Forum Replies Created
-
AuthorPosts
-
SD Realtor
ParticipantParticipantParticipantWay more then quite possible. Mostly probable is a better description. It will mostly work out per the plan that will be discussed on April 9th. A new loan will be created based on the current value of the home. The FHA will insure the new loan. The old loan will be wiped out and the bank will take the write down. What is not being discussed publicly is that the government will more then likely “make sure” the banks do not go under do to the write downs. I would presume the new loan gets taken on by either one of the GSEs or some other entity.
Can you say presto?
Soon it may not be much use to look at loan reset charts.
SD Realtor
ParticipantWay more then quite possible. Mostly probable is a better description. It will mostly work out per the plan that will be discussed on April 9th. A new loan will be created based on the current value of the home. The FHA will insure the new loan. The old loan will be wiped out and the bank will take the write down. What is not being discussed publicly is that the government will more then likely “make sure” the banks do not go under do to the write downs. I would presume the new loan gets taken on by either one of the GSEs or some other entity.
Can you say presto?
Soon it may not be much use to look at loan reset charts.
SD Realtor
ParticipantWay more then quite possible. Mostly probable is a better description. It will mostly work out per the plan that will be discussed on April 9th. A new loan will be created based on the current value of the home. The FHA will insure the new loan. The old loan will be wiped out and the bank will take the write down. What is not being discussed publicly is that the government will more then likely “make sure” the banks do not go under do to the write downs. I would presume the new loan gets taken on by either one of the GSEs or some other entity.
Can you say presto?
Soon it may not be much use to look at loan reset charts.
SD Realtor
ParticipantWay more then quite possible. Mostly probable is a better description. It will mostly work out per the plan that will be discussed on April 9th. A new loan will be created based on the current value of the home. The FHA will insure the new loan. The old loan will be wiped out and the bank will take the write down. What is not being discussed publicly is that the government will more then likely “make sure” the banks do not go under do to the write downs. I would presume the new loan gets taken on by either one of the GSEs or some other entity.
Can you say presto?
Soon it may not be much use to look at loan reset charts.
SD Realtor
ParticipantWay more then quite possible. Mostly probable is a better description. It will mostly work out per the plan that will be discussed on April 9th. A new loan will be created based on the current value of the home. The FHA will insure the new loan. The old loan will be wiped out and the bank will take the write down. What is not being discussed publicly is that the government will more then likely “make sure” the banks do not go under do to the write downs. I would presume the new loan gets taken on by either one of the GSEs or some other entity.
Can you say presto?
Soon it may not be much use to look at loan reset charts.
SD Realtor
ParticipantSandi, it very well could have happened. I was up at 4S two weeks ago with some clients and we tried negotiating and got shut down pretty hard. The best opportunities when you deal with the builders is to try to find something that has dropped out of escrow and is REALLY close to closing. You may even get them to budge. Otherwise I have had a hard time getting much out of them. You can get concessions with regards to upgrades and such, but getting the pricing adjusted is tougher. However if someone got the builder to go significantly lower then more power to them!
SD Realtor
ParticipantSandi, it very well could have happened. I was up at 4S two weeks ago with some clients and we tried negotiating and got shut down pretty hard. The best opportunities when you deal with the builders is to try to find something that has dropped out of escrow and is REALLY close to closing. You may even get them to budge. Otherwise I have had a hard time getting much out of them. You can get concessions with regards to upgrades and such, but getting the pricing adjusted is tougher. However if someone got the builder to go significantly lower then more power to them!
SD Realtor
ParticipantSandi, it very well could have happened. I was up at 4S two weeks ago with some clients and we tried negotiating and got shut down pretty hard. The best opportunities when you deal with the builders is to try to find something that has dropped out of escrow and is REALLY close to closing. You may even get them to budge. Otherwise I have had a hard time getting much out of them. You can get concessions with regards to upgrades and such, but getting the pricing adjusted is tougher. However if someone got the builder to go significantly lower then more power to them!
SD Realtor
ParticipantSandi, it very well could have happened. I was up at 4S two weeks ago with some clients and we tried negotiating and got shut down pretty hard. The best opportunities when you deal with the builders is to try to find something that has dropped out of escrow and is REALLY close to closing. You may even get them to budge. Otherwise I have had a hard time getting much out of them. You can get concessions with regards to upgrades and such, but getting the pricing adjusted is tougher. However if someone got the builder to go significantly lower then more power to them!
SD Realtor
ParticipantSandi, it very well could have happened. I was up at 4S two weeks ago with some clients and we tried negotiating and got shut down pretty hard. The best opportunities when you deal with the builders is to try to find something that has dropped out of escrow and is REALLY close to closing. You may even get them to budge. Otherwise I have had a hard time getting much out of them. You can get concessions with regards to upgrades and such, but getting the pricing adjusted is tougher. However if someone got the builder to go significantly lower then more power to them!
SD Realtor
ParticipantNeophyte there is absolutely nothing wrong with attending the trustee sale and learning how the process runs. Just remember, you are swimming with the sharks. There are more then a few experts who have made ALOT of money attending trustee sales and procurring property. These guys do the homework and have pretty strong resources to make sure that they are not buying a turd. Even with that, every now and then they get stuck with a turd anyways.
So the reality is, if you are very serious about the process, you should attend them, see how they work and check it out. Like anything else, you CAN find a good deal, but it is not like, okay I will find a home, get it at the trustee sale and walk away with a bargain.
Real professionals find homes in distress, contact the owners, and try to get the home before it goes to auction. Again, it is alot of legwork, alot of time and energy but that is where bargains are had. You can learn about the home, check it out, get inspections done, etc… You pick and choose homes that have decent equity… yada yada… Again, it takes more work then just saying I am gonna go to a trustee sale and find the home. However if you are serious about it, then yeah you may find a good bargain. Just don’t limit yourself to going to the auctions.
SD Realtor
ParticipantNeophyte there is absolutely nothing wrong with attending the trustee sale and learning how the process runs. Just remember, you are swimming with the sharks. There are more then a few experts who have made ALOT of money attending trustee sales and procurring property. These guys do the homework and have pretty strong resources to make sure that they are not buying a turd. Even with that, every now and then they get stuck with a turd anyways.
So the reality is, if you are very serious about the process, you should attend them, see how they work and check it out. Like anything else, you CAN find a good deal, but it is not like, okay I will find a home, get it at the trustee sale and walk away with a bargain.
Real professionals find homes in distress, contact the owners, and try to get the home before it goes to auction. Again, it is alot of legwork, alot of time and energy but that is where bargains are had. You can learn about the home, check it out, get inspections done, etc… You pick and choose homes that have decent equity… yada yada… Again, it takes more work then just saying I am gonna go to a trustee sale and find the home. However if you are serious about it, then yeah you may find a good bargain. Just don’t limit yourself to going to the auctions.
SD Realtor
-
AuthorPosts
