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sdrealtor
ParticipantThe “Life is Short” argument didnt cause these problems. Far from it. What caused this problems is the “Money is Free and Easy” argument.
As for me benefiting from RE transactions, I just realized something (over a nice big glass of Cabernet and a block of aged Gouda) after entering another closed sale in the MLS. No one on this board does anything that helps me (save helping me maintain my sanity) and I’m doing more to help you all than most anyone on this board. Everytime I close another of my short sale listings I pull the comps down another 3 to 5% in whatever hood I’m working in.
You’re welcome………
ParticipantThe “Life is Short” argument didnt cause these problems. Far from it. What caused this problems is the “Money is Free and Easy” argument.
As for me benefiting from RE transactions, I just realized something (over a nice big glass of Cabernet and a block of aged Gouda) after entering another closed sale in the MLS. No one on this board does anything that helps me (save helping me maintain my sanity) and I’m doing more to help you all than most anyone on this board. Everytime I close another of my short sale listings I pull the comps down another 3 to 5% in whatever hood I’m working in.
You’re welcome………
ParticipantThe “Life is Short” argument didnt cause these problems. Far from it. What caused this problems is the “Money is Free and Easy” argument.
As for me benefiting from RE transactions, I just realized something (over a nice big glass of Cabernet and a block of aged Gouda) after entering another closed sale in the MLS. No one on this board does anything that helps me (save helping me maintain my sanity) and I’m doing more to help you all than most anyone on this board. Everytime I close another of my short sale listings I pull the comps down another 3 to 5% in whatever hood I’m working in.
You’re welcome………
ParticipantThe “Life is Short” argument didnt cause these problems. Far from it. What caused this problems is the “Money is Free and Easy” argument.
As for me benefiting from RE transactions, I just realized something (over a nice big glass of Cabernet and a block of aged Gouda) after entering another closed sale in the MLS. No one on this board does anything that helps me (save helping me maintain my sanity) and I’m doing more to help you all than most anyone on this board. Everytime I close another of my short sale listings I pull the comps down another 3 to 5% in whatever hood I’m working in.
You’re welcome………
ParticipantThe “Life is Short” argument didnt cause these problems. Far from it. What caused this problems is the “Money is Free and Easy” argument.
As for me benefiting from RE transactions, I just realized something (over a nice big glass of Cabernet and a block of aged Gouda) after entering another closed sale in the MLS. No one on this board does anything that helps me (save helping me maintain my sanity) and I’m doing more to help you all than most anyone on this board. Everytime I close another of my short sale listings I pull the comps down another 3 to 5% in whatever hood I’m working in.
You’re welcome………
ParticipantNot magic but rather hard work. There are no rules and through hard work you find the exceptions. Last year I found a probate sale in Encinitas on a great townhome. It was in late December and everyone else was cowering in the corner. We got an acceptance at 285K and them my buyer join the cowering crowd in the corner and someone else picked it up for 300K. In March it could have easily sold for 375K. One year later it still would easily sell for 325 to 350K. I cant imagine it ever dropping below 250K. It was a moment in time that I caught and my buyer dropped. There really isnt another property like this one so no amount of magic can work better later. No magic there.
To answer yuour question as to the percentage, I’d make a wild assed guess that it would be 1 or 2% if not less that can be bought at great prices and are what most buyers actually want. Good luck finding one.It aint e-z.
ParticipantNot magic but rather hard work. There are no rules and through hard work you find the exceptions. Last year I found a probate sale in Encinitas on a great townhome. It was in late December and everyone else was cowering in the corner. We got an acceptance at 285K and them my buyer join the cowering crowd in the corner and someone else picked it up for 300K. In March it could have easily sold for 375K. One year later it still would easily sell for 325 to 350K. I cant imagine it ever dropping below 250K. It was a moment in time that I caught and my buyer dropped. There really isnt another property like this one so no amount of magic can work better later. No magic there.
To answer yuour question as to the percentage, I’d make a wild assed guess that it would be 1 or 2% if not less that can be bought at great prices and are what most buyers actually want. Good luck finding one.It aint e-z.
ParticipantNot magic but rather hard work. There are no rules and through hard work you find the exceptions. Last year I found a probate sale in Encinitas on a great townhome. It was in late December and everyone else was cowering in the corner. We got an acceptance at 285K and them my buyer join the cowering crowd in the corner and someone else picked it up for 300K. In March it could have easily sold for 375K. One year later it still would easily sell for 325 to 350K. I cant imagine it ever dropping below 250K. It was a moment in time that I caught and my buyer dropped. There really isnt another property like this one so no amount of magic can work better later. No magic there.
To answer yuour question as to the percentage, I’d make a wild assed guess that it would be 1 or 2% if not less that can be bought at great prices and are what most buyers actually want. Good luck finding one.It aint e-z.
ParticipantNot magic but rather hard work. There are no rules and through hard work you find the exceptions. Last year I found a probate sale in Encinitas on a great townhome. It was in late December and everyone else was cowering in the corner. We got an acceptance at 285K and them my buyer join the cowering crowd in the corner and someone else picked it up for 300K. In March it could have easily sold for 375K. One year later it still would easily sell for 325 to 350K. I cant imagine it ever dropping below 250K. It was a moment in time that I caught and my buyer dropped. There really isnt another property like this one so no amount of magic can work better later. No magic there.
To answer yuour question as to the percentage, I’d make a wild assed guess that it would be 1 or 2% if not less that can be bought at great prices and are what most buyers actually want. Good luck finding one.It aint e-z.
ParticipantNot magic but rather hard work. There are no rules and through hard work you find the exceptions. Last year I found a probate sale in Encinitas on a great townhome. It was in late December and everyone else was cowering in the corner. We got an acceptance at 285K and them my buyer join the cowering crowd in the corner and someone else picked it up for 300K. In March it could have easily sold for 375K. One year later it still would easily sell for 325 to 350K. I cant imagine it ever dropping below 250K. It was a moment in time that I caught and my buyer dropped. There really isnt another property like this one so no amount of magic can work better later. No magic there.
To answer yuour question as to the percentage, I’d make a wild assed guess that it would be 1 or 2% if not less that can be bought at great prices and are what most buyers actually want. Good luck finding one.It aint e-z.
January 5, 2009 at 7:10 PM in reply to: Chances of buying an REO or short-sale without 20% down? #324426ParticipantI handle a lot of short sales and the single most important thing I look for is an agent that stays in touch with me regulalrly during the approval process. In the typical short sale, I submit an offer to a lender I think will get approved AND that I beleive is at a price I can replicate. If some lunatic buyer submits a crazy high offer, I dont want to submit that one because if approved I then have to find another fool who can do the same. I’d much rather get an approval at a reasonable price and then go back to fool after I have the approval to see if they are still there.
In most cases, buyer #1 is gone and I have an approved short sale without a buyer. I then get to pick who gets the house in most cases among a handful of buyers who are still interested. Sometimes, I have a buyer that will pay more than the approval amount, sometimes I have to go back to the group and say here’s the price, who wants it and sometimes I have to bring a lower offer.
Regardless, the agent that has stayed in touch through the 30 to 60 days it takes me to get the approval stands the best chance of getting the house for their buyer.
January 5, 2009 at 7:10 PM in reply to: Chances of buying an REO or short-sale without 20% down? #324764ParticipantI handle a lot of short sales and the single most important thing I look for is an agent that stays in touch with me regulalrly during the approval process. In the typical short sale, I submit an offer to a lender I think will get approved AND that I beleive is at a price I can replicate. If some lunatic buyer submits a crazy high offer, I dont want to submit that one because if approved I then have to find another fool who can do the same. I’d much rather get an approval at a reasonable price and then go back to fool after I have the approval to see if they are still there.
In most cases, buyer #1 is gone and I have an approved short sale without a buyer. I then get to pick who gets the house in most cases among a handful of buyers who are still interested. Sometimes, I have a buyer that will pay more than the approval amount, sometimes I have to go back to the group and say here’s the price, who wants it and sometimes I have to bring a lower offer.
Regardless, the agent that has stayed in touch through the 30 to 60 days it takes me to get the approval stands the best chance of getting the house for their buyer.
January 5, 2009 at 7:10 PM in reply to: Chances of buying an REO or short-sale without 20% down? #324832ParticipantI handle a lot of short sales and the single most important thing I look for is an agent that stays in touch with me regulalrly during the approval process. In the typical short sale, I submit an offer to a lender I think will get approved AND that I beleive is at a price I can replicate. If some lunatic buyer submits a crazy high offer, I dont want to submit that one because if approved I then have to find another fool who can do the same. I’d much rather get an approval at a reasonable price and then go back to fool after I have the approval to see if they are still there.
In most cases, buyer #1 is gone and I have an approved short sale without a buyer. I then get to pick who gets the house in most cases among a handful of buyers who are still interested. Sometimes, I have a buyer that will pay more than the approval amount, sometimes I have to go back to the group and say here’s the price, who wants it and sometimes I have to bring a lower offer.
Regardless, the agent that has stayed in touch through the 30 to 60 days it takes me to get the approval stands the best chance of getting the house for their buyer.
January 5, 2009 at 7:10 PM in reply to: Chances of buying an REO or short-sale without 20% down? #324849ParticipantI handle a lot of short sales and the single most important thing I look for is an agent that stays in touch with me regulalrly during the approval process. In the typical short sale, I submit an offer to a lender I think will get approved AND that I beleive is at a price I can replicate. If some lunatic buyer submits a crazy high offer, I dont want to submit that one because if approved I then have to find another fool who can do the same. I’d much rather get an approval at a reasonable price and then go back to fool after I have the approval to see if they are still there.
In most cases, buyer #1 is gone and I have an approved short sale without a buyer. I then get to pick who gets the house in most cases among a handful of buyers who are still interested. Sometimes, I have a buyer that will pay more than the approval amount, sometimes I have to go back to the group and say here’s the price, who wants it and sometimes I have to bring a lower offer.
Regardless, the agent that has stayed in touch through the 30 to 60 days it takes me to get the approval stands the best chance of getting the house for their buyer.
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