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SD Realtor
ParticipantThe banks have already been able to cope with dribbling out defaults. The question is not whether there are still more foreclosures to come. We already know that there are alot of foreclosures and short sales still in the pipe, more then likely a few more years worth.
It should be painfully apparent that distress will not crash the market as the powers that be have a come up with a strategy to deal with that issue. Relying on that to bring your pricing down is a poor strategy.
ParticipantThe banks have already been able to cope with dribbling out defaults. The question is not whether there are still more foreclosures to come. We already know that there are alot of foreclosures and short sales still in the pipe, more then likely a few more years worth.
It should be painfully apparent that distress will not crash the market as the powers that be have a come up with a strategy to deal with that issue. Relying on that to bring your pricing down is a poor strategy.
ParticipantThe banks have already been able to cope with dribbling out defaults. The question is not whether there are still more foreclosures to come. We already know that there are alot of foreclosures and short sales still in the pipe, more then likely a few more years worth.
It should be painfully apparent that distress will not crash the market as the powers that be have a come up with a strategy to deal with that issue. Relying on that to bring your pricing down is a poor strategy.
ParticipantI would agree with ocr. You missed the bottom by about 2 years. No we are not close to a bottom. You will need to wait for interest rates to start to run up again which will take awhile. If you can hit mid 500s for something decent then you will do well. When long term mortgage rates run up past 6 or 7% then prices will reduce slowly. That may take awhile though.
ParticipantI would agree with ocr. You missed the bottom by about 2 years. No we are not close to a bottom. You will need to wait for interest rates to start to run up again which will take awhile. If you can hit mid 500s for something decent then you will do well. When long term mortgage rates run up past 6 or 7% then prices will reduce slowly. That may take awhile though.
ParticipantI would agree with ocr. You missed the bottom by about 2 years. No we are not close to a bottom. You will need to wait for interest rates to start to run up again which will take awhile. If you can hit mid 500s for something decent then you will do well. When long term mortgage rates run up past 6 or 7% then prices will reduce slowly. That may take awhile though.
ParticipantI would agree with ocr. You missed the bottom by about 2 years. No we are not close to a bottom. You will need to wait for interest rates to start to run up again which will take awhile. If you can hit mid 500s for something decent then you will do well. When long term mortgage rates run up past 6 or 7% then prices will reduce slowly. That may take awhile though.
ParticipantI would agree with ocr. You missed the bottom by about 2 years. No we are not close to a bottom. You will need to wait for interest rates to start to run up again which will take awhile. If you can hit mid 500s for something decent then you will do well. When long term mortgage rates run up past 6 or 7% then prices will reduce slowly. That may take awhile though.
ParticipantCall your realtor and explain the situation and see what they say. At the very least you will need to reimburse the buyers for any expense they have undertaken, (inspections, costs for financing etc). Similarly if they have already made moving plans and cancelled leases and other things, then it would appear (and I am not an attorney so take this only as an uninformed opinion) that you could be responsible for costs associated with that as well. Again, check with an attorney.
Finally there are other possible legal ramifications (specific performance) comes to mind but it would be hard to say if that is applicable here.
Why are you changing your mind 2 weeks from close of escrow? I guess it doesn’t matter but it is curious. Anyways talking to people on here will not hurt but the longer you wait the worse it will get so call your realtor and ask them.
ParticipantCall your realtor and explain the situation and see what they say. At the very least you will need to reimburse the buyers for any expense they have undertaken, (inspections, costs for financing etc). Similarly if they have already made moving plans and cancelled leases and other things, then it would appear (and I am not an attorney so take this only as an uninformed opinion) that you could be responsible for costs associated with that as well. Again, check with an attorney.
Finally there are other possible legal ramifications (specific performance) comes to mind but it would be hard to say if that is applicable here.
Why are you changing your mind 2 weeks from close of escrow? I guess it doesn’t matter but it is curious. Anyways talking to people on here will not hurt but the longer you wait the worse it will get so call your realtor and ask them.
ParticipantCall your realtor and explain the situation and see what they say. At the very least you will need to reimburse the buyers for any expense they have undertaken, (inspections, costs for financing etc). Similarly if they have already made moving plans and cancelled leases and other things, then it would appear (and I am not an attorney so take this only as an uninformed opinion) that you could be responsible for costs associated with that as well. Again, check with an attorney.
Finally there are other possible legal ramifications (specific performance) comes to mind but it would be hard to say if that is applicable here.
Why are you changing your mind 2 weeks from close of escrow? I guess it doesn’t matter but it is curious. Anyways talking to people on here will not hurt but the longer you wait the worse it will get so call your realtor and ask them.
ParticipantCall your realtor and explain the situation and see what they say. At the very least you will need to reimburse the buyers for any expense they have undertaken, (inspections, costs for financing etc). Similarly if they have already made moving plans and cancelled leases and other things, then it would appear (and I am not an attorney so take this only as an uninformed opinion) that you could be responsible for costs associated with that as well. Again, check with an attorney.
Finally there are other possible legal ramifications (specific performance) comes to mind but it would be hard to say if that is applicable here.
Why are you changing your mind 2 weeks from close of escrow? I guess it doesn’t matter but it is curious. Anyways talking to people on here will not hurt but the longer you wait the worse it will get so call your realtor and ask them.
ParticipantCall your realtor and explain the situation and see what they say. At the very least you will need to reimburse the buyers for any expense they have undertaken, (inspections, costs for financing etc). Similarly if they have already made moving plans and cancelled leases and other things, then it would appear (and I am not an attorney so take this only as an uninformed opinion) that you could be responsible for costs associated with that as well. Again, check with an attorney.
Finally there are other possible legal ramifications (specific performance) comes to mind but it would be hard to say if that is applicable here.
Why are you changing your mind 2 weeks from close of escrow? I guess it doesn’t matter but it is curious. Anyways talking to people on here will not hurt but the longer you wait the worse it will get so call your realtor and ask them.
ParticipantYes any trustee sale that will make the experts money will always get scooped up by investors. Seems like an exercise in frustrationtrying to find “irregular” transactions.
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