Who’s getting the really good prices?

[SD Realtor]

Okay wait a minute. The bulk purchases ARE public information. They are on the tax roll. Guys lets identify the problem correctly. That is, the problem is that the current method of appraising properties is inherently fraudulent because only a SUBSET of sales are used for comps.

This is the problem correct?

The fact is that appraisers need to look beyond the MLS recent sales to find comps….

Let’s not stray from the facts. That is, these bulk sales are not hidden from the public. I believe they are indeed on the tax roll okay?

In fact the only hidden manipulations are those that are loan modifications or reductions in principal. I do not think those events are made part of the tax roll although I keep harping that they should be.

****************

Now I am gonna plant a little food for thought that I know most of you will disagree with but… just think about it…

Do you think there should be a seperate market for cash verses a seperate market for a financed home? Now I know as you read this your gut will say hell no we should not… but I am not so sure. I am not saying yes or no but I am thinking about it more.

[jpinpb]

Ok. If you say bulk sales are public, then I stand corrected. I was only going by SDL or Redfin. So I guess I’ll just gather a list of properties of interest that are bank owned, but not listed yet, stroll down to the county and see if they sold.

Cash deals are an advantage to those w/money. The amount of cash necessary to buy houses outright in some areas are high and not totally available to many. It puts people who need to take a loan at a much greater disadvantage.

[jpinpb]

Ok. If you say bulk sales are public, then I stand corrected. I was only going by SDL or Redfin. So I guess I’ll just gather a list of properties of interest that are bank owned, but not listed yet, stroll down to the county and see if they sold.

Cash deals are an advantage to those w/money. The amount of cash necessary to buy houses outright in some areas are high and not totally available to many. It puts people who need to take a loan at a much greater disadvantage.

[jpinpb]

Ok. If you say bulk sales are public, then I stand corrected. I was only going by SDL or Redfin. So I guess I’ll just gather a list of properties of interest that are bank owned, but not listed yet, stroll down to the county and see if they sold.

Cash deals are an advantage to those w/money. The amount of cash necessary to buy houses outright in some areas are high and not totally available to many. It puts people who need to take a loan at a much greater disadvantage.

[jpinpb]

Ok. If you say bulk sales are public, then I stand corrected. I was only going by SDL or Redfin. So I guess I’ll just gather a list of properties of interest that are bank owned, but not listed yet, stroll down to the county and see if they sold.

Cash deals are an advantage to those w/money. The amount of cash necessary to buy houses outright in some areas are high and not totally available to many. It puts people who need to take a loan at a much greater disadvantage.

[jpinpb]

Ok. If you say bulk sales are public, then I stand corrected. I was only going by SDL or Redfin. So I guess I’ll just gather a list of properties of interest that are bank owned, but not listed yet, stroll down to the county and see if they sold.

Cash deals are an advantage to those w/money. The amount of cash necessary to buy houses outright in some areas are high and not totally available to many. It puts people who need to take a loan at a much greater disadvantage.

[CA renter]

[quote=kicksavedave]Rather than try to compete directly against the bulk buyers and all their millions, why not fight em a different way. Publicize what they are doing and make their bulk buy prices known to the public. If the public knew they were buying these dumps for $250, they wouldn’t be paying them $350 as willingly. If enough people know about it, and enough people stay away from them, eventually they will bring their prices back down. I realize its a horrendous long shot, but it’s easier to fight them with information – like these blogs – than with cash. They have too much cash, but the power of information is priceless.

Heck, put a sign on every one of their properties that says “bought in bulk for $XXX”. As soon as their profits erode, they’ll quit the business, like all the other flippers du jour.[/quote]

I like your idea, Dave. Nothing like having a REAL free market where all the information is transparent. Otherwise, it’s just a rigged game.

So, how can we do it?

Or, another question, do any of the exceedingly talented techies here know how to set up an auction site that could handle the kind of volume needed with all the foreclosures, assuming all foreclosures needed to be listed within a few days of the trustee sale?

I figure if we just come up with a good system and practically hand it over to the govt, they would have no excuse but to use it, no?

[CA renter]

[quote=kicksavedave]Rather than try to compete directly against the bulk buyers and all their millions, why not fight em a different way. Publicize what they are doing and make their bulk buy prices known to the public. If the public knew they were buying these dumps for $250, they wouldn’t be paying them $350 as willingly. If enough people know about it, and enough people stay away from them, eventually they will bring their prices back down. I realize its a horrendous long shot, but it’s easier to fight them with information – like these blogs – than with cash. They have too much cash, but the power of information is priceless.

Heck, put a sign on every one of their properties that says “bought in bulk for $XXX”. As soon as their profits erode, they’ll quit the business, like all the other flippers du jour.[/quote]

I like your idea, Dave. Nothing like having a REAL free market where all the information is transparent. Otherwise, it’s just a rigged game.

So, how can we do it?

Or, another question, do any of the exceedingly talented techies here know how to set up an auction site that could handle the kind of volume needed with all the foreclosures, assuming all foreclosures needed to be listed within a few days of the trustee sale?

I figure if we just come up with a good system and practically hand it over to the govt, they would have no excuse but to use it, no?

[CA renter]

[quote=kicksavedave]Rather than try to compete directly against the bulk buyers and all their millions, why not fight em a different way. Publicize what they are doing and make their bulk buy prices known to the public. If the public knew they were buying these dumps for $250, they wouldn’t be paying them $350 as willingly. If enough people know about it, and enough people stay away from them, eventually they will bring their prices back down. I realize its a horrendous long shot, but it’s easier to fight them with information – like these blogs – than with cash. They have too much cash, but the power of information is priceless.

Heck, put a sign on every one of their properties that says “bought in bulk for $XXX”. As soon as their profits erode, they’ll quit the business, like all the other flippers du jour.[/quote]

I like your idea, Dave. Nothing like having a REAL free market where all the information is transparent. Otherwise, it’s just a rigged game.

So, how can we do it?

Or, another question, do any of the exceedingly talented techies here know how to set up an auction site that could handle the kind of volume needed with all the foreclosures, assuming all foreclosures needed to be listed within a few days of the trustee sale?

I figure if we just come up with a good system and practically hand it over to the govt, they would have no excuse but to use it, no?

[CA renter]

[quote=kicksavedave]Rather than try to compete directly against the bulk buyers and all their millions, why not fight em a different way. Publicize what they are doing and make their bulk buy prices known to the public. If the public knew they were buying these dumps for $250, they wouldn’t be paying them $350 as willingly. If enough people know about it, and enough people stay away from them, eventually they will bring their prices back down. I realize its a horrendous long shot, but it’s easier to fight them with information – like these blogs – than with cash. They have too much cash, but the power of information is priceless.

Heck, put a sign on every one of their properties that says “bought in bulk for $XXX”. As soon as their profits erode, they’ll quit the business, like all the other flippers du jour.[/quote]

I like your idea, Dave. Nothing like having a REAL free market where all the information is transparent. Otherwise, it’s just a rigged game.

So, how can we do it?

Or, another question, do any of the exceedingly talented techies here know how to set up an auction site that could handle the kind of volume needed with all the foreclosures, assuming all foreclosures needed to be listed within a few days of the trustee sale?

I figure if we just come up with a good system and practically hand it over to the govt, they would have no excuse but to use it, no?

[CA renter]

[quote=kicksavedave]Rather than try to compete directly against the bulk buyers and all their millions, why not fight em a different way. Publicize what they are doing and make their bulk buy prices known to the public. If the public knew they were buying these dumps for $250, they wouldn’t be paying them $350 as willingly. If enough people know about it, and enough people stay away from them, eventually they will bring their prices back down. I realize its a horrendous long shot, but it’s easier to fight them with information – like these blogs – than with cash. They have too much cash, but the power of information is priceless.

Heck, put a sign on every one of their properties that says “bought in bulk for $XXX”. As soon as their profits erode, they’ll quit the business, like all the other flippers du jour.[/quote]

I like your idea, Dave. Nothing like having a REAL free market where all the information is transparent. Otherwise, it’s just a rigged game.

So, how can we do it?

Or, another question, do any of the exceedingly talented techies here know how to set up an auction site that could handle the kind of volume needed with all the foreclosures, assuming all foreclosures needed to be listed within a few days of the trustee sale?

I figure if we just come up with a good system and practically hand it over to the govt, they would have no excuse but to use it, no?

[NotCranky]

The way I see it there are already two seperate cash or finance, residential markets available to average people. A large one of properties banks will lend on and a small one where they will not.

My perception is that properties that a bank won’t lend on are 1/3 to 2/3 cheaper than similiar comps taken simultaneously of properties that banks will lend on.Of course they come with something to remedy or live with that caused banks not to want to lend on it. Sometimes that something is not that big of a deal, in the eye of the beholder or course.

I don’t see that cash affects sales price too much in contrast to the extent that a property is very “desirable” and suitable for financing.

[NotCranky]

The way I see it there are already two seperate cash or finance, residential markets available to average people. A large one of properties banks will lend on and a small one where they will not.

My perception is that properties that a bank won’t lend on are 1/3 to 2/3 cheaper than similiar comps taken simultaneously of properties that banks will lend on.Of course they come with something to remedy or live with that caused banks not to want to lend on it. Sometimes that something is not that big of a deal, in the eye of the beholder or course.

I don’t see that cash affects sales price too much in contrast to the extent that a property is very “desirable” and suitable for financing.

[NotCranky]

The way I see it there are already two seperate cash or finance, residential markets available to average people. A large one of properties banks will lend on and a small one where they will not.

My perception is that properties that a bank won’t lend on are 1/3 to 2/3 cheaper than similiar comps taken simultaneously of properties that banks will lend on.Of course they come with something to remedy or live with that caused banks not to want to lend on it. Sometimes that something is not that big of a deal, in the eye of the beholder or course.

I don’t see that cash affects sales price too much in contrast to the extent that a property is very “desirable” and suitable for financing.

[NotCranky]

The way I see it there are already two seperate cash or finance, residential markets available to average people. A large one of properties banks will lend on and a small one where they will not.

My perception is that properties that a bank won’t lend on are 1/3 to 2/3 cheaper than similiar comps taken simultaneously of properties that banks will lend on.Of course they come with something to remedy or live with that caused banks not to want to lend on it. Sometimes that something is not that big of a deal, in the eye of the beholder or course.

I don’t see that cash affects sales price too much in contrast to the extent that a property is very “desirable” and suitable for financing.

[Author]

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