Forum Replies Created
-
AuthorPosts
-
SD Realtor
Participantheheheheh –
We are in the same boat but mine is a smaller canoe in scripps while yours has a bit more horsepower in la jolla.
Come on now cyphire you know the answer to your question. LJ and CV have a stronger demand, less speculation, ratio-wise a much lower distress ratio then lower end or middle end areas, and homeowners that either have a strong equity stake, or are well employed and/or have not meandered into poor financing vehicles.
These factors do not absolve areas like CV and LJ, they just help them to be later players in the downward cycle. Indeed there have been foreclosures in both these areas but the demand is strong and homes that are price right or in distress move quick in these areas.
They will find thier way down the slip n slide but it will be towards the back end of the cycle.
SD Realtor
Participantheheheheh –
We are in the same boat but mine is a smaller canoe in scripps while yours has a bit more horsepower in la jolla.
Come on now cyphire you know the answer to your question. LJ and CV have a stronger demand, less speculation, ratio-wise a much lower distress ratio then lower end or middle end areas, and homeowners that either have a strong equity stake, or are well employed and/or have not meandered into poor financing vehicles.
These factors do not absolve areas like CV and LJ, they just help them to be later players in the downward cycle. Indeed there have been foreclosures in both these areas but the demand is strong and homes that are price right or in distress move quick in these areas.
They will find thier way down the slip n slide but it will be towards the back end of the cycle.
SD Realtor
Participantheheheheh –
We are in the same boat but mine is a smaller canoe in scripps while yours has a bit more horsepower in la jolla.
Come on now cyphire you know the answer to your question. LJ and CV have a stronger demand, less speculation, ratio-wise a much lower distress ratio then lower end or middle end areas, and homeowners that either have a strong equity stake, or are well employed and/or have not meandered into poor financing vehicles.
These factors do not absolve areas like CV and LJ, they just help them to be later players in the downward cycle. Indeed there have been foreclosures in both these areas but the demand is strong and homes that are price right or in distress move quick in these areas.
They will find thier way down the slip n slide but it will be towards the back end of the cycle.
SD Realtor
ParticipantI get queried all the time from prospective buyers about these issues. Pricing for new homes is a very sensitive issue for builders. This is why it is quite difficult for a buyer to walk into the sales office and demand a 10% or x% reduction in price when he is not represented (in order to compensate for said builders offer to pay a coop commission or referral fee to the non exist realtor) The builder will not do it. Simply speaking, they cannot without jeopardizing all future pricing for homes with the same flooplan in the same phase. It is much more beneficial to offer concessions, commissions, etc. As long as the purchase price on that HUD is what it needs to be, that is all that counts. That is the last domino that gets pushed over if you are the builder.
If you are a buyer you have a much better chance getting a realtor to go in and then get the rebate from the realtor then you do getting the builder to cut the cost of the home.
I got the same email oxfordrick.
SD Realtor
ParticipantI get queried all the time from prospective buyers about these issues. Pricing for new homes is a very sensitive issue for builders. This is why it is quite difficult for a buyer to walk into the sales office and demand a 10% or x% reduction in price when he is not represented (in order to compensate for said builders offer to pay a coop commission or referral fee to the non exist realtor) The builder will not do it. Simply speaking, they cannot without jeopardizing all future pricing for homes with the same flooplan in the same phase. It is much more beneficial to offer concessions, commissions, etc. As long as the purchase price on that HUD is what it needs to be, that is all that counts. That is the last domino that gets pushed over if you are the builder.
If you are a buyer you have a much better chance getting a realtor to go in and then get the rebate from the realtor then you do getting the builder to cut the cost of the home.
I got the same email oxfordrick.
SD Realtor
ParticipantI get queried all the time from prospective buyers about these issues. Pricing for new homes is a very sensitive issue for builders. This is why it is quite difficult for a buyer to walk into the sales office and demand a 10% or x% reduction in price when he is not represented (in order to compensate for said builders offer to pay a coop commission or referral fee to the non exist realtor) The builder will not do it. Simply speaking, they cannot without jeopardizing all future pricing for homes with the same flooplan in the same phase. It is much more beneficial to offer concessions, commissions, etc. As long as the purchase price on that HUD is what it needs to be, that is all that counts. That is the last domino that gets pushed over if you are the builder.
If you are a buyer you have a much better chance getting a realtor to go in and then get the rebate from the realtor then you do getting the builder to cut the cost of the home.
I got the same email oxfordrick.
SD Realtor
ParticipantI get queried all the time from prospective buyers about these issues. Pricing for new homes is a very sensitive issue for builders. This is why it is quite difficult for a buyer to walk into the sales office and demand a 10% or x% reduction in price when he is not represented (in order to compensate for said builders offer to pay a coop commission or referral fee to the non exist realtor) The builder will not do it. Simply speaking, they cannot without jeopardizing all future pricing for homes with the same flooplan in the same phase. It is much more beneficial to offer concessions, commissions, etc. As long as the purchase price on that HUD is what it needs to be, that is all that counts. That is the last domino that gets pushed over if you are the builder.
If you are a buyer you have a much better chance getting a realtor to go in and then get the rebate from the realtor then you do getting the builder to cut the cost of the home.
I got the same email oxfordrick.
SD Realtor
ParticipantI get queried all the time from prospective buyers about these issues. Pricing for new homes is a very sensitive issue for builders. This is why it is quite difficult for a buyer to walk into the sales office and demand a 10% or x% reduction in price when he is not represented (in order to compensate for said builders offer to pay a coop commission or referral fee to the non exist realtor) The builder will not do it. Simply speaking, they cannot without jeopardizing all future pricing for homes with the same flooplan in the same phase. It is much more beneficial to offer concessions, commissions, etc. As long as the purchase price on that HUD is what it needs to be, that is all that counts. That is the last domino that gets pushed over if you are the builder.
If you are a buyer you have a much better chance getting a realtor to go in and then get the rebate from the realtor then you do getting the builder to cut the cost of the home.
I got the same email oxfordrick.
SD Realtor
December 19, 2007 at 11:16 AM in reply to: Top Ten Reasons Why Countrywide is Being Stupid With REO’s #120592ParticipantYes HLS, that is the point, getting a second approval to me is trivial in the grand scheme of things which is why I was down on the original post. Of course CW financing is not required.
Like I said, institutions vary with the requirements, some want a second, some do not.
SD Realtor
December 19, 2007 at 11:16 AM in reply to: Top Ten Reasons Why Countrywide is Being Stupid With REO’s #120727ParticipantYes HLS, that is the point, getting a second approval to me is trivial in the grand scheme of things which is why I was down on the original post. Of course CW financing is not required.
Like I said, institutions vary with the requirements, some want a second, some do not.
SD Realtor
December 19, 2007 at 11:16 AM in reply to: Top Ten Reasons Why Countrywide is Being Stupid With REO’s #120761ParticipantYes HLS, that is the point, getting a second approval to me is trivial in the grand scheme of things which is why I was down on the original post. Of course CW financing is not required.
Like I said, institutions vary with the requirements, some want a second, some do not.
SD Realtor
December 19, 2007 at 11:16 AM in reply to: Top Ten Reasons Why Countrywide is Being Stupid With REO’s #120807ParticipantYes HLS, that is the point, getting a second approval to me is trivial in the grand scheme of things which is why I was down on the original post. Of course CW financing is not required.
Like I said, institutions vary with the requirements, some want a second, some do not.
SD Realtor
December 19, 2007 at 11:16 AM in reply to: Top Ten Reasons Why Countrywide is Being Stupid With REO’s #120829ParticipantYes HLS, that is the point, getting a second approval to me is trivial in the grand scheme of things which is why I was down on the original post. Of course CW financing is not required.
Like I said, institutions vary with the requirements, some want a second, some do not.
SD Realtor
December 19, 2007 at 10:53 AM in reply to: Top Ten Reasons Why Countrywide is Being Stupid With REO’s #120561ParticipantOnce again the point is being missed. This is not only about Countrywide. Any home purchased from a builder requires preapproval from the preferred lender.
Why is that not being discussed.
Many (but not all) of the other lenders who are holding REOs in thier portfolio do this.
This is NOT NEW. This is not some new thing that only Countrywide just now came up with. If you would have tried to buy an REO many years ago, you would have been subject to the requirement.
To the people making these statements, Have you ever tried to purchase an REO? If you think a second approval is a big hassle, wait until you see the release of liability they make you sign. Have any of you ever seen the addendums that the lenders REQUIRE a buyer to sign when an REO is purchased?
Really guys… I don’t mean to be harsh but come on now. It does not reflect well when statements like this are made. For those who have been involved in REO deals this is a laughable post.
SD Realtor
-
AuthorPosts
