[SD Realtor]

I certainly do not classify myself as a bull in any way, shape or form. I simply post about the conditions as I see them.

I would characterize the rally we have been in now to be approximately 7 months old. In that time we have seen pricing increases in several regions in the county depending on the type of home and of course the location. We do continue to see high end declines as that is a no brainer. In no way do I disagree that we will see housing take another decline however I have been consistent in saying that we need a catalyst.

Over the past 3 years the catalyst that drove prices down was simple, prices were just to high. Now one may say that the next catalyst is and should be unemployment. However as unemployment has indeed continued to shoot higher, despite our governments claims that the recession is over, AND that the government stimulus has prevented another million jobs lost, the strong real estate market persists.

So one thing that we would all agree on is that effectively the banks are insolvent right? I mean seriously there is not any argument here. Similarly we will see many more banks fail. What hurts even more is that there is no more secondary market for the securitization of loans. Actually this hurts banks more then anything. The CAPACITY of money they have to lend is drastically reduced if they cannot move loans. Okay we agree on that. There is just a small matter of our government. If you can tell me with 100% confidence that the government will sit by and watch it all happen and do nothing, then well… okay yes the whole stack of dominoes will fall. Maybe that will happen… maybe it will not.

I posted my change of heart a few weeks ago. I don’t feel bullish about real estate. I feel like real estate is a carnival now. All glittering on the outside but you go behind the glitter and the inner workings look mighty f’d up. However it has been done the powers that be have been able to keep it afloat and then some.

Also yeah maybe it goes down 25% but in some areas it has already kicked back up over 10%.

*******

Again, my read is that the next major drop will be induced by interest rates. How that will manifest itself I am not sure. Maybe we get a slew of bank failures, then the govt or fed or treasury sinks a few more trillion into the system and china says screw you and the bond market tanks. Rates go up and boom, we get the market to tank bigtime. Will this happen in 3 months? 6 months? a year? I don’t know but it seems logical to me that it will happen. I don’t see the market up and running away and I think it may actually start to flatten out as there has been alot of sales that need to be digested. I am still kind of leaning to a guesstimate that things will stay in this twilite zone haze for another year or so.

[SD Realtor]

I certainly do not classify myself as a bull in any way, shape or form. I simply post about the conditions as I see them.

I would characterize the rally we have been in now to be approximately 7 months old. In that time we have seen pricing increases in several regions in the county depending on the type of home and of course the location. We do continue to see high end declines as that is a no brainer. In no way do I disagree that we will see housing take another decline however I have been consistent in saying that we need a catalyst.

Over the past 3 years the catalyst that drove prices down was simple, prices were just to high. Now one may say that the next catalyst is and should be unemployment. However as unemployment has indeed continued to shoot higher, despite our governments claims that the recession is over, AND that the government stimulus has prevented another million jobs lost, the strong real estate market persists.

So one thing that we would all agree on is that effectively the banks are insolvent right? I mean seriously there is not any argument here. Similarly we will see many more banks fail. What hurts even more is that there is no more secondary market for the securitization of loans. Actually this hurts banks more then anything. The CAPACITY of money they have to lend is drastically reduced if they cannot move loans. Okay we agree on that. There is just a small matter of our government. If you can tell me with 100% confidence that the government will sit by and watch it all happen and do nothing, then well… okay yes the whole stack of dominoes will fall. Maybe that will happen… maybe it will not.

I posted my change of heart a few weeks ago. I don’t feel bullish about real estate. I feel like real estate is a carnival now. All glittering on the outside but you go behind the glitter and the inner workings look mighty f’d up. However it has been done the powers that be have been able to keep it afloat and then some.

Also yeah maybe it goes down 25% but in some areas it has already kicked back up over 10%.

*******

Again, my read is that the next major drop will be induced by interest rates. How that will manifest itself I am not sure. Maybe we get a slew of bank failures, then the govt or fed or treasury sinks a few more trillion into the system and china says screw you and the bond market tanks. Rates go up and boom, we get the market to tank bigtime. Will this happen in 3 months? 6 months? a year? I don’t know but it seems logical to me that it will happen. I don’t see the market up and running away and I think it may actually start to flatten out as there has been alot of sales that need to be digested. I am still kind of leaning to a guesstimate that things will stay in this twilite zone haze for another year or so.

[SD Realtor]

I certainly do not classify myself as a bull in any way, shape or form. I simply post about the conditions as I see them.

I would characterize the rally we have been in now to be approximately 7 months old. In that time we have seen pricing increases in several regions in the county depending on the type of home and of course the location. We do continue to see high end declines as that is a no brainer. In no way do I disagree that we will see housing take another decline however I have been consistent in saying that we need a catalyst.

Over the past 3 years the catalyst that drove prices down was simple, prices were just to high. Now one may say that the next catalyst is and should be unemployment. However as unemployment has indeed continued to shoot higher, despite our governments claims that the recession is over, AND that the government stimulus has prevented another million jobs lost, the strong real estate market persists.

So one thing that we would all agree on is that effectively the banks are insolvent right? I mean seriously there is not any argument here. Similarly we will see many more banks fail. What hurts even more is that there is no more secondary market for the securitization of loans. Actually this hurts banks more then anything. The CAPACITY of money they have to lend is drastically reduced if they cannot move loans. Okay we agree on that. There is just a small matter of our government. If you can tell me with 100% confidence that the government will sit by and watch it all happen and do nothing, then well… okay yes the whole stack of dominoes will fall. Maybe that will happen… maybe it will not.

I posted my change of heart a few weeks ago. I don’t feel bullish about real estate. I feel like real estate is a carnival now. All glittering on the outside but you go behind the glitter and the inner workings look mighty f’d up. However it has been done the powers that be have been able to keep it afloat and then some.

Also yeah maybe it goes down 25% but in some areas it has already kicked back up over 10%.

*******

Again, my read is that the next major drop will be induced by interest rates. How that will manifest itself I am not sure. Maybe we get a slew of bank failures, then the govt or fed or treasury sinks a few more trillion into the system and china says screw you and the bond market tanks. Rates go up and boom, we get the market to tank bigtime. Will this happen in 3 months? 6 months? a year? I don’t know but it seems logical to me that it will happen. I don’t see the market up and running away and I think it may actually start to flatten out as there has been alot of sales that need to be digested. I am still kind of leaning to a guesstimate that things will stay in this twilite zone haze for another year or so.

[SD Realtor]

I certainly do not classify myself as a bull in any way, shape or form. I simply post about the conditions as I see them.

I would characterize the rally we have been in now to be approximately 7 months old. In that time we have seen pricing increases in several regions in the county depending on the type of home and of course the location. We do continue to see high end declines as that is a no brainer. In no way do I disagree that we will see housing take another decline however I have been consistent in saying that we need a catalyst.

Over the past 3 years the catalyst that drove prices down was simple, prices were just to high. Now one may say that the next catalyst is and should be unemployment. However as unemployment has indeed continued to shoot higher, despite our governments claims that the recession is over, AND that the government stimulus has prevented another million jobs lost, the strong real estate market persists.

So one thing that we would all agree on is that effectively the banks are insolvent right? I mean seriously there is not any argument here. Similarly we will see many more banks fail. What hurts even more is that there is no more secondary market for the securitization of loans. Actually this hurts banks more then anything. The CAPACITY of money they have to lend is drastically reduced if they cannot move loans. Okay we agree on that. There is just a small matter of our government. If you can tell me with 100% confidence that the government will sit by and watch it all happen and do nothing, then well… okay yes the whole stack of dominoes will fall. Maybe that will happen… maybe it will not.

I posted my change of heart a few weeks ago. I don’t feel bullish about real estate. I feel like real estate is a carnival now. All glittering on the outside but you go behind the glitter and the inner workings look mighty f’d up. However it has been done the powers that be have been able to keep it afloat and then some.

Also yeah maybe it goes down 25% but in some areas it has already kicked back up over 10%.

*******

Again, my read is that the next major drop will be induced by interest rates. How that will manifest itself I am not sure. Maybe we get a slew of bank failures, then the govt or fed or treasury sinks a few more trillion into the system and china says screw you and the bond market tanks. Rates go up and boom, we get the market to tank bigtime. Will this happen in 3 months? 6 months? a year? I don’t know but it seems logical to me that it will happen. I don’t see the market up and running away and I think it may actually start to flatten out as there has been alot of sales that need to be digested. I am still kind of leaning to a guesstimate that things will stay in this twilite zone haze for another year or so.

[SD Realtor]

When I sit down with sellers, yes I typically advise them to use 1% as a high side estimate for closing costs as I always assume there will be some additional non recurring costs in there. If there are not then the seller gets a little bit extra back because they gaurdbanded thier estimates.

[SD Realtor]

When I sit down with sellers, yes I typically advise them to use 1% as a high side estimate for closing costs as I always assume there will be some additional non recurring costs in there. If there are not then the seller gets a little bit extra back because they gaurdbanded thier estimates.

[SD Realtor]

When I sit down with sellers, yes I typically advise them to use 1% as a high side estimate for closing costs as I always assume there will be some additional non recurring costs in there. If there are not then the seller gets a little bit extra back because they gaurdbanded thier estimates.

[SD Realtor]

When I sit down with sellers, yes I typically advise them to use 1% as a high side estimate for closing costs as I always assume there will be some additional non recurring costs in there. If there are not then the seller gets a little bit extra back because they gaurdbanded thier estimates.

[SD Realtor]

When I sit down with sellers, yes I typically advise them to use 1% as a high side estimate for closing costs as I always assume there will be some additional non recurring costs in there. If there are not then the seller gets a little bit extra back because they gaurdbanded thier estimates.

[SD Realtor]

Xbox –

Hopefully a few quick answers…

When you buy at the steps you are buying whatever is foreclosing. So if it is the second foreclosing then you still are subordinate to the first. If it is the first foreclosing the second is wiped out. So if it was the first foreclosing the second is screwed. No he cannot come to you for anything.

The second gets wiped out no matter who takes it.

Yes there are other liens you may have to deal with. Property taxes and IRS liens are the most common. Other issues may involve incomplete work, say the owner was in the middle of a permitting process or something of that nature. The other issue you brought up are mechanics liens. You need to check dates on the mechanics liens to see if they will be subordinate to the first foreclosing.

[SD Realtor]

Xbox –

Hopefully a few quick answers…

When you buy at the steps you are buying whatever is foreclosing. So if it is the second foreclosing then you still are subordinate to the first. If it is the first foreclosing the second is wiped out. So if it was the first foreclosing the second is screwed. No he cannot come to you for anything.

The second gets wiped out no matter who takes it.

Yes there are other liens you may have to deal with. Property taxes and IRS liens are the most common. Other issues may involve incomplete work, say the owner was in the middle of a permitting process or something of that nature. The other issue you brought up are mechanics liens. You need to check dates on the mechanics liens to see if they will be subordinate to the first foreclosing.

[SD Realtor]

Xbox –

Hopefully a few quick answers…

When you buy at the steps you are buying whatever is foreclosing. So if it is the second foreclosing then you still are subordinate to the first. If it is the first foreclosing the second is wiped out. So if it was the first foreclosing the second is screwed. No he cannot come to you for anything.

The second gets wiped out no matter who takes it.

Yes there are other liens you may have to deal with. Property taxes and IRS liens are the most common. Other issues may involve incomplete work, say the owner was in the middle of a permitting process or something of that nature. The other issue you brought up are mechanics liens. You need to check dates on the mechanics liens to see if they will be subordinate to the first foreclosing.

[SD Realtor]

Xbox –

Hopefully a few quick answers…

When you buy at the steps you are buying whatever is foreclosing. So if it is the second foreclosing then you still are subordinate to the first. If it is the first foreclosing the second is wiped out. So if it was the first foreclosing the second is screwed. No he cannot come to you for anything.

The second gets wiped out no matter who takes it.

Yes there are other liens you may have to deal with. Property taxes and IRS liens are the most common. Other issues may involve incomplete work, say the owner was in the middle of a permitting process or something of that nature. The other issue you brought up are mechanics liens. You need to check dates on the mechanics liens to see if they will be subordinate to the first foreclosing.

[SD Realtor]

Xbox –

Hopefully a few quick answers…

When you buy at the steps you are buying whatever is foreclosing. So if it is the second foreclosing then you still are subordinate to the first. If it is the first foreclosing the second is wiped out. So if it was the first foreclosing the second is screwed. No he cannot come to you for anything.

The second gets wiped out no matter who takes it.

Yes there are other liens you may have to deal with. Property taxes and IRS liens are the most common. Other issues may involve incomplete work, say the owner was in the middle of a permitting process or something of that nature. The other issue you brought up are mechanics liens. You need to check dates on the mechanics liens to see if they will be subordinate to the first foreclosing.

[SD Realtor]

AN the one I was talking about that went on Penrod last week for 359k is gonna open at…. 420k on the MLS soon. Are you kidding me? No way comps support that but the agent thinks he can get it. So at 420k, if he offers 2.5% plus another 1% for closing costs he is gonna net maybe 45k? That is if he gets full price. I will not believe it if he does but ya never know. Anyways the home is vacant and that is actually a nice premium when purchasing at trustee sales cuz getting the owner or worse a tenant out is time consuming and time is money. Also the home is in decent shape, not bad at all, the yard is dead but you never know. I personally had a hard time seeing the home even sell for 400k. It is also only 2 homes off of Flanders… anyways this will really be a stretch… no doubt the guy will make money off of it, he is a regular at the trustee sales… say he only makes 20k… so that would be about 6-7% on his money right? However if he closes and gets the cash less then 60 days after he bought it that is not bad for a 60 day investment. I can see where he is coming from I guess. Although even for him to make 20k it is gonna be tight.

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