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SD Realtor
Participanttg –
If you do make the purchase you will not be able to get it from the trustee sale. Don’t confuse an REO with a trustee sale.
The home you are living in now is (if I read your post correct) in default or close to it. The foreclosure process is essentially starting. The culmination of the process will be a public auction known as a trustee sale. Anyone can attend however in order to purchase the home at the trustee sale you will not be able to come in with conventional financing. If nobody else does either the home will go back to the lender. Let that happen.
Let the home go to the lender and then once the home becomes an REO then go after it. If you do make the purchase from the lender all of the liens will be cleaned up and you will not have to worry about anything.
Also you know my stance about living in a home during the foreclosure process. All bets are off. Indeed while the state is very tenant friendly at one point or another you will be out of there. I always play things close to the vest and am conservative so yes while I would say you are safe until the trustee sale, after the trustee sale things do get a bit more dicey.
Finally as HLS said the 10 year has been on the move. Indeed from the low of 3.85 not less then 2 weeks ago we are almost 35 basis points up. This translates to a DIRECT hit on long term rates. It is not inconceivable that in another few months the 10 year can be back up another 50 bp thus bringing rates up as well. This will serve to help depress pricing and for those with cash, will be beneficial.
SD Realtor
Participanttg –
If you do make the purchase you will not be able to get it from the trustee sale. Don’t confuse an REO with a trustee sale.
The home you are living in now is (if I read your post correct) in default or close to it. The foreclosure process is essentially starting. The culmination of the process will be a public auction known as a trustee sale. Anyone can attend however in order to purchase the home at the trustee sale you will not be able to come in with conventional financing. If nobody else does either the home will go back to the lender. Let that happen.
Let the home go to the lender and then once the home becomes an REO then go after it. If you do make the purchase from the lender all of the liens will be cleaned up and you will not have to worry about anything.
Also you know my stance about living in a home during the foreclosure process. All bets are off. Indeed while the state is very tenant friendly at one point or another you will be out of there. I always play things close to the vest and am conservative so yes while I would say you are safe until the trustee sale, after the trustee sale things do get a bit more dicey.
Finally as HLS said the 10 year has been on the move. Indeed from the low of 3.85 not less then 2 weeks ago we are almost 35 basis points up. This translates to a DIRECT hit on long term rates. It is not inconceivable that in another few months the 10 year can be back up another 50 bp thus bringing rates up as well. This will serve to help depress pricing and for those with cash, will be beneficial.
SD Realtor
Participanttg –
If you do make the purchase you will not be able to get it from the trustee sale. Don’t confuse an REO with a trustee sale.
The home you are living in now is (if I read your post correct) in default or close to it. The foreclosure process is essentially starting. The culmination of the process will be a public auction known as a trustee sale. Anyone can attend however in order to purchase the home at the trustee sale you will not be able to come in with conventional financing. If nobody else does either the home will go back to the lender. Let that happen.
Let the home go to the lender and then once the home becomes an REO then go after it. If you do make the purchase from the lender all of the liens will be cleaned up and you will not have to worry about anything.
Also you know my stance about living in a home during the foreclosure process. All bets are off. Indeed while the state is very tenant friendly at one point or another you will be out of there. I always play things close to the vest and am conservative so yes while I would say you are safe until the trustee sale, after the trustee sale things do get a bit more dicey.
Finally as HLS said the 10 year has been on the move. Indeed from the low of 3.85 not less then 2 weeks ago we are almost 35 basis points up. This translates to a DIRECT hit on long term rates. It is not inconceivable that in another few months the 10 year can be back up another 50 bp thus bringing rates up as well. This will serve to help depress pricing and for those with cash, will be beneficial.
SD Realtor
ParticipantSoonest trustee sale is around 110 days from the NOD.
More details are as follows:
Day 1
Record Notice of DefaultWithin 10 business days
Mail and publish Notice of DefaultWithin 1 month
Mail Notice of DefaultAfter 3 months
Set Trustee sale date25 days before sale date
Send notice of sale to I.R.S.(when necessary)Within 10 days from 1st publication
Send beneficiary request for property directions14 days before sale date
Record Notice of Sale7 days before sale date
If court action, 7day rule may apply5 business days before sale date
Expiration of right to re-instate the loanSale date
Property is sold to highest bidder at public auction (aka trustee sale)SD Realtor
ParticipantSoonest trustee sale is around 110 days from the NOD.
More details are as follows:
Day 1
Record Notice of DefaultWithin 10 business days
Mail and publish Notice of DefaultWithin 1 month
Mail Notice of DefaultAfter 3 months
Set Trustee sale date25 days before sale date
Send notice of sale to I.R.S.(when necessary)Within 10 days from 1st publication
Send beneficiary request for property directions14 days before sale date
Record Notice of Sale7 days before sale date
If court action, 7day rule may apply5 business days before sale date
Expiration of right to re-instate the loanSale date
Property is sold to highest bidder at public auction (aka trustee sale)SD Realtor
ParticipantSoonest trustee sale is around 110 days from the NOD.
More details are as follows:
Day 1
Record Notice of DefaultWithin 10 business days
Mail and publish Notice of DefaultWithin 1 month
Mail Notice of DefaultAfter 3 months
Set Trustee sale date25 days before sale date
Send notice of sale to I.R.S.(when necessary)Within 10 days from 1st publication
Send beneficiary request for property directions14 days before sale date
Record Notice of Sale7 days before sale date
If court action, 7day rule may apply5 business days before sale date
Expiration of right to re-instate the loanSale date
Property is sold to highest bidder at public auction (aka trustee sale)SD Realtor
ParticipantSoonest trustee sale is around 110 days from the NOD.
More details are as follows:
Day 1
Record Notice of DefaultWithin 10 business days
Mail and publish Notice of DefaultWithin 1 month
Mail Notice of DefaultAfter 3 months
Set Trustee sale date25 days before sale date
Send notice of sale to I.R.S.(when necessary)Within 10 days from 1st publication
Send beneficiary request for property directions14 days before sale date
Record Notice of Sale7 days before sale date
If court action, 7day rule may apply5 business days before sale date
Expiration of right to re-instate the loanSale date
Property is sold to highest bidder at public auction (aka trustee sale)SD Realtor
ParticipantSoonest trustee sale is around 110 days from the NOD.
More details are as follows:
Day 1
Record Notice of DefaultWithin 10 business days
Mail and publish Notice of DefaultWithin 1 month
Mail Notice of DefaultAfter 3 months
Set Trustee sale date25 days before sale date
Send notice of sale to I.R.S.(when necessary)Within 10 days from 1st publication
Send beneficiary request for property directions14 days before sale date
Record Notice of Sale7 days before sale date
If court action, 7day rule may apply5 business days before sale date
Expiration of right to re-instate the loanSale date
Property is sold to highest bidder at public auction (aka trustee sale)SD Realtor
ParticipantGotcha HLS.
SD Realtor
ParticipantGotcha HLS.
SD Realtor
ParticipantGotcha HLS.
SD Realtor
ParticipantGotcha HLS.
SD Realtor
ParticipantGotcha HLS.
SD Realtor
ParticipantRaptor –
You have spent alot of time looking and researching. You have been diligent and whatever you decide to do, at least your decision will be informed. I will present two very brief arguments in each direction. My recommendation would be to do what Rus said which is sell yesterday and rent for the next 2 years. To continue
– You know I always preach about how a home is more then a simple asset. Again, you should buy a home to live in. If you can afford the home, (and in your case it sounds as if you do have some wealth) and if you can live in it without heavy financial concern, and if it will provide harmony for you and your family, then maybe it is a good decision to buy. If you truly are able to afford it, when you grow old and look back, will the money that you could have saved by waiting have made more of a difference in your life then the time you spent in the home with your family.
Which was more important not only to you, but to your family.
*****
– While I agree there are some who post with an extreme bearish mentality, most would agree that the properties that ran up the most, that were prone to the highest speculation will come down the hardest. While many of the areas you have looked at have not come down much, nor were they beset by heavy speculation, they will come down. It may be awhile but to think they are 100% immune is a fallacy. I think that if you could have some tangible proof that would help. Look the realtor you work with is most likely a full service broker who will not get a rebate right? So if you by a 1.5 or 2M place that brokerage is gonna get 45 or 60k right? So have your agent find you some tangible proof of declines of properties in that price range. I can tell you for a fact they are out there. Believe it or not even a foreclosure here and there. I know you may think this is out of the scope of showing me homes but your agent should be able to do this. The point is, if you see some of these places maybe that will give you more energy to hold off and rent for another year or two.
********
One last note… if you do have a property to sell and then you are also going to buy, you may not experience any windfall if the property you are going to sell does start to depreciate. So if that is the case then the entire argument I just presented for waiting is moot.
Again, I think selling now is something very serious to consider. Once you do that, then buying now verses not is something you need to wrestle with.
SD Realtor
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