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SD Realtor
ParticipantDefinitely not Bayho but you already know that. Radelow is it for owner occupancy or are you thinking of renting it?
Also if you are going to lowball it, which cannot hurt, you may want to find our how far along it is. Is it a NOT yet. Also you may want to check to see if the seller has had the hardship paperwork completed with the lender yet as well. Finally you may want to feel the agent out to see how the lender will feel about totally losing the second and barely recouping the first.
SD Realtor
Participantnsr that is not the problem… she knows, understands and accepts the cycle. She doesn’t care at all for tract homes . Her logic is that it is the home we will be in until the kids are out of high school (and they are 2 and 1 respectively) and it is more of a lifestyle choice. Thus we would be able to outlast the cycle and be able to live within our means as we have diligently saved cash. The submarket we are searching in is small, we want a big lot and don’t like neighbors on top of us…old Scripps (and even in Old Scripps just a few select streets that are not busier or backing to Pomerado), and it will come down, maybe as much as the bears think, maybe not. She doesn’t really care.
SD Realtor
Participantnsr that is not the problem… she knows, understands and accepts the cycle. She doesn’t care at all for tract homes . Her logic is that it is the home we will be in until the kids are out of high school (and they are 2 and 1 respectively) and it is more of a lifestyle choice. Thus we would be able to outlast the cycle and be able to live within our means as we have diligently saved cash. The submarket we are searching in is small, we want a big lot and don’t like neighbors on top of us…old Scripps (and even in Old Scripps just a few select streets that are not busier or backing to Pomerado), and it will come down, maybe as much as the bears think, maybe not. She doesn’t really care.
SD Realtor
ParticipantLet’s hope so guys…. my wife has an itchy trigger finger and I am getting deeper in debt to her… the longer I have to wait to buy the worse it is getting… I think I would rather be in debt to the lender at this point.
SD Realtor
ParticipantLet’s hope so guys…. my wife has an itchy trigger finger and I am getting deeper in debt to her… the longer I have to wait to buy the worse it is getting… I think I would rather be in debt to the lender at this point.
SD Realtor
ParticipantYep financed her to the hilt and been on the market for 2 months…
ParticipantYep financed her to the hilt and been on the market for 2 months…
ParticipantDonald I don’t know man… The REO pricing is beyond my comprehension…I would figure that the banks would price them aggressively but they never seem to do that… go figure.. Also I would think the minute the trustee sale completes and the property goes to REO you would think the bank would want to get it back on the MLS immediately but it doesn’t seem to happen that quickly…
Some people have already suggested that the banks/lenders already have alot of housing stock that they have not released on the market for fear of flooding the market…Maybe true, maybe not…
Anyways sorry I can’t help much on that one.
SD Realtor
ParticipantDonald I don’t know man… The REO pricing is beyond my comprehension…I would figure that the banks would price them aggressively but they never seem to do that… go figure.. Also I would think the minute the trustee sale completes and the property goes to REO you would think the bank would want to get it back on the MLS immediately but it doesn’t seem to happen that quickly…
Some people have already suggested that the banks/lenders already have alot of housing stock that they have not released on the market for fear of flooding the market…Maybe true, maybe not…
Anyways sorry I can’t help much on that one.
SD Realtor
Participantrecordsclerk –
I would add in more desireable must sell inventory… I would like to see some must sell inventory in the neighborhoods I want to buy in… not in the neighborhoods I don’t really care for.
SD Realtor
Participantrecordsclerk –
I would add in more desireable must sell inventory… I would like to see some must sell inventory in the neighborhoods I want to buy in… not in the neighborhoods I don’t really care for.
SD Realtor
ParticipantAs noone said the answers are all over this board….
Lets review…
Sticky on the way down… reluctant sellers with equity (and these seem to be more prevalent in nicer neighborhoods) don’t care. They price according to their own standards and if the home doesn’t sell then they pull it off the market.
REO properties not being priced to sell or being held off the market. We have seen alot of this. Remember, the NOD list being large is one thing. We need more more more REOs to hit the market so they will start competing against each other price wise.
We all agree that the ARM Tsumani is just now coming ashore. Give it a few years.
Just a few posts away you can read about people buying and just recently bought. Others, many others are out there looking. Granted sales volume is down, but buyers are out there.
There are plenty of other posts speculating on the reasons why RE moves down slowly… I am to lazy to keep writing, sorry bout that.
RE cycles take years not months…
SD Realtor
ParticipantAs noone said the answers are all over this board….
Lets review…
Sticky on the way down… reluctant sellers with equity (and these seem to be more prevalent in nicer neighborhoods) don’t care. They price according to their own standards and if the home doesn’t sell then they pull it off the market.
REO properties not being priced to sell or being held off the market. We have seen alot of this. Remember, the NOD list being large is one thing. We need more more more REOs to hit the market so they will start competing against each other price wise.
We all agree that the ARM Tsumani is just now coming ashore. Give it a few years.
Just a few posts away you can read about people buying and just recently bought. Others, many others are out there looking. Granted sales volume is down, but buyers are out there.
There are plenty of other posts speculating on the reasons why RE moves down slowly… I am to lazy to keep writing, sorry bout that.
RE cycles take years not months…
SD Realtor
Participantpatb, getting the relief of stay and then an IM REM seems to be alot less work then what you specified. The title officer told me this is what the lenders always do.
SD Realtor
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