[Racer5]

Nice links, thanks.

It certainly seems like this should have some kind of impact above ~$750K. $682K and below purchase prices are not affected, assuming 20% down. I mean, if I was trying to sell a house for $800K, I would definitely want to consider the dynamics.

Not being on the front lines of the business like some, I was trying to imagine what the impact to areas like NCC could be. I could see some potential factors that could minimize the effects, like:

– Dont worry, FHA loans will cover the bases (I dont understand FHA, is this possible?)

– Private jumbos will come in line. (yeah, maybe after storm blows over, 2014)

– The Fed troops will ride in before 2012 and bump the high balance back. (seem like it would be mid 2012 at the earliest, once all hell continues to break loose)

– Given the _extremely_ limited number of quality properties in this range today, there will still be plenty of people that are packing $250K-$500K downs for any properties that you actually care about. (my limited experience does suggest this could be true to some degree)

-Racer5

[Racer5]

Thanks all, it really help to get more perspective.

SD, she said the bank wanted to see proof of funds, 30 day escrow (we/our agent stupidly put down 45, I even said to him, “Really?
For an REO?”), and our offer came in very late. These very well may be legitimate, although for example, she did not indicate proof of funds was required before hand. Anyways, done deal, we gotta be smarter next time.

Bearishgurl, we aren’t seeking out REOs in particular, for the reasons you mention. I just think there is a reasonable chance we’ll see another REO in the future that we like. Pickings are pretty slim in the areas (NC Coastal) and ranges we are looking at.

TG, Thanks for reminding me, I will definitely go read those again. I skimmed them at the time, thinking it would 3 years before I would be in your shoes.

Thanks,
Racer5

[Racer5]

Thanks all, it really help to get more perspective.

SD, she said the bank wanted to see proof of funds, 30 day escrow (we/our agent stupidly put down 45, I even said to him, “Really?
For an REO?”), and our offer came in very late. These very well may be legitimate, although for example, she did not indicate proof of funds was required before hand. Anyways, done deal, we gotta be smarter next time.

Bearishgurl, we aren’t seeking out REOs in particular, for the reasons you mention. I just think there is a reasonable chance we’ll see another REO in the future that we like. Pickings are pretty slim in the areas (NC Coastal) and ranges we are looking at.

TG, Thanks for reminding me, I will definitely go read those again. I skimmed them at the time, thinking it would 3 years before I would be in your shoes.

Thanks,
Racer5

[Racer5]

Thanks all, it really help to get more perspective.

SD, she said the bank wanted to see proof of funds, 30 day escrow (we/our agent stupidly put down 45, I even said to him, “Really?
For an REO?”), and our offer came in very late. These very well may be legitimate, although for example, she did not indicate proof of funds was required before hand. Anyways, done deal, we gotta be smarter next time.

Bearishgurl, we aren’t seeking out REOs in particular, for the reasons you mention. I just think there is a reasonable chance we’ll see another REO in the future that we like. Pickings are pretty slim in the areas (NC Coastal) and ranges we are looking at.

TG, Thanks for reminding me, I will definitely go read those again. I skimmed them at the time, thinking it would 3 years before I would be in your shoes.

Thanks,
Racer5

[Racer5]

Thanks all, it really help to get more perspective.

SD, she said the bank wanted to see proof of funds, 30 day escrow (we/our agent stupidly put down 45, I even said to him, “Really?
For an REO?”), and our offer came in very late. These very well may be legitimate, although for example, she did not indicate proof of funds was required before hand. Anyways, done deal, we gotta be smarter next time.

Bearishgurl, we aren’t seeking out REOs in particular, for the reasons you mention. I just think there is a reasonable chance we’ll see another REO in the future that we like. Pickings are pretty slim in the areas (NC Coastal) and ranges we are looking at.

TG, Thanks for reminding me, I will definitely go read those again. I skimmed them at the time, thinking it would 3 years before I would be in your shoes.

Thanks,
Racer5

[Racer5]

Thanks all, it really help to get more perspective.

SD, she said the bank wanted to see proof of funds, 30 day escrow (we/our agent stupidly put down 45, I even said to him, “Really?
For an REO?”), and our offer came in very late. These very well may be legitimate, although for example, she did not indicate proof of funds was required before hand. Anyways, done deal, we gotta be smarter next time.

Bearishgurl, we aren’t seeking out REOs in particular, for the reasons you mention. I just think there is a reasonable chance we’ll see another REO in the future that we like. Pickings are pretty slim in the areas (NC Coastal) and ranges we are looking at.

TG, Thanks for reminding me, I will definitely go read those again. I skimmed them at the time, thinking it would 3 years before I would be in your shoes.

Thanks,
Racer5

[Racer5]

Thanks for all the info SD.

After hearing the listing agents feedback, I am even more convinced that to get a desirable, well priced REO your either,

A) have to have an agent that really really knows whats going and still get very lucky.

B) work directly with the listing agent, and get lucky.

Thanks,
Racer5

[Racer5]

Thanks for all the info SD.

After hearing the listing agents feedback, I am even more convinced that to get a desirable, well priced REO your either,

A) have to have an agent that really really knows whats going and still get very lucky.

B) work directly with the listing agent, and get lucky.

Thanks,
Racer5

[Racer5]

Thanks for all the info SD.

After hearing the listing agents feedback, I am even more convinced that to get a desirable, well priced REO your either,

A) have to have an agent that really really knows whats going and still get very lucky.

B) work directly with the listing agent, and get lucky.

Thanks,
Racer5

[Racer5]

Thanks for all the info SD.

After hearing the listing agents feedback, I am even more convinced that to get a desirable, well priced REO your either,

A) have to have an agent that really really knows whats going and still get very lucky.

B) work directly with the listing agent, and get lucky.

Thanks,
Racer5

[Racer5]

Thanks for all the info SD.

After hearing the listing agents feedback, I am even more convinced that to get a desirable, well priced REO your either,

A) have to have an agent that really really knows whats going and still get very lucky.

B) work directly with the listing agent, and get lucky.

Thanks,
Racer5

[Racer5]

Thanks SD.

I have figured out how to take a parcel# and pull up the property tax record online, then take the ownership information and pull up the grantor/grantee records at the recorder online, then (maybe) order the docs in question. Is that basically what you mean by tax roll? It does seem to take awhile for the property tax ownership updates to show up online. I imagine a title company can do this automagically.

Thanks,
Racer5

[Racer5]

Thanks SD.

I have figured out how to take a parcel# and pull up the property tax record online, then take the ownership information and pull up the grantor/grantee records at the recorder online, then (maybe) order the docs in question. Is that basically what you mean by tax roll? It does seem to take awhile for the property tax ownership updates to show up online. I imagine a title company can do this automagically.

Thanks,
Racer5

[Racer5]

Thanks SD.

I have figured out how to take a parcel# and pull up the property tax record online, then take the ownership information and pull up the grantor/grantee records at the recorder online, then (maybe) order the docs in question. Is that basically what you mean by tax roll? It does seem to take awhile for the property tax ownership updates to show up online. I imagine a title company can do this automagically.

Thanks,
Racer5

[Racer5]

Thanks SD.

I have figured out how to take a parcel# and pull up the property tax record online, then take the ownership information and pull up the grantor/grantee records at the recorder online, then (maybe) order the docs in question. Is that basically what you mean by tax roll? It does seem to take awhile for the property tax ownership updates to show up online. I imagine a title company can do this automagically.

Thanks,
Racer5

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