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The OC Scam
Participantkev374
I believe currently there is a very unique situation in the housing REO market! This is from my own experience currently working with my Agent who specializes in REOs.
Most old timers that have been in the industry for 20 some odd years have a train of thought that Short sales are better deals and allow bigger discounts but this is not completely true from what we are experiencing. Currently the banks after failed auctions are on life support!
Today foreclosure market is flooded I repeat FLOODED with foreclosures mostly purchased with subprime and most at peak prices which I know you already know from reading your previous posts.
The homes being listed right now after auctions failing are coming back on the market lower than the failed attempt at the court house at a discount rate about 35-25% below the first loan taken out on the subCrime loan. We currently have purchased a rental property for 29% below current comps after negotiating for a month as the only offer submitted. The bank needs to sell! They don’t want the property sitting so they are the most desperate position and have bigger pockets then your neighbor’s home purchase in 2003 – 2006.
Currently there is a home that we have fallen in love with that we intend to live in for the next 10 years is a week away from being accepted at 32% percent below current comps. With these homes there absolutely not home warranty included and completely sold as is so a very good home inspection is a life and death decision for us. Also it is very difficult to find an agent who understands the REO process and also there is a chance for the agent to not get the commission they are looking for! Hence the reasons they are avoiding showing them to their buyers.
If you really want to work with an Agent who understands the REO market Google Leo Nordine out if southern CA. This guy understands where the REOs should be priced before the haggling starts. Read his comments in the LA times recently in August about the market.
He recently told me are you sure you want to buy right now? That’s a good listing agent!!Participantkev374
I believe currently there is a very unique situation in the housing REO market! This is from my own experience currently working with my Agent who specializes in REOs.
Most old timers that have been in the industry for 20 some odd years have a train of thought that Short sales are better deals and allow bigger discounts but this is not completely true from what we are experiencing. Currently the banks after failed auctions are on life support!
Today foreclosure market is flooded I repeat FLOODED with foreclosures mostly purchased with subprime and most at peak prices which I know you already know from reading your previous posts.
The homes being listed right now after auctions failing are coming back on the market lower than the failed attempt at the court house at a discount rate about 35-25% below the first loan taken out on the subCrime loan. We currently have purchased a rental property for 29% below current comps after negotiating for a month as the only offer submitted. The bank needs to sell! They don’t want the property sitting so they are the most desperate position and have bigger pockets then your neighbor’s home purchase in 2003 – 2006.
Currently there is a home that we have fallen in love with that we intend to live in for the next 10 years is a week away from being accepted at 32% percent below current comps. With these homes there absolutely not home warranty included and completely sold as is so a very good home inspection is a life and death decision for us. Also it is very difficult to find an agent who understands the REO process and also there is a chance for the agent to not get the commission they are looking for! Hence the reasons they are avoiding showing them to their buyers.
If you really want to work with an Agent who understands the REO market Google Leo Nordine out if southern CA. This guy understands where the REOs should be priced before the haggling starts. Read his comments in the LA times recently in August about the market.
He recently told me are you sure you want to buy right now? That’s a good listing agent!!Participant“The difference here is that the property owner is demanding payments and saying that he is NOT letting the property go.”
Correct and you are right! I agree but if it were me I would have held one month’s rent to save a deposit in order to start looking for a new place in 30 days! MOM and Son will work it out but renter will not …unavoidability the renter will pay someone eventually. I really just wanted to rant on about Subprime scum that are trying to rent there junk loans without being up front with renters that they haven’t made a house payments since acquiring there bogus crisis loan which is rent skimming incase subprime gambler is reading . However in the end it really doesn’t matter! The real crisis is the 500,000 homes going into foreclosure across the country and the lead filled plastic toys from China effecting our children and don’t get me started the price of GAS!
Participant“The difference here is that the property owner is demanding payments and saying that he is NOT letting the property go.”
Correct and you are right! I agree but if it were me I would have held one month’s rent to save a deposit in order to start looking for a new place in 30 days! MOM and Son will work it out but renter will not …unavoidability the renter will pay someone eventually. I really just wanted to rant on about Subprime scum that are trying to rent there junk loans without being up front with renters that they haven’t made a house payments since acquiring there bogus crisis loan which is rent skimming incase subprime gambler is reading . However in the end it really doesn’t matter! The real crisis is the 500,000 homes going into foreclosure across the country and the lead filled plastic toys from China effecting our children and don’t get me started the price of GAS!
Participant“The difference here is that the property owner is demanding payments and saying that he is NOT letting the property go.”
Correct and you are right! I agree but if it were me I would have held one month’s rent to save a deposit in order to start looking for a new place in 30 days! MOM and Son will work it out but renter will not …unavoidability the renter will pay someone eventually. I really just wanted to rant on about Subprime scum that are trying to rent there junk loans without being up front with renters that they haven’t made a house payments since acquiring there bogus crisis loan which is rent skimming incase subprime gambler is reading . However in the end it really doesn’t matter! The real crisis is the 500,000 homes going into foreclosure across the country and the lead filled plastic toys from China effecting our children and don’t get me started the price of GAS!
ParticipantThe post above is true that the trustor/ Person named on the title of the property is the person you are legally obligated to. However do not trust that this person will not get out of this mess and come after you which this is why the escrow account is very important! My landlord told me she letting the property go and we could stay here as long as we wish until the foreclosure happens but I kept the account deposits just in case she was lying!
ParticipantThe post above is true that the trustor/ Person named on the title of the property is the person you are legally obligated to. However do not trust that this person will not get out of this mess and come after you which this is why the escrow account is very important! My landlord told me she letting the property go and we could stay here as long as we wish until the foreclosure happens but I kept the account deposits just in case she was lying!
ParticipantThe post above is true that the trustor/ Person named on the title of the property is the person you are legally obligated to. However do not trust that this person will not get out of this mess and come after you which this is why the escrow account is very important! My landlord told me she letting the property go and we could stay here as long as we wish until the foreclosure happens but I kept the account deposits just in case she was lying!
ParticipantRaybyrnes
I ask one question: What is the difference between a subprime mortgage loan holder who couldn’t afford the payment s and the renter they chose who couldn’t afford the rent?
Answer: Coequals
FYI
By the way Marion I’m not saying you couldn’t afford the rent I listened to what you wrote other than genius here. You just made an error of trusting the broker friend you should have discussed this with a lawyer. But the bottom line is you more than likely will get the money back and then use it for a down payment but you should be careful of this coming back to haunt you.
Here something you may not expect but I’m spending a couple thousand in lawyer fees to negotiate my purchase so if you would like to purchase this property you’re legally squatting in you should prepare to spend some of that escrow money after the failed auction.ParticipantRaybyrnes
I ask one question: What is the difference between a subprime mortgage loan holder who couldn’t afford the payment s and the renter they chose who couldn’t afford the rent?
Answer: Coequals
FYI
By the way Marion I’m not saying you couldn’t afford the rent I listened to what you wrote other than genius here. You just made an error of trusting the broker friend you should have discussed this with a lawyer. But the bottom line is you more than likely will get the money back and then use it for a down payment but you should be careful of this coming back to haunt you.
Here something you may not expect but I’m spending a couple thousand in lawyer fees to negotiate my purchase so if you would like to purchase this property you’re legally squatting in you should prepare to spend some of that escrow money after the failed auction.ParticipantRaybyrnes
I ask one question: What is the difference between a subprime mortgage loan holder who couldn’t afford the payment s and the renter they chose who couldn’t afford the rent?
Answer: Coequals
FYI
By the way Marion I’m not saying you couldn’t afford the rent I listened to what you wrote other than genius here. You just made an error of trusting the broker friend you should have discussed this with a lawyer. But the bottom line is you more than likely will get the money back and then use it for a down payment but you should be careful of this coming back to haunt you.
Here something you may not expect but I’m spending a couple thousand in lawyer fees to negotiate my purchase so if you would like to purchase this property you’re legally squatting in you should prepare to spend some of that escrow money after the failed auction.ParticipantHere is a good website to review after meeting with your lawyer and I would advise morons like Rabies or whatever their name is to read also before they speak on the subject!
ParticipantHere is a good website to review after meeting with your lawyer and I would advise morons like Rabies or whatever their name is to read also before they speak on the subject!
ParticipantHere is a good website to review after meeting with your lawyer and I would advise morons like Rabies or whatever their name is to read also before they speak on the subject!
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