[NotCranky]

I knew things were strange in the market(and elsewhere) when the owner of “Pimp Daddy” limousines moved in next door to me and his good buddy was a Realtor who had a life size mural of himself painted on both sides of his SUV and probably the hood too. The second clue was that despite these pink and purple Limos parked in front of my house I was able to sell it for more than six times what I bought it for less than than 10 years prior.”Pimp Daddy” was a pretty nice guy by the way. I’ve got nothing against flourescent pink cars either. I hate to see cars with murals of Realtors on them though. Maybe the Realtor had pimp daddy drive his clients to view houses. I should have thought of that.

[NotCranky]

I got lucky and called the big chunk. My opinions on the overall decline vary because I believe in nuanced opinions on things outside of my control and am still learning how this cycle will play out as the story unfolds. I wonder if that makes me a liar? I certainly don’t think I am in denial because I believe my property has as good of a chance of being the one hardest hit.

Some elements of the market are and will be getting hit by 60%. I think after all is said and done, county wide the median for detached and attached will go down half of what happens to the hardest hit segments of each. Privately held single vacant parcels of the custom home type will go down the least. I guess that puts my GUESS at 30%to 35% through the entire market except privately held lots which won’t go down much. I have no doubts that it is possible that it could be 50% or more…just not willing to believe that it is a forgone conclusion, yet.

[NotCranky]

I got lucky and called the big chunk. My opinions on the overall decline vary because I believe in nuanced opinions on things outside of my control and am still learning how this cycle will play out as the story unfolds. I wonder if that makes me a liar? I certainly don’t think I am in denial because I believe my property has as good of a chance of being the one hardest hit.

Some elements of the market are and will be getting hit by 60%. I think after all is said and done, county wide the median for detached and attached will go down half of what happens to the hardest hit segments of each. Privately held single vacant parcels of the custom home type will go down the least. I guess that puts my GUESS at 30%to 35% through the entire market except privately held lots which won’t go down much. I have no doubts that it is possible that it could be 50% or more…just not willing to believe that it is a forgone conclusion, yet.

[NotCranky]

I got lucky and called the big chunk. My opinions on the overall decline vary because I believe in nuanced opinions on things outside of my control and am still learning how this cycle will play out as the story unfolds. I wonder if that makes me a liar? I certainly don’t think I am in denial because I believe my property has as good of a chance of being the one hardest hit.

Some elements of the market are and will be getting hit by 60%. I think after all is said and done, county wide the median for detached and attached will go down half of what happens to the hardest hit segments of each. Privately held single vacant parcels of the custom home type will go down the least. I guess that puts my GUESS at 30%to 35% through the entire market except privately held lots which won’t go down much. I have no doubts that it is possible that it could be 50% or more…just not willing to believe that it is a forgone conclusion, yet.

[NotCranky]

I got lucky and called the big chunk. My opinions on the overall decline vary because I believe in nuanced opinions on things outside of my control and am still learning how this cycle will play out as the story unfolds. I wonder if that makes me a liar? I certainly don’t think I am in denial because I believe my property has as good of a chance of being the one hardest hit.

Some elements of the market are and will be getting hit by 60%. I think after all is said and done, county wide the median for detached and attached will go down half of what happens to the hardest hit segments of each. Privately held single vacant parcels of the custom home type will go down the least. I guess that puts my GUESS at 30%to 35% through the entire market except privately held lots which won’t go down much. I have no doubts that it is possible that it could be 50% or more…just not willing to believe that it is a forgone conclusion, yet.

[NotCranky]

I got lucky and called the big chunk. My opinions on the overall decline vary because I believe in nuanced opinions on things outside of my control and am still learning how this cycle will play out as the story unfolds. I wonder if that makes me a liar? I certainly don’t think I am in denial because I believe my property has as good of a chance of being the one hardest hit.

Some elements of the market are and will be getting hit by 60%. I think after all is said and done, county wide the median for detached and attached will go down half of what happens to the hardest hit segments of each. Privately held single vacant parcels of the custom home type will go down the least. I guess that puts my GUESS at 30%to 35% through the entire market except privately held lots which won’t go down much. I have no doubts that it is possible that it could be 50% or more…just not willing to believe that it is a forgone conclusion, yet.

[NotCranky]

“The Friars Rd listing has been listed for 30 days at $175K and just today was reduced to $149,900. Would that imply that they did not receive any offers at the $175K price?”

As a short sale this is probably the real deal. The property has the NOD, which I understand is frequently a requirement for lender motivation. I think it is really anyones guess where the support takes effect for this stuff that has been pretty hard hit already. I know that many properties in the 90’s, that were bargains early on, never went below what they were purchased for including one I bought 1992. Obviously there is no sense of urgency here. If the deals don’t get better,which they might, they are not going away anytime soon either.

Hi Adam,
I have been reading… just not posting.

I took the time to get some momentum on a few things.
It seems like you are having a good go of things and as usual putting out the good stuff.

[NotCranky]

“The Friars Rd listing has been listed for 30 days at $175K and just today was reduced to $149,900. Would that imply that they did not receive any offers at the $175K price?”

As a short sale this is probably the real deal. The property has the NOD, which I understand is frequently a requirement for lender motivation. I think it is really anyones guess where the support takes effect for this stuff that has been pretty hard hit already. I know that many properties in the 90’s, that were bargains early on, never went below what they were purchased for including one I bought 1992. Obviously there is no sense of urgency here. If the deals don’t get better,which they might, they are not going away anytime soon either.

Hi Adam,
I have been reading… just not posting.

I took the time to get some momentum on a few things.
It seems like you are having a good go of things and as usual putting out the good stuff.

[NotCranky]

“The Friars Rd listing has been listed for 30 days at $175K and just today was reduced to $149,900. Would that imply that they did not receive any offers at the $175K price?”

As a short sale this is probably the real deal. The property has the NOD, which I understand is frequently a requirement for lender motivation. I think it is really anyones guess where the support takes effect for this stuff that has been pretty hard hit already. I know that many properties in the 90’s, that were bargains early on, never went below what they were purchased for including one I bought 1992. Obviously there is no sense of urgency here. If the deals don’t get better,which they might, they are not going away anytime soon either.

Hi Adam,
I have been reading… just not posting.

I took the time to get some momentum on a few things.
It seems like you are having a good go of things and as usual putting out the good stuff.

[NotCranky]

“The Friars Rd listing has been listed for 30 days at $175K and just today was reduced to $149,900. Would that imply that they did not receive any offers at the $175K price?”

As a short sale this is probably the real deal. The property has the NOD, which I understand is frequently a requirement for lender motivation. I think it is really anyones guess where the support takes effect for this stuff that has been pretty hard hit already. I know that many properties in the 90’s, that were bargains early on, never went below what they were purchased for including one I bought 1992. Obviously there is no sense of urgency here. If the deals don’t get better,which they might, they are not going away anytime soon either.

Hi Adam,
I have been reading… just not posting.

I took the time to get some momentum on a few things.
It seems like you are having a good go of things and as usual putting out the good stuff.

[NotCranky]

“The Friars Rd listing has been listed for 30 days at $175K and just today was reduced to $149,900. Would that imply that they did not receive any offers at the $175K price?”

As a short sale this is probably the real deal. The property has the NOD, which I understand is frequently a requirement for lender motivation. I think it is really anyones guess where the support takes effect for this stuff that has been pretty hard hit already. I know that many properties in the 90’s, that were bargains early on, never went below what they were purchased for including one I bought 1992. Obviously there is no sense of urgency here. If the deals don’t get better,which they might, they are not going away anytime soon either.

Hi Adam,
I have been reading… just not posting.

I took the time to get some momentum on a few things.
It seems like you are having a good go of things and as usual putting out the good stuff.

[NotCranky]

The pitfalls of short sales are many. The price is a wishing price, more dependent on how established the mechanisms for actually selling that property short . Have your agent quiz the listing agent on the topic. Ask if they can verify that the short sale has reasonable possibilities of success before spending too much time and energy on it. Has the lender approved the short sale? The price? Is there evidence of this? Are they making progress towards these goals? If not tell them express your interest but with strong language of it being non-binding, if written, and move on. Check back in a month or so. Don’t go getting pre-approval letters every month for a hopeless properties, that can hurt your credit.

Short sales can be fairly cut and dry but it is taking a while for the parties to get up to speed on them in some instances.

SDR has posted some threads on this topic, You can find them in the archives.

Here is a thread I was just looking at that discusses some important issues on the topic.

http://www.sdlookup.com/Forums/General/tabid/57/forumid/104/tpage/1/view/topic/postid/14786/Default.aspx#14786

[NotCranky]

The pitfalls of short sales are many. The price is a wishing price, more dependent on how established the mechanisms for actually selling that property short . Have your agent quiz the listing agent on the topic. Ask if they can verify that the short sale has reasonable possibilities of success before spending too much time and energy on it. Has the lender approved the short sale? The price? Is there evidence of this? Are they making progress towards these goals? If not tell them express your interest but with strong language of it being non-binding, if written, and move on. Check back in a month or so. Don’t go getting pre-approval letters every month for a hopeless properties, that can hurt your credit.

Short sales can be fairly cut and dry but it is taking a while for the parties to get up to speed on them in some instances.

SDR has posted some threads on this topic, You can find them in the archives.

Here is a thread I was just looking at that discusses some important issues on the topic.

http://www.sdlookup.com/Forums/General/tabid/57/forumid/104/tpage/1/view/topic/postid/14786/Default.aspx#14786

[NotCranky]

The pitfalls of short sales are many. The price is a wishing price, more dependent on how established the mechanisms for actually selling that property short . Have your agent quiz the listing agent on the topic. Ask if they can verify that the short sale has reasonable possibilities of success before spending too much time and energy on it. Has the lender approved the short sale? The price? Is there evidence of this? Are they making progress towards these goals? If not tell them express your interest but with strong language of it being non-binding, if written, and move on. Check back in a month or so. Don’t go getting pre-approval letters every month for a hopeless properties, that can hurt your credit.

Short sales can be fairly cut and dry but it is taking a while for the parties to get up to speed on them in some instances.

SDR has posted some threads on this topic, You can find them in the archives.

Here is a thread I was just looking at that discusses some important issues on the topic.

http://www.sdlookup.com/Forums/General/tabid/57/forumid/104/tpage/1/view/topic/postid/14786/Default.aspx#14786

[NotCranky]

The pitfalls of short sales are many. The price is a wishing price, more dependent on how established the mechanisms for actually selling that property short . Have your agent quiz the listing agent on the topic. Ask if they can verify that the short sale has reasonable possibilities of success before spending too much time and energy on it. Has the lender approved the short sale? The price? Is there evidence of this? Are they making progress towards these goals? If not tell them express your interest but with strong language of it being non-binding, if written, and move on. Check back in a month or so. Don’t go getting pre-approval letters every month for a hopeless properties, that can hurt your credit.

Short sales can be fairly cut and dry but it is taking a while for the parties to get up to speed on them in some instances.

SDR has posted some threads on this topic, You can find them in the archives.

Here is a thread I was just looking at that discusses some important issues on the topic.

http://www.sdlookup.com/Forums/General/tabid/57/forumid/104/tpage/1/view/topic/postid/14786/Default.aspx#14786

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