Who’s getting the really good prices?

[kicksavedave]

SD R, I posted about how angry the loan mods make me, primarily the “principal reduction” crapola. I even posted about PennyMac in the other thread, they are a potential customer of my company, that’s how I found out about them last month. And the more I think about these bulk purchases, the more I realize that the main problem here is simply that the comps are not being well publicized. That’s what needs to happen here. Someone with the energy needs to make a web site that discloses the prices paid at these bulk sales, so that future buys know the real value, or at least have a sense of where the floor is.

Still, the concept of buying in bulk and selling one-at-a-time for a slight margin is hardly new, hardly unethical, and not the real problem here. The problem is buyers of non bulk properties getting bad comps because they are only seeing one source, only seeing half of the actual sales. Really its the appraisers that need to get hip to this scene.

[peterb]

I am starting to hear many, many stories of people remaining in their homes for one to two years after they’ve stopped paying their mortgage. And they’ve not been foreclosed. I know in Minnesota back in the late 80’s banks were letting people stay in homes if they’d keep them up and pay the utilities. Could we be entering this mode? How long could it be sustained before capitulation?

[peterb]

I am starting to hear many, many stories of people remaining in their homes for one to two years after they’ve stopped paying their mortgage. And they’ve not been foreclosed. I know in Minnesota back in the late 80’s banks were letting people stay in homes if they’d keep them up and pay the utilities. Could we be entering this mode? How long could it be sustained before capitulation?

[peterb]

I am starting to hear many, many stories of people remaining in their homes for one to two years after they’ve stopped paying their mortgage. And they’ve not been foreclosed. I know in Minnesota back in the late 80’s banks were letting people stay in homes if they’d keep them up and pay the utilities. Could we be entering this mode? How long could it be sustained before capitulation?

[peterb]

I am starting to hear many, many stories of people remaining in their homes for one to two years after they’ve stopped paying their mortgage. And they’ve not been foreclosed. I know in Minnesota back in the late 80’s banks were letting people stay in homes if they’d keep them up and pay the utilities. Could we be entering this mode? How long could it be sustained before capitulation?

[peterb]

I am starting to hear many, many stories of people remaining in their homes for one to two years after they’ve stopped paying their mortgage. And they’ve not been foreclosed. I know in Minnesota back in the late 80’s banks were letting people stay in homes if they’d keep them up and pay the utilities. Could we be entering this mode? How long could it be sustained before capitulation?

[NotCranky]

Russell – a lot of short sales are usually more easily bought by those w/cash, regardless of condition of property or lend-ability. I’ve heard of people making higher offers, but w/loans and those w/cash for less getting the deal/property. .

JP,
I agree there is some negotiating leverage there with cash, the degree varies by listing. Also as SDR mentioned, you have the court house steps.

I am looking at a fixer manufactured home on a nice lot that no lender will lend on save perhaps a hard money type. Buyer pool is significantly constricted even though it is on the MLS. I think whoever buys it will get a “really good price”. Maybe one that even stands the test of time.

[NotCranky]

Russell – a lot of short sales are usually more easily bought by those w/cash, regardless of condition of property or lend-ability. I’ve heard of people making higher offers, but w/loans and those w/cash for less getting the deal/property. .

JP,
I agree there is some negotiating leverage there with cash, the degree varies by listing. Also as SDR mentioned, you have the court house steps.

I am looking at a fixer manufactured home on a nice lot that no lender will lend on save perhaps a hard money type. Buyer pool is significantly constricted even though it is on the MLS. I think whoever buys it will get a “really good price”. Maybe one that even stands the test of time.

[NotCranky]

Russell – a lot of short sales are usually more easily bought by those w/cash, regardless of condition of property or lend-ability. I’ve heard of people making higher offers, but w/loans and those w/cash for less getting the deal/property. .

JP,
I agree there is some negotiating leverage there with cash, the degree varies by listing. Also as SDR mentioned, you have the court house steps.

I am looking at a fixer manufactured home on a nice lot that no lender will lend on save perhaps a hard money type. Buyer pool is significantly constricted even though it is on the MLS. I think whoever buys it will get a “really good price”. Maybe one that even stands the test of time.

[NotCranky]

Russell – a lot of short sales are usually more easily bought by those w/cash, regardless of condition of property or lend-ability. I’ve heard of people making higher offers, but w/loans and those w/cash for less getting the deal/property. .

JP,
I agree there is some negotiating leverage there with cash, the degree varies by listing. Also as SDR mentioned, you have the court house steps.

I am looking at a fixer manufactured home on a nice lot that no lender will lend on save perhaps a hard money type. Buyer pool is significantly constricted even though it is on the MLS. I think whoever buys it will get a “really good price”. Maybe one that even stands the test of time.

[NotCranky]

Russell – a lot of short sales are usually more easily bought by those w/cash, regardless of condition of property or lend-ability. I’ve heard of people making higher offers, but w/loans and those w/cash for less getting the deal/property. .

JP,
I agree there is some negotiating leverage there with cash, the degree varies by listing. Also as SDR mentioned, you have the court house steps.

I am looking at a fixer manufactured home on a nice lot that no lender will lend on save perhaps a hard money type. Buyer pool is significantly constricted even though it is on the MLS. I think whoever buys it will get a “really good price”. Maybe one that even stands the test of time.

[Anonymous]

For those complaining about bulk buyers:

Life is not fair. Stop crying.

[Anonymous]

For those complaining about bulk buyers:

Life is not fair. Stop crying.

[Anonymous]

For those complaining about bulk buyers:

Life is not fair. Stop crying.

[Anonymous]

For those complaining about bulk buyers:

Life is not fair. Stop crying.

[Author]

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