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urbanrealtor
ParticipantLately its been taking forever.
At least for me.I am not seeing the slowdown myself but that may just be me.
Participant[quote=SDisGreat]The listing agent said that due to the reo and ligitation, an ALL CASH offer will only be accepted.
In that case, what do you think of getting the place for 200K?
However, if we are going to have problems with an underfunded HOA, are the HOA prices going to skyrocket to make up for the REOs who are not paying their monthly HOA fee?[/quote]Probably not skyrocket.
Probably there will be a special assessment or an increase.
Review the condo docs carefully if you end up in escrow.Participant[quote=SDisGreat]The listing agent said that due to the reo and ligitation, an ALL CASH offer will only be accepted.
In that case, what do you think of getting the place for 200K?
However, if we are going to have problems with an underfunded HOA, are the HOA prices going to skyrocket to make up for the REOs who are not paying their monthly HOA fee?[/quote]Probably not skyrocket.
Probably there will be a special assessment or an increase.
Review the condo docs carefully if you end up in escrow.Participant[quote=SDisGreat]The listing agent said that due to the reo and ligitation, an ALL CASH offer will only be accepted.
In that case, what do you think of getting the place for 200K?
However, if we are going to have problems with an underfunded HOA, are the HOA prices going to skyrocket to make up for the REOs who are not paying their monthly HOA fee?[/quote]Probably not skyrocket.
Probably there will be a special assessment or an increase.
Review the condo docs carefully if you end up in escrow.Participant[quote=SDisGreat]The listing agent said that due to the reo and ligitation, an ALL CASH offer will only be accepted.
In that case, what do you think of getting the place for 200K?
However, if we are going to have problems with an underfunded HOA, are the HOA prices going to skyrocket to make up for the REOs who are not paying their monthly HOA fee?[/quote]Probably not skyrocket.
Probably there will be a special assessment or an increase.
Review the condo docs carefully if you end up in escrow.Participant[quote=SDisGreat]The listing agent said that due to the reo and ligitation, an ALL CASH offer will only be accepted.
In that case, what do you think of getting the place for 200K?
However, if we are going to have problems with an underfunded HOA, are the HOA prices going to skyrocket to make up for the REOs who are not paying their monthly HOA fee?[/quote]Probably not skyrocket.
Probably there will be a special assessment or an increase.
Review the condo docs carefully if you end up in escrow.ParticipantThis building has had a shitload of reo’s.
Often this situation will result in so many defaults that the HOA is underfunded to the point of true financial distress.
If that occurs, then no bank will lend (for fear of the the insurance going unpaid or value dropping yet further).
In this case (and I don’t have inside info) the bank who is the seller is likely just being extra careful.
I say that because I have seen financing there recently.
ParticipantThis building has had a shitload of reo’s.
Often this situation will result in so many defaults that the HOA is underfunded to the point of true financial distress.
If that occurs, then no bank will lend (for fear of the the insurance going unpaid or value dropping yet further).
In this case (and I don’t have inside info) the bank who is the seller is likely just being extra careful.
I say that because I have seen financing there recently.
ParticipantThis building has had a shitload of reo’s.
Often this situation will result in so many defaults that the HOA is underfunded to the point of true financial distress.
If that occurs, then no bank will lend (for fear of the the insurance going unpaid or value dropping yet further).
In this case (and I don’t have inside info) the bank who is the seller is likely just being extra careful.
I say that because I have seen financing there recently.
ParticipantThis building has had a shitload of reo’s.
Often this situation will result in so many defaults that the HOA is underfunded to the point of true financial distress.
If that occurs, then no bank will lend (for fear of the the insurance going unpaid or value dropping yet further).
In this case (and I don’t have inside info) the bank who is the seller is likely just being extra careful.
I say that because I have seen financing there recently.
ParticipantThis building has had a shitload of reo’s.
Often this situation will result in so many defaults that the HOA is underfunded to the point of true financial distress.
If that occurs, then no bank will lend (for fear of the the insurance going unpaid or value dropping yet further).
In this case (and I don’t have inside info) the bank who is the seller is likely just being extra careful.
I say that because I have seen financing there recently.
ParticipantIn addition to the inability to finance these (hard money legbreakers notwithstanding) any successful bidder is subject to any liens on the property (or even the defaulting borrower) that supersede the trustee’s deed.
Some (like tax liens) can be added to the title up to 120 days after the trustee auction.
The inability to inspect the property, finance, or get title insurance usually means discounts that are an order of magnitude lower.
Again, in my experience.
ParticipantIn addition to the inability to finance these (hard money legbreakers notwithstanding) any successful bidder is subject to any liens on the property (or even the defaulting borrower) that supersede the trustee’s deed.
Some (like tax liens) can be added to the title up to 120 days after the trustee auction.
The inability to inspect the property, finance, or get title insurance usually means discounts that are an order of magnitude lower.
Again, in my experience.
ParticipantIn addition to the inability to finance these (hard money legbreakers notwithstanding) any successful bidder is subject to any liens on the property (or even the defaulting borrower) that supersede the trustee’s deed.
Some (like tax liens) can be added to the title up to 120 days after the trustee auction.
The inability to inspect the property, finance, or get title insurance usually means discounts that are an order of magnitude lower.
Again, in my experience.
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