posts..
He has no intention of buying where he is right now..
It’s only a Motel 6 stop in his travels. He’ll be checking out soon.

His landlord is apparently heading to FC..

TG was asking about other REO opportunities vs. buying new from builder. He wants his next move to be his Hilton, with or without Paris or Nicky.

I really don’t like to predict rate moves, but I don’t think there will be another 50bp move close to 5% again.

Election year, weak dollar, etc. I think that we may not see a 4.50% 10YR in 2008, but the way the govt is manipulating things, they could have an influence.

I think it will stay within 25bps of 4.10% + or –
with 30 YR conforming between 5.75% and 6.25% at par.

Complete speculation.

[HLS]

SD…

Not sure if you have followed TG’s posts..
He has no intention of buying where he is right now..
It’s only a Motel 6 stop in his travels. He’ll be checking out soon.

His landlord is apparently heading to FC..

TG was asking about other REO opportunities vs. buying new from builder. He wants his next move to be his Hilton, with or without Paris or Nicky.

I really don’t like to predict rate moves, but I don’t think there will be another 50bp move close to 5% again.

Election year, weak dollar, etc. I think that we may not see a 4.50% 10YR in 2008, but the way the govt is manipulating things, they could have an influence.

I think it will stay within 25bps of 4.10% + or –
with 30 YR conforming between 5.75% and 6.25% at par.

Complete speculation.

[HLS]

SD…

Not sure if you have followed TG’s posts..
He has no intention of buying where he is right now..
It’s only a Motel 6 stop in his travels. He’ll be checking out soon.

His landlord is apparently heading to FC..

TG was asking about other REO opportunities vs. buying new from builder. He wants his next move to be his Hilton, with or without Paris or Nicky.

I really don’t like to predict rate moves, but I don’t think there will be another 50bp move close to 5% again.

Election year, weak dollar, etc. I think that we may not see a 4.50% 10YR in 2008, but the way the govt is manipulating things, they could have an influence.

I think it will stay within 25bps of 4.10% + or –
with 30 YR conforming between 5.75% and 6.25% at par.

Complete speculation.

[HLS]

SD…

Not sure if you have followed TG’s posts..
He has no intention of buying where he is right now..
It’s only a Motel 6 stop in his travels. He’ll be checking out soon.

His landlord is apparently heading to FC..

TG was asking about other REO opportunities vs. buying new from builder. He wants his next move to be his Hilton, with or without Paris or Nicky.

I really don’t like to predict rate moves, but I don’t think there will be another 50bp move close to 5% again.

Election year, weak dollar, etc. I think that we may not see a 4.50% 10YR in 2008, but the way the govt is manipulating things, they could have an influence.

I think it will stay within 25bps of 4.10% + or –
with 30 YR conforming between 5.75% and 6.25% at par.

Complete speculation.

[temeculaguy]

SD, I’m not going after the place I’m renting, I found a realtor locally with time on their hands and will write some 20% off asking lowballs on a few reo’s listed in the mls already (and have been sitting with no offers for a while). They are aware that I’m not going to let things counter up far from my offer. If todays expedition into the the interior of these places pans out, I’ll hook up the HLS, get the 30 minute approval and be able to submit that with the lowball, I want to dangle a sure thing in front of the guy/gal at the REO desk because I am asking for a screming deal. I’m trying to fast forward the banks and going for some 2001 price offers. It amounts to less than a $100 a square. If they bite, I’ll be out of here in a month and leave paid rent on the table but I don’t care because I will have pulled a 50% discount from 2005 prices, It’s all I’ve ever wanted. With regards to my current pad, I won’t push it, I will likely be out by the time of the trustee sale, I’m a nervous nelly. Just to time it so I don’t have to look for interim housing, if the banks don’t fall for my Jedi mind trick, I’ll have to go with at least a six month lease somewhere and resume shopping in September 2008. Either way I wont die.

No Nicky, no Paris, TG no like the skinny ones.

[temeculaguy]

SD, I’m not going after the place I’m renting, I found a realtor locally with time on their hands and will write some 20% off asking lowballs on a few reo’s listed in the mls already (and have been sitting with no offers for a while). They are aware that I’m not going to let things counter up far from my offer. If todays expedition into the the interior of these places pans out, I’ll hook up the HLS, get the 30 minute approval and be able to submit that with the lowball, I want to dangle a sure thing in front of the guy/gal at the REO desk because I am asking for a screming deal. I’m trying to fast forward the banks and going for some 2001 price offers. It amounts to less than a $100 a square. If they bite, I’ll be out of here in a month and leave paid rent on the table but I don’t care because I will have pulled a 50% discount from 2005 prices, It’s all I’ve ever wanted. With regards to my current pad, I won’t push it, I will likely be out by the time of the trustee sale, I’m a nervous nelly. Just to time it so I don’t have to look for interim housing, if the banks don’t fall for my Jedi mind trick, I’ll have to go with at least a six month lease somewhere and resume shopping in September 2008. Either way I wont die.

No Nicky, no Paris, TG no like the skinny ones.

[temeculaguy]

SD, I’m not going after the place I’m renting, I found a realtor locally with time on their hands and will write some 20% off asking lowballs on a few reo’s listed in the mls already (and have been sitting with no offers for a while). They are aware that I’m not going to let things counter up far from my offer. If todays expedition into the the interior of these places pans out, I’ll hook up the HLS, get the 30 minute approval and be able to submit that with the lowball, I want to dangle a sure thing in front of the guy/gal at the REO desk because I am asking for a screming deal. I’m trying to fast forward the banks and going for some 2001 price offers. It amounts to less than a $100 a square. If they bite, I’ll be out of here in a month and leave paid rent on the table but I don’t care because I will have pulled a 50% discount from 2005 prices, It’s all I’ve ever wanted. With regards to my current pad, I won’t push it, I will likely be out by the time of the trustee sale, I’m a nervous nelly. Just to time it so I don’t have to look for interim housing, if the banks don’t fall for my Jedi mind trick, I’ll have to go with at least a six month lease somewhere and resume shopping in September 2008. Either way I wont die.

No Nicky, no Paris, TG no like the skinny ones.

[temeculaguy]

SD, I’m not going after the place I’m renting, I found a realtor locally with time on their hands and will write some 20% off asking lowballs on a few reo’s listed in the mls already (and have been sitting with no offers for a while). They are aware that I’m not going to let things counter up far from my offer. If todays expedition into the the interior of these places pans out, I’ll hook up the HLS, get the 30 minute approval and be able to submit that with the lowball, I want to dangle a sure thing in front of the guy/gal at the REO desk because I am asking for a screming deal. I’m trying to fast forward the banks and going for some 2001 price offers. It amounts to less than a $100 a square. If they bite, I’ll be out of here in a month and leave paid rent on the table but I don’t care because I will have pulled a 50% discount from 2005 prices, It’s all I’ve ever wanted. With regards to my current pad, I won’t push it, I will likely be out by the time of the trustee sale, I’m a nervous nelly. Just to time it so I don’t have to look for interim housing, if the banks don’t fall for my Jedi mind trick, I’ll have to go with at least a six month lease somewhere and resume shopping in September 2008. Either way I wont die.

No Nicky, no Paris, TG no like the skinny ones.

[temeculaguy]

SD, I’m not going after the place I’m renting, I found a realtor locally with time on their hands and will write some 20% off asking lowballs on a few reo’s listed in the mls already (and have been sitting with no offers for a while). They are aware that I’m not going to let things counter up far from my offer. If todays expedition into the the interior of these places pans out, I’ll hook up the HLS, get the 30 minute approval and be able to submit that with the lowball, I want to dangle a sure thing in front of the guy/gal at the REO desk because I am asking for a screming deal. I’m trying to fast forward the banks and going for some 2001 price offers. It amounts to less than a $100 a square. If they bite, I’ll be out of here in a month and leave paid rent on the table but I don’t care because I will have pulled a 50% discount from 2005 prices, It’s all I’ve ever wanted. With regards to my current pad, I won’t push it, I will likely be out by the time of the trustee sale, I’m a nervous nelly. Just to time it so I don’t have to look for interim housing, if the banks don’t fall for my Jedi mind trick, I’ll have to go with at least a six month lease somewhere and resume shopping in September 2008. Either way I wont die.

No Nicky, no Paris, TG no like the skinny ones.

[SD Realtor]

TG good deal. I was kind of half asleep this morning posting so buying the REO as opposed to dealing with the trustee sale is smart. Lowballing is frustrating but in the end those with persistence and patience will win the game.

HLS – Not sure where the 10 year will end up in the next few months. However as you may recall back in 03 when it dumped to the low/mid 3’s that the resulting bounce back up was staggering and there were even a few originators caught in the upswing. I don’t envision that here but to think that it will not normalize to the 4.5-4.75 range is not out of norm. So to propose that through the spring that rates will be 3/8-1/2 higher then now is at least a 50/50 proposal. Just as saying that the 10 year could go down by the same amount as well. Like you said, most buyers are not aware of the volatility in the mortgage rates. Also that the window of opportunity is MUCH more narrow when the 10 year dumps then when it moves up. (That is mortgage rates adjust IMMEDIATELY when the 10 year moves up but they are quite sticky when it moves down)

SD Realtor

[SD Realtor]

TG good deal. I was kind of half asleep this morning posting so buying the REO as opposed to dealing with the trustee sale is smart. Lowballing is frustrating but in the end those with persistence and patience will win the game.

HLS – Not sure where the 10 year will end up in the next few months. However as you may recall back in 03 when it dumped to the low/mid 3’s that the resulting bounce back up was staggering and there were even a few originators caught in the upswing. I don’t envision that here but to think that it will not normalize to the 4.5-4.75 range is not out of norm. So to propose that through the spring that rates will be 3/8-1/2 higher then now is at least a 50/50 proposal. Just as saying that the 10 year could go down by the same amount as well. Like you said, most buyers are not aware of the volatility in the mortgage rates. Also that the window of opportunity is MUCH more narrow when the 10 year dumps then when it moves up. (That is mortgage rates adjust IMMEDIATELY when the 10 year moves up but they are quite sticky when it moves down)

SD Realtor

[SD Realtor]

TG good deal. I was kind of half asleep this morning posting so buying the REO as opposed to dealing with the trustee sale is smart. Lowballing is frustrating but in the end those with persistence and patience will win the game.

HLS – Not sure where the 10 year will end up in the next few months. However as you may recall back in 03 when it dumped to the low/mid 3’s that the resulting bounce back up was staggering and there were even a few originators caught in the upswing. I don’t envision that here but to think that it will not normalize to the 4.5-4.75 range is not out of norm. So to propose that through the spring that rates will be 3/8-1/2 higher then now is at least a 50/50 proposal. Just as saying that the 10 year could go down by the same amount as well. Like you said, most buyers are not aware of the volatility in the mortgage rates. Also that the window of opportunity is MUCH more narrow when the 10 year dumps then when it moves up. (That is mortgage rates adjust IMMEDIATELY when the 10 year moves up but they are quite sticky when it moves down)

SD Realtor

[SD Realtor]

TG good deal. I was kind of half asleep this morning posting so buying the REO as opposed to dealing with the trustee sale is smart. Lowballing is frustrating but in the end those with persistence and patience will win the game.

HLS – Not sure where the 10 year will end up in the next few months. However as you may recall back in 03 when it dumped to the low/mid 3’s that the resulting bounce back up was staggering and there were even a few originators caught in the upswing. I don’t envision that here but to think that it will not normalize to the 4.5-4.75 range is not out of norm. So to propose that through the spring that rates will be 3/8-1/2 higher then now is at least a 50/50 proposal. Just as saying that the 10 year could go down by the same amount as well. Like you said, most buyers are not aware of the volatility in the mortgage rates. Also that the window of opportunity is MUCH more narrow when the 10 year dumps then when it moves up. (That is mortgage rates adjust IMMEDIATELY when the 10 year moves up but they are quite sticky when it moves down)

SD Realtor

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