[SD Realtor]

I have commented on this before and will do it again. If you are looking for a price point that fits your budget, then picking a number and looking for it, is the way to go.

Make no mistake though, the price at which we bottom out (anywhere including my home base of Scripps) will have nothing to do with my budget, or any of your budgets. It will not have to do with 2001, 2002, or 1999. It will have to do with indicators such as volume, such as foreclosures, such as interest rates, active/pending ratios, etc…These indicators will tell you where we are in the depreciation cycle. The median price of the home you want at the time when those indicators are signaling that the depreciation cycle is slowing down may or may not have reached your personal threshold. You guys see what I am saying? These other metrics will help you make sure you didn’t go in to early and that maybe you don’t miss the bottom either.

Now the only thing that I worry about is a false bottom. That is, in 2009,2010, or 2011 we MAY indeed see alot of these indicators signal a significant move such that the depreciation cycle may appear to be ending. However the second wave of resets for prime properties or something of that nature may then come in and who knows, maybe we have another shot downward after a year or two of calm. This may be paranoia on my part. I don’t know…. I just cringe every time I read people saying things like, “what price point do you think is the bottom, or where would you buy at?”

Finally, this afternoon I saw a black car driving up I15 with a license plate that said sd bear!

bear was that you?

[SD Realtor]

I have commented on this before and will do it again. If you are looking for a price point that fits your budget, then picking a number and looking for it, is the way to go.

Make no mistake though, the price at which we bottom out (anywhere including my home base of Scripps) will have nothing to do with my budget, or any of your budgets. It will not have to do with 2001, 2002, or 1999. It will have to do with indicators such as volume, such as foreclosures, such as interest rates, active/pending ratios, etc…These indicators will tell you where we are in the depreciation cycle. The median price of the home you want at the time when those indicators are signaling that the depreciation cycle is slowing down may or may not have reached your personal threshold. You guys see what I am saying? These other metrics will help you make sure you didn’t go in to early and that maybe you don’t miss the bottom either.

Now the only thing that I worry about is a false bottom. That is, in 2009,2010, or 2011 we MAY indeed see alot of these indicators signal a significant move such that the depreciation cycle may appear to be ending. However the second wave of resets for prime properties or something of that nature may then come in and who knows, maybe we have another shot downward after a year or two of calm. This may be paranoia on my part. I don’t know…. I just cringe every time I read people saying things like, “what price point do you think is the bottom, or where would you buy at?”

Finally, this afternoon I saw a black car driving up I15 with a license plate that said sd bear!

bear was that you?

[SD Realtor]

I have commented on this before and will do it again. If you are looking for a price point that fits your budget, then picking a number and looking for it, is the way to go.

Make no mistake though, the price at which we bottom out (anywhere including my home base of Scripps) will have nothing to do with my budget, or any of your budgets. It will not have to do with 2001, 2002, or 1999. It will have to do with indicators such as volume, such as foreclosures, such as interest rates, active/pending ratios, etc…These indicators will tell you where we are in the depreciation cycle. The median price of the home you want at the time when those indicators are signaling that the depreciation cycle is slowing down may or may not have reached your personal threshold. You guys see what I am saying? These other metrics will help you make sure you didn’t go in to early and that maybe you don’t miss the bottom either.

Now the only thing that I worry about is a false bottom. That is, in 2009,2010, or 2011 we MAY indeed see alot of these indicators signal a significant move such that the depreciation cycle may appear to be ending. However the second wave of resets for prime properties or something of that nature may then come in and who knows, maybe we have another shot downward after a year or two of calm. This may be paranoia on my part. I don’t know…. I just cringe every time I read people saying things like, “what price point do you think is the bottom, or where would you buy at?”

Finally, this afternoon I saw a black car driving up I15 with a license plate that said sd bear!

bear was that you?

[SD Realtor]

In and of itself the short sale singular transaction for the buyers agent is not a chore. Unfortunately because of the timescales involved a single buyers agent may submit anywhere from 1 to (insert a number) of offers on short sales for a single buyer. Thus the chore is in the volume, not really a single transaction. Sorry for not spelling that out correctly in the above post.

Also people who tend to submit alot of offers on properties simply because of pricing are also those who tend to have escrows that crash and burn. That is, they focus on the price price price price rather then buying the home for the correct reason which is buy a home you love. If you love it but cannot afford then you shouldn’t buy it. Unfortunately some people get caught up with a mentality of well let’s just offer offer offer and whatever gets accepted, then we will get picky about it and if it doesn’t cut the mustard then we will bail. You kind of see what I am saying?

Every buyer is different and I am not trying to generalize to much but this seems to be my personal experience over the past year.

I can indeed see why the agent that was posted about acted in the manner they did but still, I don’t agree with the behavior. I guess that agent is busy enough where they can pick and choose the business which is good for them.

************

sd-maybe having a clause about a right to rescind the offer is something that is good to have. However I don’t recommend any special nomenclature because as a buyer in the state of California you already have so many “outs” that it really is not necessary. Also you don’t want to have any implications to the lender that you are not REALLY interested in the home. Let them think you are in love 100% with this home and have no intent on bailing out or submitting other offers. Then if they do accept and you fell in love with another you can simply give them a dear John letter.

SD Realtor

[SD Realtor]

In and of itself the short sale singular transaction for the buyers agent is not a chore. Unfortunately because of the timescales involved a single buyers agent may submit anywhere from 1 to (insert a number) of offers on short sales for a single buyer. Thus the chore is in the volume, not really a single transaction. Sorry for not spelling that out correctly in the above post.

Also people who tend to submit alot of offers on properties simply because of pricing are also those who tend to have escrows that crash and burn. That is, they focus on the price price price price rather then buying the home for the correct reason which is buy a home you love. If you love it but cannot afford then you shouldn’t buy it. Unfortunately some people get caught up with a mentality of well let’s just offer offer offer and whatever gets accepted, then we will get picky about it and if it doesn’t cut the mustard then we will bail. You kind of see what I am saying?

Every buyer is different and I am not trying to generalize to much but this seems to be my personal experience over the past year.

I can indeed see why the agent that was posted about acted in the manner they did but still, I don’t agree with the behavior. I guess that agent is busy enough where they can pick and choose the business which is good for them.

************

sd-maybe having a clause about a right to rescind the offer is something that is good to have. However I don’t recommend any special nomenclature because as a buyer in the state of California you already have so many “outs” that it really is not necessary. Also you don’t want to have any implications to the lender that you are not REALLY interested in the home. Let them think you are in love 100% with this home and have no intent on bailing out or submitting other offers. Then if they do accept and you fell in love with another you can simply give them a dear John letter.

SD Realtor

[SD Realtor]

In and of itself the short sale singular transaction for the buyers agent is not a chore. Unfortunately because of the timescales involved a single buyers agent may submit anywhere from 1 to (insert a number) of offers on short sales for a single buyer. Thus the chore is in the volume, not really a single transaction. Sorry for not spelling that out correctly in the above post.

Also people who tend to submit alot of offers on properties simply because of pricing are also those who tend to have escrows that crash and burn. That is, they focus on the price price price price rather then buying the home for the correct reason which is buy a home you love. If you love it but cannot afford then you shouldn’t buy it. Unfortunately some people get caught up with a mentality of well let’s just offer offer offer and whatever gets accepted, then we will get picky about it and if it doesn’t cut the mustard then we will bail. You kind of see what I am saying?

Every buyer is different and I am not trying to generalize to much but this seems to be my personal experience over the past year.

I can indeed see why the agent that was posted about acted in the manner they did but still, I don’t agree with the behavior. I guess that agent is busy enough where they can pick and choose the business which is good for them.

************

sd-maybe having a clause about a right to rescind the offer is something that is good to have. However I don’t recommend any special nomenclature because as a buyer in the state of California you already have so many “outs” that it really is not necessary. Also you don’t want to have any implications to the lender that you are not REALLY interested in the home. Let them think you are in love 100% with this home and have no intent on bailing out or submitting other offers. Then if they do accept and you fell in love with another you can simply give them a dear John letter.

SD Realtor

[SD Realtor]

In and of itself the short sale singular transaction for the buyers agent is not a chore. Unfortunately because of the timescales involved a single buyers agent may submit anywhere from 1 to (insert a number) of offers on short sales for a single buyer. Thus the chore is in the volume, not really a single transaction. Sorry for not spelling that out correctly in the above post.

Also people who tend to submit alot of offers on properties simply because of pricing are also those who tend to have escrows that crash and burn. That is, they focus on the price price price price rather then buying the home for the correct reason which is buy a home you love. If you love it but cannot afford then you shouldn’t buy it. Unfortunately some people get caught up with a mentality of well let’s just offer offer offer and whatever gets accepted, then we will get picky about it and if it doesn’t cut the mustard then we will bail. You kind of see what I am saying?

Every buyer is different and I am not trying to generalize to much but this seems to be my personal experience over the past year.

I can indeed see why the agent that was posted about acted in the manner they did but still, I don’t agree with the behavior. I guess that agent is busy enough where they can pick and choose the business which is good for them.

************

sd-maybe having a clause about a right to rescind the offer is something that is good to have. However I don’t recommend any special nomenclature because as a buyer in the state of California you already have so many “outs” that it really is not necessary. Also you don’t want to have any implications to the lender that you are not REALLY interested in the home. Let them think you are in love 100% with this home and have no intent on bailing out or submitting other offers. Then if they do accept and you fell in love with another you can simply give them a dear John letter.

SD Realtor

[SD Realtor]

In and of itself the short sale singular transaction for the buyers agent is not a chore. Unfortunately because of the timescales involved a single buyers agent may submit anywhere from 1 to (insert a number) of offers on short sales for a single buyer. Thus the chore is in the volume, not really a single transaction. Sorry for not spelling that out correctly in the above post.

Also people who tend to submit alot of offers on properties simply because of pricing are also those who tend to have escrows that crash and burn. That is, they focus on the price price price price rather then buying the home for the correct reason which is buy a home you love. If you love it but cannot afford then you shouldn’t buy it. Unfortunately some people get caught up with a mentality of well let’s just offer offer offer and whatever gets accepted, then we will get picky about it and if it doesn’t cut the mustard then we will bail. You kind of see what I am saying?

Every buyer is different and I am not trying to generalize to much but this seems to be my personal experience over the past year.

I can indeed see why the agent that was posted about acted in the manner they did but still, I don’t agree with the behavior. I guess that agent is busy enough where they can pick and choose the business which is good for them.

************

sd-maybe having a clause about a right to rescind the offer is something that is good to have. However I don’t recommend any special nomenclature because as a buyer in the state of California you already have so many “outs” that it really is not necessary. Also you don’t want to have any implications to the lender that you are not REALLY interested in the home. Let them think you are in love 100% with this home and have no intent on bailing out or submitting other offers. Then if they do accept and you fell in love with another you can simply give them a dear John letter.

SD Realtor

[SD Realtor]

sd-maybe the process is pretty open ended. People that do it alot usually get the procedure down pretty well after a few times. Initially a person new to the process will have me submit several lowballs, maybe after the 5th or 6th time they get a little tired of signing the documentation and I recommend to them that perhaps we give the listing agent a call prior to writing it up just to feel out them out. Alot of times the seller has less or little say in the matter and it is all up to the bank.

Unfortunately you may be correct about the listing agent giving a false impression to the seller but you as a buyer and me as an agent representing a buyer really has no recourse. There is nothing that can be done except to kindly say, “Okay thanks for giving me the information and I will call ya back in a few months to see if your seller has changed his mind.”

You cannot get emotional about any transaction.

SD Realtor

[SD Realtor]

sd-maybe the process is pretty open ended. People that do it alot usually get the procedure down pretty well after a few times. Initially a person new to the process will have me submit several lowballs, maybe after the 5th or 6th time they get a little tired of signing the documentation and I recommend to them that perhaps we give the listing agent a call prior to writing it up just to feel out them out. Alot of times the seller has less or little say in the matter and it is all up to the bank.

Unfortunately you may be correct about the listing agent giving a false impression to the seller but you as a buyer and me as an agent representing a buyer really has no recourse. There is nothing that can be done except to kindly say, “Okay thanks for giving me the information and I will call ya back in a few months to see if your seller has changed his mind.”

You cannot get emotional about any transaction.

SD Realtor

[SD Realtor]

sd-maybe the process is pretty open ended. People that do it alot usually get the procedure down pretty well after a few times. Initially a person new to the process will have me submit several lowballs, maybe after the 5th or 6th time they get a little tired of signing the documentation and I recommend to them that perhaps we give the listing agent a call prior to writing it up just to feel out them out. Alot of times the seller has less or little say in the matter and it is all up to the bank.

Unfortunately you may be correct about the listing agent giving a false impression to the seller but you as a buyer and me as an agent representing a buyer really has no recourse. There is nothing that can be done except to kindly say, “Okay thanks for giving me the information and I will call ya back in a few months to see if your seller has changed his mind.”

You cannot get emotional about any transaction.

SD Realtor

[SD Realtor]

sd-maybe the process is pretty open ended. People that do it alot usually get the procedure down pretty well after a few times. Initially a person new to the process will have me submit several lowballs, maybe after the 5th or 6th time they get a little tired of signing the documentation and I recommend to them that perhaps we give the listing agent a call prior to writing it up just to feel out them out. Alot of times the seller has less or little say in the matter and it is all up to the bank.

Unfortunately you may be correct about the listing agent giving a false impression to the seller but you as a buyer and me as an agent representing a buyer really has no recourse. There is nothing that can be done except to kindly say, “Okay thanks for giving me the information and I will call ya back in a few months to see if your seller has changed his mind.”

You cannot get emotional about any transaction.

SD Realtor

[SD Realtor]

sd-maybe the process is pretty open ended. People that do it alot usually get the procedure down pretty well after a few times. Initially a person new to the process will have me submit several lowballs, maybe after the 5th or 6th time they get a little tired of signing the documentation and I recommend to them that perhaps we give the listing agent a call prior to writing it up just to feel out them out. Alot of times the seller has less or little say in the matter and it is all up to the bank.

Unfortunately you may be correct about the listing agent giving a false impression to the seller but you as a buyer and me as an agent representing a buyer really has no recourse. There is nothing that can be done except to kindly say, “Okay thanks for giving me the information and I will call ya back in a few months to see if your seller has changed his mind.”

You cannot get emotional about any transaction.

SD Realtor

[SD Realtor]

For an agent to shun working on any transaction is pretty lame imo. Short sales are a chore but to say that none of them go through is a lie. They are a pain in the butt and take a long time but you will save money, maybe big money if you punt and find an agent that will work for you not against you. Also many short sales result in smaller commissions so that may also inhibit agents.

SD Realtor

[SD Realtor]

For an agent to shun working on any transaction is pretty lame imo. Short sales are a chore but to say that none of them go through is a lie. They are a pain in the butt and take a long time but you will save money, maybe big money if you punt and find an agent that will work for you not against you. Also many short sales result in smaller commissions so that may also inhibit agents.

SD Realtor

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