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August 28, 2009 at 9:48 PM in reply to: Who got the better deal in this decline;l you or big money #450533August 28, 2009 at 9:48 PM in reply to: Who got the better deal in this decline;l you or big money #450869
SD Realtor
ParticipantGreat points pr and Allan…
I guess what I was really trying to also illustrate is the potential for the tsunami to get swallowed up by the PPIP, or at least reduced. Lets say some player wants a 100B in assets. So he buys them at say 40%… Okay so 40B right? However if you follow the example in the PPIP he pays 20B of which he can get the Fed to finance some of that right? So at the end of the day the guy puts in what… 10B AT THE MOST right?
So why should he HAVE to put those properties on the market? Geez he could rent them out and make money couldn’t he? He probably does pretty darn well income wise… So then he holds them awhile and when the market turns he KILLS!
Anyways yes it is all really distressing… I learned a hell of alot from this cycle and am still learning every day. However what I learned was what I feared most, was that yes the little guy will get some crumbs, AND darn if you have to be ready to grab those crumbs when they come, but the big guys will always do better. Yes a few lambs were sacrificed but now I have to wait for some interest rate shock to happen before pricing is gonna come down to where I want it…
That bums me out and I hope I am wrong.
August 28, 2009 at 9:48 PM in reply to: Who got the better deal in this decline;l you or big money #450942ParticipantGreat points pr and Allan…
I guess what I was really trying to also illustrate is the potential for the tsunami to get swallowed up by the PPIP, or at least reduced. Lets say some player wants a 100B in assets. So he buys them at say 40%… Okay so 40B right? However if you follow the example in the PPIP he pays 20B of which he can get the Fed to finance some of that right? So at the end of the day the guy puts in what… 10B AT THE MOST right?
So why should he HAVE to put those properties on the market? Geez he could rent them out and make money couldn’t he? He probably does pretty darn well income wise… So then he holds them awhile and when the market turns he KILLS!
Anyways yes it is all really distressing… I learned a hell of alot from this cycle and am still learning every day. However what I learned was what I feared most, was that yes the little guy will get some crumbs, AND darn if you have to be ready to grab those crumbs when they come, but the big guys will always do better. Yes a few lambs were sacrificed but now I have to wait for some interest rate shock to happen before pricing is gonna come down to where I want it…
That bums me out and I hope I am wrong.
August 28, 2009 at 9:48 PM in reply to: Who got the better deal in this decline;l you or big money #451132ParticipantGreat points pr and Allan…
I guess what I was really trying to also illustrate is the potential for the tsunami to get swallowed up by the PPIP, or at least reduced. Lets say some player wants a 100B in assets. So he buys them at say 40%… Okay so 40B right? However if you follow the example in the PPIP he pays 20B of which he can get the Fed to finance some of that right? So at the end of the day the guy puts in what… 10B AT THE MOST right?
So why should he HAVE to put those properties on the market? Geez he could rent them out and make money couldn’t he? He probably does pretty darn well income wise… So then he holds them awhile and when the market turns he KILLS!
Anyways yes it is all really distressing… I learned a hell of alot from this cycle and am still learning every day. However what I learned was what I feared most, was that yes the little guy will get some crumbs, AND darn if you have to be ready to grab those crumbs when they come, but the big guys will always do better. Yes a few lambs were sacrificed but now I have to wait for some interest rate shock to happen before pricing is gonna come down to where I want it…
That bums me out and I hope I am wrong.
ParticipantIf you pay for an inspection you are getting had. Most inpsectors will do it for free… Note though that good or bad, it is an inspection you performed so you must present it as a report for disclosures. I have seen some problems when multiple termite reports are done as well, so stick with one. Also note that all reports do get posted to the state as a matter of record.
ParticipantIf you pay for an inspection you are getting had. Most inpsectors will do it for free… Note though that good or bad, it is an inspection you performed so you must present it as a report for disclosures. I have seen some problems when multiple termite reports are done as well, so stick with one. Also note that all reports do get posted to the state as a matter of record.
ParticipantIf you pay for an inspection you are getting had. Most inpsectors will do it for free… Note though that good or bad, it is an inspection you performed so you must present it as a report for disclosures. I have seen some problems when multiple termite reports are done as well, so stick with one. Also note that all reports do get posted to the state as a matter of record.
ParticipantIf you pay for an inspection you are getting had. Most inpsectors will do it for free… Note though that good or bad, it is an inspection you performed so you must present it as a report for disclosures. I have seen some problems when multiple termite reports are done as well, so stick with one. Also note that all reports do get posted to the state as a matter of record.
ParticipantIf you pay for an inspection you are getting had. Most inpsectors will do it for free… Note though that good or bad, it is an inspection you performed so you must present it as a report for disclosures. I have seen some problems when multiple termite reports are done as well, so stick with one. Also note that all reports do get posted to the state as a matter of record.
Participantxbox –
I am a bit curious about the question if you do a short sale and they don’t move out what are your options…
In any transaction, short or not short, if the sellers have not vacated by the agreed upon date of occupancy for the new owner then yes you go through a standard eviction process, (notice to quit and unlawful detainer)… If they trash the place while you are in the process then you will need to try to sue for damages at a later date.
Again, I would not make this an exception case, short sale or no short sale your question about an uncooperative seller who retains occupancy after title has transferred to your name is independent of the type of sale.
As with any short sales you do not START ESCROW until the bank has received the paperwork and accepted the short sale offer. This will take anywhere from a few weeks to many months. The SELLER LIVES THERE while this occurs. If the bank does approve the sale THEN escrow opens, you send escrow your deposit, and you START your due diligence. When escrow opened your escrow period started. Loosely speaking 30 days after escrow opened it should close assuming everything went to plan including your financing. At the close of escrow after the county records the sale you get the home. The final walk through occurs within 5 days of close of escrow and is used to essentially verify the home is not trashed. Again if it is trashed it becomes complex but not unsolvable. Honestly though, I believe the hard part is getting a deal done and you are putting the cart well ahead of the horse.
Participantxbox –
I am a bit curious about the question if you do a short sale and they don’t move out what are your options…
In any transaction, short or not short, if the sellers have not vacated by the agreed upon date of occupancy for the new owner then yes you go through a standard eviction process, (notice to quit and unlawful detainer)… If they trash the place while you are in the process then you will need to try to sue for damages at a later date.
Again, I would not make this an exception case, short sale or no short sale your question about an uncooperative seller who retains occupancy after title has transferred to your name is independent of the type of sale.
As with any short sales you do not START ESCROW until the bank has received the paperwork and accepted the short sale offer. This will take anywhere from a few weeks to many months. The SELLER LIVES THERE while this occurs. If the bank does approve the sale THEN escrow opens, you send escrow your deposit, and you START your due diligence. When escrow opened your escrow period started. Loosely speaking 30 days after escrow opened it should close assuming everything went to plan including your financing. At the close of escrow after the county records the sale you get the home. The final walk through occurs within 5 days of close of escrow and is used to essentially verify the home is not trashed. Again if it is trashed it becomes complex but not unsolvable. Honestly though, I believe the hard part is getting a deal done and you are putting the cart well ahead of the horse.
Participantxbox –
I am a bit curious about the question if you do a short sale and they don’t move out what are your options…
In any transaction, short or not short, if the sellers have not vacated by the agreed upon date of occupancy for the new owner then yes you go through a standard eviction process, (notice to quit and unlawful detainer)… If they trash the place while you are in the process then you will need to try to sue for damages at a later date.
Again, I would not make this an exception case, short sale or no short sale your question about an uncooperative seller who retains occupancy after title has transferred to your name is independent of the type of sale.
As with any short sales you do not START ESCROW until the bank has received the paperwork and accepted the short sale offer. This will take anywhere from a few weeks to many months. The SELLER LIVES THERE while this occurs. If the bank does approve the sale THEN escrow opens, you send escrow your deposit, and you START your due diligence. When escrow opened your escrow period started. Loosely speaking 30 days after escrow opened it should close assuming everything went to plan including your financing. At the close of escrow after the county records the sale you get the home. The final walk through occurs within 5 days of close of escrow and is used to essentially verify the home is not trashed. Again if it is trashed it becomes complex but not unsolvable. Honestly though, I believe the hard part is getting a deal done and you are putting the cart well ahead of the horse.
Participantxbox –
I am a bit curious about the question if you do a short sale and they don’t move out what are your options…
In any transaction, short or not short, if the sellers have not vacated by the agreed upon date of occupancy for the new owner then yes you go through a standard eviction process, (notice to quit and unlawful detainer)… If they trash the place while you are in the process then you will need to try to sue for damages at a later date.
Again, I would not make this an exception case, short sale or no short sale your question about an uncooperative seller who retains occupancy after title has transferred to your name is independent of the type of sale.
As with any short sales you do not START ESCROW until the bank has received the paperwork and accepted the short sale offer. This will take anywhere from a few weeks to many months. The SELLER LIVES THERE while this occurs. If the bank does approve the sale THEN escrow opens, you send escrow your deposit, and you START your due diligence. When escrow opened your escrow period started. Loosely speaking 30 days after escrow opened it should close assuming everything went to plan including your financing. At the close of escrow after the county records the sale you get the home. The final walk through occurs within 5 days of close of escrow and is used to essentially verify the home is not trashed. Again if it is trashed it becomes complex but not unsolvable. Honestly though, I believe the hard part is getting a deal done and you are putting the cart well ahead of the horse.
Participantxbox –
I am a bit curious about the question if you do a short sale and they don’t move out what are your options…
In any transaction, short or not short, if the sellers have not vacated by the agreed upon date of occupancy for the new owner then yes you go through a standard eviction process, (notice to quit and unlawful detainer)… If they trash the place while you are in the process then you will need to try to sue for damages at a later date.
Again, I would not make this an exception case, short sale or no short sale your question about an uncooperative seller who retains occupancy after title has transferred to your name is independent of the type of sale.
As with any short sales you do not START ESCROW until the bank has received the paperwork and accepted the short sale offer. This will take anywhere from a few weeks to many months. The SELLER LIVES THERE while this occurs. If the bank does approve the sale THEN escrow opens, you send escrow your deposit, and you START your due diligence. When escrow opened your escrow period started. Loosely speaking 30 days after escrow opened it should close assuming everything went to plan including your financing. At the close of escrow after the county records the sale you get the home. The final walk through occurs within 5 days of close of escrow and is used to essentially verify the home is not trashed. Again if it is trashed it becomes complex but not unsolvable. Honestly though, I believe the hard part is getting a deal done and you are putting the cart well ahead of the horse.
Participantxbox there is definitely no harm in sending them an unsolicited request to purchase. I know people who have literally knocked on doors. I left a note for someone in scripps a year ago when I was looking. Many times the sellers are actually trying to do a loan mod either by themselves or using an attorney. If there is a NOD on it then yes any realtor can help you find the basic information. If you really want to arm yourself with alot more, go downtown and pull up all the records at the county recorders. There may be other liens, IRS and otherwise that will be useful for you to know about.
Personally I have never heard of a homeowner and a buyer working out a short sale with the lender in a FSBO type of manner. It may indeed be possible, you never know unless you try it. The first hurdle though is approaching the homeowner to see if they will entertain the idea.
Denial runs in many directions and many homeowners in deep trouble with lenders tend to deny the situation. Even when valid unsolicited offers come along they blow them off with some delusional attitude like they will be able to keep the home and everything will be alright.
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