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SD Realtor
ParticipantI agree with sdr and with jp and arraya. Yes to everyone!
As a frequent visitor to the courthouse now it is almost funny to watch the purchasing now. Very skinny margins, and staggering numbers at downtown and el cajon. Big players from orange county and other syndications coming in and purchasing. If they make even 10% margin they are doing well for the investors.
On the other side yes my short sale that just closed had someone who did not pay on mortgage from April of 08 to now and the home sold. It did get a NOD and NOT.
I do agree that there are alot of people living for free. I also know that 2 of the homes we purchased had tenants in them who paid rent and the landlords pocketted the money. I am sure there is alot of that as well.
The argument, is not that there is not lots of shadow inventory out there, or lots of deadbeats. There are. I agree. Also when I read sdrs posts, I do not see him disputing that. The fact that he, nor I, can sit here and tell all of you where every single home is going to go may paint us in a “bulls light” in some of your eyes. So be it however that is not the case.
I think that we tend to believe it will be a case of the rich getting richer. Maybe private investors, maybe foreign syndications, maybe participants of the PPIP, or even other little guys. For myself personally I guess I am just to skeptical to believe this will all drip down to you and me. You see what I am saying? sdr may say it in a more brash manner but I think when we all read peoples postings we do it from our own perspective and that either jades us or pisses us off or some of us nod and go yeah I see what he is saying.
Are there enough entities out there to soak all this up? Not sure but I think we would all agree there certainly is a hell of alot of cash out there to soak it up. Not just in this country either. Now if we all agree that sometime down the road there is going to be massive inflation, then these entities that have purchased bulk homes may not be in a bad position. I guess it depends on what they want to do with them.
Taking the PPIP into account, if you read more about it, those deals are simply UNBEATABLE. It really is.
So to me the dispute is not about shadow inventory, shadow deadbeats, or future supply. Surely the number of homes going back to the bene at trustee sale DWARFS those purchased. No argument there. I am not going to sit and argue realtytrac stats and all that as well. They are what they are.
I have come to accept the game is not fair. I cannot afford to WAIT. It is much easier to sit and bring up posts about how bad things are, how bad they will be, and how everything will turn to turdberries. I think there is actually a bit of joy as things continue to worsen and bitterness if they will not.
It is much harder to look at things in an opportunistic way, shake yourself loose, take some risk and try to take advantage of the situation and make some money out of it. Life is absolutely not fair and success in our current society is much harder for little guys then big. I acknowledge the conditions, the possible future calamities, and risks, but I am not going to curl up and tell everyone to sit back and do nothing. To me that is not the answer.
ParticipantI agree with sdr and with jp and arraya. Yes to everyone!
As a frequent visitor to the courthouse now it is almost funny to watch the purchasing now. Very skinny margins, and staggering numbers at downtown and el cajon. Big players from orange county and other syndications coming in and purchasing. If they make even 10% margin they are doing well for the investors.
On the other side yes my short sale that just closed had someone who did not pay on mortgage from April of 08 to now and the home sold. It did get a NOD and NOT.
I do agree that there are alot of people living for free. I also know that 2 of the homes we purchased had tenants in them who paid rent and the landlords pocketted the money. I am sure there is alot of that as well.
The argument, is not that there is not lots of shadow inventory out there, or lots of deadbeats. There are. I agree. Also when I read sdrs posts, I do not see him disputing that. The fact that he, nor I, can sit here and tell all of you where every single home is going to go may paint us in a “bulls light” in some of your eyes. So be it however that is not the case.
I think that we tend to believe it will be a case of the rich getting richer. Maybe private investors, maybe foreign syndications, maybe participants of the PPIP, or even other little guys. For myself personally I guess I am just to skeptical to believe this will all drip down to you and me. You see what I am saying? sdr may say it in a more brash manner but I think when we all read peoples postings we do it from our own perspective and that either jades us or pisses us off or some of us nod and go yeah I see what he is saying.
Are there enough entities out there to soak all this up? Not sure but I think we would all agree there certainly is a hell of alot of cash out there to soak it up. Not just in this country either. Now if we all agree that sometime down the road there is going to be massive inflation, then these entities that have purchased bulk homes may not be in a bad position. I guess it depends on what they want to do with them.
Taking the PPIP into account, if you read more about it, those deals are simply UNBEATABLE. It really is.
So to me the dispute is not about shadow inventory, shadow deadbeats, or future supply. Surely the number of homes going back to the bene at trustee sale DWARFS those purchased. No argument there. I am not going to sit and argue realtytrac stats and all that as well. They are what they are.
I have come to accept the game is not fair. I cannot afford to WAIT. It is much easier to sit and bring up posts about how bad things are, how bad they will be, and how everything will turn to turdberries. I think there is actually a bit of joy as things continue to worsen and bitterness if they will not.
It is much harder to look at things in an opportunistic way, shake yourself loose, take some risk and try to take advantage of the situation and make some money out of it. Life is absolutely not fair and success in our current society is much harder for little guys then big. I acknowledge the conditions, the possible future calamities, and risks, but I am not going to curl up and tell everyone to sit back and do nothing. To me that is not the answer.
ParticipantI agree with sdr and with jp and arraya. Yes to everyone!
As a frequent visitor to the courthouse now it is almost funny to watch the purchasing now. Very skinny margins, and staggering numbers at downtown and el cajon. Big players from orange county and other syndications coming in and purchasing. If they make even 10% margin they are doing well for the investors.
On the other side yes my short sale that just closed had someone who did not pay on mortgage from April of 08 to now and the home sold. It did get a NOD and NOT.
I do agree that there are alot of people living for free. I also know that 2 of the homes we purchased had tenants in them who paid rent and the landlords pocketted the money. I am sure there is alot of that as well.
The argument, is not that there is not lots of shadow inventory out there, or lots of deadbeats. There are. I agree. Also when I read sdrs posts, I do not see him disputing that. The fact that he, nor I, can sit here and tell all of you where every single home is going to go may paint us in a “bulls light” in some of your eyes. So be it however that is not the case.
I think that we tend to believe it will be a case of the rich getting richer. Maybe private investors, maybe foreign syndications, maybe participants of the PPIP, or even other little guys. For myself personally I guess I am just to skeptical to believe this will all drip down to you and me. You see what I am saying? sdr may say it in a more brash manner but I think when we all read peoples postings we do it from our own perspective and that either jades us or pisses us off or some of us nod and go yeah I see what he is saying.
Are there enough entities out there to soak all this up? Not sure but I think we would all agree there certainly is a hell of alot of cash out there to soak it up. Not just in this country either. Now if we all agree that sometime down the road there is going to be massive inflation, then these entities that have purchased bulk homes may not be in a bad position. I guess it depends on what they want to do with them.
Taking the PPIP into account, if you read more about it, those deals are simply UNBEATABLE. It really is.
So to me the dispute is not about shadow inventory, shadow deadbeats, or future supply. Surely the number of homes going back to the bene at trustee sale DWARFS those purchased. No argument there. I am not going to sit and argue realtytrac stats and all that as well. They are what they are.
I have come to accept the game is not fair. I cannot afford to WAIT. It is much easier to sit and bring up posts about how bad things are, how bad they will be, and how everything will turn to turdberries. I think there is actually a bit of joy as things continue to worsen and bitterness if they will not.
It is much harder to look at things in an opportunistic way, shake yourself loose, take some risk and try to take advantage of the situation and make some money out of it. Life is absolutely not fair and success in our current society is much harder for little guys then big. I acknowledge the conditions, the possible future calamities, and risks, but I am not going to curl up and tell everyone to sit back and do nothing. To me that is not the answer.
ParticipantAs usual CAR you have it correct. There also are investors out there who do indeed purchase seconds. Every now and then you will actually see a second foreclose on the courthouse steps but the numbers are VERY VERY low. There are other private auctions that have seconds foreclosing every now and then as well.
ParticipantAs usual CAR you have it correct. There also are investors out there who do indeed purchase seconds. Every now and then you will actually see a second foreclose on the courthouse steps but the numbers are VERY VERY low. There are other private auctions that have seconds foreclosing every now and then as well.
ParticipantAs usual CAR you have it correct. There also are investors out there who do indeed purchase seconds. Every now and then you will actually see a second foreclose on the courthouse steps but the numbers are VERY VERY low. There are other private auctions that have seconds foreclosing every now and then as well.
ParticipantAs usual CAR you have it correct. There also are investors out there who do indeed purchase seconds. Every now and then you will actually see a second foreclose on the courthouse steps but the numbers are VERY VERY low. There are other private auctions that have seconds foreclosing every now and then as well.
ParticipantAs usual CAR you have it correct. There also are investors out there who do indeed purchase seconds. Every now and then you will actually see a second foreclose on the courthouse steps but the numbers are VERY VERY low. There are other private auctions that have seconds foreclosing every now and then as well.
Participant4S the areas of town you are looking in are in a real run right now. I can imagine your frustration as I have a few people looking for homes in those exact areas and have been just stymied looking.
I do not have anything new to bring to the table with regards to the commentary. Simply stated, in “THESE” particular areas the bounce has occurred and it may be a good idea to sit tight for a year or two and see what happens. Agreed that it is all being propped up so to speak but even when homes go to trustee sale in these particular areas I see them getting swarmed on.
Hopefully that will change. I think the best chance you will see for that to happen is a rapid rise in interest rates.
Participant4S the areas of town you are looking in are in a real run right now. I can imagine your frustration as I have a few people looking for homes in those exact areas and have been just stymied looking.
I do not have anything new to bring to the table with regards to the commentary. Simply stated, in “THESE” particular areas the bounce has occurred and it may be a good idea to sit tight for a year or two and see what happens. Agreed that it is all being propped up so to speak but even when homes go to trustee sale in these particular areas I see them getting swarmed on.
Hopefully that will change. I think the best chance you will see for that to happen is a rapid rise in interest rates.
Participant4S the areas of town you are looking in are in a real run right now. I can imagine your frustration as I have a few people looking for homes in those exact areas and have been just stymied looking.
I do not have anything new to bring to the table with regards to the commentary. Simply stated, in “THESE” particular areas the bounce has occurred and it may be a good idea to sit tight for a year or two and see what happens. Agreed that it is all being propped up so to speak but even when homes go to trustee sale in these particular areas I see them getting swarmed on.
Hopefully that will change. I think the best chance you will see for that to happen is a rapid rise in interest rates.
Participant4S the areas of town you are looking in are in a real run right now. I can imagine your frustration as I have a few people looking for homes in those exact areas and have been just stymied looking.
I do not have anything new to bring to the table with regards to the commentary. Simply stated, in “THESE” particular areas the bounce has occurred and it may be a good idea to sit tight for a year or two and see what happens. Agreed that it is all being propped up so to speak but even when homes go to trustee sale in these particular areas I see them getting swarmed on.
Hopefully that will change. I think the best chance you will see for that to happen is a rapid rise in interest rates.
Participant4S the areas of town you are looking in are in a real run right now. I can imagine your frustration as I have a few people looking for homes in those exact areas and have been just stymied looking.
I do not have anything new to bring to the table with regards to the commentary. Simply stated, in “THESE” particular areas the bounce has occurred and it may be a good idea to sit tight for a year or two and see what happens. Agreed that it is all being propped up so to speak but even when homes go to trustee sale in these particular areas I see them getting swarmed on.
Hopefully that will change. I think the best chance you will see for that to happen is a rapid rise in interest rates.
ParticipantSome quick facts of recent trannies I have closed that were short sales.
1 – There is not a single case where a second received anywhere close to full value on the loan.
2 – Just closing one in Vista. Second is getting about 18% of the total balance of which half of it is coming from the first and the buyer and buyers agent are coming in with the balance.
3 – From what I have seen the firsts generally offer the seconds about 3% of the balance. The seconds usually demand much more.
Most seconds do not choose to foreclose because of the existing risk. They then not only become responsible for the first, and the property taxes, and IRS liens, and other liens but it is simply not even close to profitable for them to do so because if it was they would be flipping properties right and left.
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If you want to check sdrs statistics guys, he does do alot of short sales so what he does say about the process carries alot more real life experience and truth then most internet articles and speculative statements made by posters. I do a few and cannot disagree with what he says at all.
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