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February 23, 2008 at 1:22 PM in reply to: Temperature Check for 2008 – Now how low do you think it will go? #158317
NotCranky
ParticipantI 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.
February 23, 2008 at 1:22 PM in reply to: Temperature Check for 2008 – Now how low do you think it will go? #158611NotCranky
ParticipantI 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.
February 23, 2008 at 1:22 PM in reply to: Temperature Check for 2008 – Now how low do you think it will go? #158619NotCranky
ParticipantI 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.
February 23, 2008 at 1:22 PM in reply to: Temperature Check for 2008 – Now how low do you think it will go? #158627NotCranky
ParticipantI 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.
February 23, 2008 at 1:22 PM in reply to: Temperature Check for 2008 – Now how low do you think it will go? #158701NotCranky
ParticipantI 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.
February 23, 2008 at 12:57 AM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #158080NotCranky
Participant“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.February 23, 2008 at 12:57 AM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #158371NotCranky
Participant“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.February 23, 2008 at 12:57 AM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #158379NotCranky
Participant“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.February 23, 2008 at 12:57 AM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #158388NotCranky
Participant“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.February 23, 2008 at 12:57 AM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #158460NotCranky
Participant“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.February 22, 2008 at 10:24 PM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #158029NotCranky
ParticipantThe 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.
February 22, 2008 at 10:24 PM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #158320NotCranky
ParticipantThe 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.
February 22, 2008 at 10:24 PM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #158329NotCranky
ParticipantThe 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.
February 22, 2008 at 10:24 PM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #158338NotCranky
ParticipantThe 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.
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