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SD Realtor
ParticipantIt all depends on where you are looking Bane. No I don’t think we have reached a bottom anywhere. I posted about the possibility of seeing a jump in activity in the spring and many people I know have experienced the same frustrations you have. It is tough on buyers who are being selective.
Just remember that secular markets do not go straight down. The have minor rallies within the greater secular direction. I would not characterize what we are seeing as a huge rally, just that pricing of certain properties in certain areas is getting slurped up by demand. Although people hate to acknowledge it on this site, there still is demand at certain price levels for certain homes in various zip codes. Is it indicative of a bottom? In my mind it is not but it may form at least a temporary base for a few months or longer until inventory overtakes that demand.
SD Realtor
ParticipantIt all depends on where you are looking Bane. No I don’t think we have reached a bottom anywhere. I posted about the possibility of seeing a jump in activity in the spring and many people I know have experienced the same frustrations you have. It is tough on buyers who are being selective.
Just remember that secular markets do not go straight down. The have minor rallies within the greater secular direction. I would not characterize what we are seeing as a huge rally, just that pricing of certain properties in certain areas is getting slurped up by demand. Although people hate to acknowledge it on this site, there still is demand at certain price levels for certain homes in various zip codes. Is it indicative of a bottom? In my mind it is not but it may form at least a temporary base for a few months or longer until inventory overtakes that demand.
SD Realtor
ParticipantIf you post the property address I can look at it for you. Recall that the trustee sale price has nothing to do with the market price, in this case 550k verses 399k. They are orthogonal so don’t try to correlate them, all that means is that the home has depreciated significantly. Also the original sale of 450k is orthogonal to the 550k because the homeowner may have refinanced, got the home appraised at a higher value then the original 450k sales price and taken cash out.
SD Realtor
ParticipantIf you post the property address I can look at it for you. Recall that the trustee sale price has nothing to do with the market price, in this case 550k verses 399k. They are orthogonal so don’t try to correlate them, all that means is that the home has depreciated significantly. Also the original sale of 450k is orthogonal to the 550k because the homeowner may have refinanced, got the home appraised at a higher value then the original 450k sales price and taken cash out.
SD Realtor
ParticipantIf you post the property address I can look at it for you. Recall that the trustee sale price has nothing to do with the market price, in this case 550k verses 399k. They are orthogonal so don’t try to correlate them, all that means is that the home has depreciated significantly. Also the original sale of 450k is orthogonal to the 550k because the homeowner may have refinanced, got the home appraised at a higher value then the original 450k sales price and taken cash out.
SD Realtor
ParticipantIf you post the property address I can look at it for you. Recall that the trustee sale price has nothing to do with the market price, in this case 550k verses 399k. They are orthogonal so don’t try to correlate them, all that means is that the home has depreciated significantly. Also the original sale of 450k is orthogonal to the 550k because the homeowner may have refinanced, got the home appraised at a higher value then the original 450k sales price and taken cash out.
SD Realtor
ParticipantIf you post the property address I can look at it for you. Recall that the trustee sale price has nothing to do with the market price, in this case 550k verses 399k. They are orthogonal so don’t try to correlate them, all that means is that the home has depreciated significantly. Also the original sale of 450k is orthogonal to the 550k because the homeowner may have refinanced, got the home appraised at a higher value then the original 450k sales price and taken cash out.
SD Realtor
ParticipantYou are pretty much on target Diego.
pencilneck when there is a transfer of title that is recorded, such as a trustee sale it will be recorded and that is what you see on the tax roll. The values you see are not made up.
ParticipantYou are pretty much on target Diego.
pencilneck when there is a transfer of title that is recorded, such as a trustee sale it will be recorded and that is what you see on the tax roll. The values you see are not made up.
ParticipantYou are pretty much on target Diego.
pencilneck when there is a transfer of title that is recorded, such as a trustee sale it will be recorded and that is what you see on the tax roll. The values you see are not made up.
ParticipantYou are pretty much on target Diego.
pencilneck when there is a transfer of title that is recorded, such as a trustee sale it will be recorded and that is what you see on the tax roll. The values you see are not made up.
ParticipantYou are pretty much on target Diego.
pencilneck when there is a transfer of title that is recorded, such as a trustee sale it will be recorded and that is what you see on the tax roll. The values you see are not made up.
ParticipantNesposito you have characterized the overall process very well. It is just a long haul to get through the ordeal. It is very frustrating as well with respect to lending. I actually advise people to not even bother locking in a rate until the short sale is approved by the lender. If the approval takes a long time and rates have shot up in that timeframe then that is the way it goes but by the same token, if rates do shoot up then that will put more pressure on pricing overall so maybe something better will come along.
It does help immensely if your buyers agent is savy at the process… Unfortunately though, the odds of your short sale getting through are really weighted by the listing agent of the home. Even in that arena the listing agent is at the mercy of the lender. Through the process the listing agent may get passed around to several people through loan workout, loss mitigation, and other departments at the lender. Once they reach the nirvana of the closing desk then they are home free…. It really takes ALOT of energy from the listing agent, to continue to hound the lender yet not piss them off at the same time. Meanwhile here you are Joe Buyer waiting for what generally amounts to a few months but you can and should keep looking. Again, I would not lock in a rate, just keep a wary eye on where they are at. Then if/when the offer is approved, you get that lien release letter from the short sale lender, send it to your lender and lock that darn rate in.
SD Realtor
ParticipantNesposito you have characterized the overall process very well. It is just a long haul to get through the ordeal. It is very frustrating as well with respect to lending. I actually advise people to not even bother locking in a rate until the short sale is approved by the lender. If the approval takes a long time and rates have shot up in that timeframe then that is the way it goes but by the same token, if rates do shoot up then that will put more pressure on pricing overall so maybe something better will come along.
It does help immensely if your buyers agent is savy at the process… Unfortunately though, the odds of your short sale getting through are really weighted by the listing agent of the home. Even in that arena the listing agent is at the mercy of the lender. Through the process the listing agent may get passed around to several people through loan workout, loss mitigation, and other departments at the lender. Once they reach the nirvana of the closing desk then they are home free…. It really takes ALOT of energy from the listing agent, to continue to hound the lender yet not piss them off at the same time. Meanwhile here you are Joe Buyer waiting for what generally amounts to a few months but you can and should keep looking. Again, I would not lock in a rate, just keep a wary eye on where they are at. Then if/when the offer is approved, you get that lien release letter from the short sale lender, send it to your lender and lock that darn rate in.
SD Realtor
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