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urbanrealtor
Participant[quote=chavous1]How do HOA’s have the power to foreclose on property owned by the bank? If the homeowner is not in default with the bank, how can this occur? Who really owns the property, the bank or the HOA?[/quote]
Your question is a bit muddled but I will answer to what I think you are asking.
If the bank has already foreclosed and is now a homeowner themselves, they are subject to any liens just like a normal owner. Further, if they are a first mortgage (and they almost always are these days) then they own it outright and therefore have 100% equity. If they go several months without paying their HOA dues (which happens often), the HOA can file a lien or even foreclose on the owner (the bank) who is delinquent. The HOA dues are an encumbrance just like any other loan or lien. The issue from before was that if you (as an individual homeowner) have 2 loans and no equity (like most of my clients) then it would be stupid for the HOA to foreclose on you. They would foreclose just to be able to assume responsibility for a property that is upside down.
ParticipantYes but he will still be representing the bank.
And if he were to do that he could be liable for acting against his clients best interests.
A better bet would be to just make an offer and see what happens.
Out of curiosity where is this property generally?
ParticipantYes but he will still be representing the bank.
And if he were to do that he could be liable for acting against his clients best interests.
A better bet would be to just make an offer and see what happens.
Out of curiosity where is this property generally?
ParticipantYes but he will still be representing the bank.
And if he were to do that he could be liable for acting against his clients best interests.
A better bet would be to just make an offer and see what happens.
Out of curiosity where is this property generally?
ParticipantYes but he will still be representing the bank.
And if he were to do that he could be liable for acting against his clients best interests.
A better bet would be to just make an offer and see what happens.
Out of curiosity where is this property generally?
ParticipantYes but he will still be representing the bank.
And if he were to do that he could be liable for acting against his clients best interests.
A better bet would be to just make an offer and see what happens.
Out of curiosity where is this property generally?
Participant[quote=davelj]I may end up eating these words, but the low end (let’s call that <$250K) might be ever-so-close to being at a bottom. So much easy financing and incentives have been thrown at this end of the market that, combined with generally low interest rates, it's simply cheaper to own them than to rent them (even adjusting for lower rents)... which is why these foreclosures are flying off the shelves at a faster rate than new foreclosures are coming on line (even adjusting for monkey business). And if we have a few months where prices at the low end stabilize and inventory remains tight, the media will start bottom calling which will lead to a positive feedback mechanism of sorts. Now, that won't help the middle or high ends. The incentives haven't been thrown at them yet and these folks are losing their jobs right now. And they have to play catch-up in the price decline game relative to the low end. Too many properties in these groups remain disconnected from rents. But the low end might be almost done for all intents are purposes thanks to the Officialdom's clear-out-the-foreclosures-at-any-cost policies. But the wild card, of course, is that rates have to remain low.[/quote] I think that positive feedback aspect may come a lot faster in SD county. The new MLS rules will chop down inventory dramatically. I don't know if this will lead to a rally or even stabilization but I strongly suspect it will have some material effect.
Participant[quote=davelj]I may end up eating these words, but the low end (let’s call that <$250K) might be ever-so-close to being at a bottom. So much easy financing and incentives have been thrown at this end of the market that, combined with generally low interest rates, it's simply cheaper to own them than to rent them (even adjusting for lower rents)... which is why these foreclosures are flying off the shelves at a faster rate than new foreclosures are coming on line (even adjusting for monkey business). And if we have a few months where prices at the low end stabilize and inventory remains tight, the media will start bottom calling which will lead to a positive feedback mechanism of sorts. Now, that won't help the middle or high ends. The incentives haven't been thrown at them yet and these folks are losing their jobs right now. And they have to play catch-up in the price decline game relative to the low end. Too many properties in these groups remain disconnected from rents. But the low end might be almost done for all intents are purposes thanks to the Officialdom's clear-out-the-foreclosures-at-any-cost policies. But the wild card, of course, is that rates have to remain low.[/quote] I think that positive feedback aspect may come a lot faster in SD county. The new MLS rules will chop down inventory dramatically. I don't know if this will lead to a rally or even stabilization but I strongly suspect it will have some material effect.
Participant[quote=davelj]I may end up eating these words, but the low end (let’s call that <$250K) might be ever-so-close to being at a bottom. So much easy financing and incentives have been thrown at this end of the market that, combined with generally low interest rates, it's simply cheaper to own them than to rent them (even adjusting for lower rents)... which is why these foreclosures are flying off the shelves at a faster rate than new foreclosures are coming on line (even adjusting for monkey business). And if we have a few months where prices at the low end stabilize and inventory remains tight, the media will start bottom calling which will lead to a positive feedback mechanism of sorts. Now, that won't help the middle or high ends. The incentives haven't been thrown at them yet and these folks are losing their jobs right now. And they have to play catch-up in the price decline game relative to the low end. Too many properties in these groups remain disconnected from rents. But the low end might be almost done for all intents are purposes thanks to the Officialdom's clear-out-the-foreclosures-at-any-cost policies. But the wild card, of course, is that rates have to remain low.[/quote] I think that positive feedback aspect may come a lot faster in SD county. The new MLS rules will chop down inventory dramatically. I don't know if this will lead to a rally or even stabilization but I strongly suspect it will have some material effect.
Participant[quote=davelj]I may end up eating these words, but the low end (let’s call that <$250K) might be ever-so-close to being at a bottom. So much easy financing and incentives have been thrown at this end of the market that, combined with generally low interest rates, it's simply cheaper to own them than to rent them (even adjusting for lower rents)... which is why these foreclosures are flying off the shelves at a faster rate than new foreclosures are coming on line (even adjusting for monkey business). And if we have a few months where prices at the low end stabilize and inventory remains tight, the media will start bottom calling which will lead to a positive feedback mechanism of sorts. Now, that won't help the middle or high ends. The incentives haven't been thrown at them yet and these folks are losing their jobs right now. And they have to play catch-up in the price decline game relative to the low end. Too many properties in these groups remain disconnected from rents. But the low end might be almost done for all intents are purposes thanks to the Officialdom's clear-out-the-foreclosures-at-any-cost policies. But the wild card, of course, is that rates have to remain low.[/quote] I think that positive feedback aspect may come a lot faster in SD county. The new MLS rules will chop down inventory dramatically. I don't know if this will lead to a rally or even stabilization but I strongly suspect it will have some material effect.
Participant[quote=davelj]I may end up eating these words, but the low end (let’s call that <$250K) might be ever-so-close to being at a bottom. So much easy financing and incentives have been thrown at this end of the market that, combined with generally low interest rates, it's simply cheaper to own them than to rent them (even adjusting for lower rents)... which is why these foreclosures are flying off the shelves at a faster rate than new foreclosures are coming on line (even adjusting for monkey business). And if we have a few months where prices at the low end stabilize and inventory remains tight, the media will start bottom calling which will lead to a positive feedback mechanism of sorts. Now, that won't help the middle or high ends. The incentives haven't been thrown at them yet and these folks are losing their jobs right now. And they have to play catch-up in the price decline game relative to the low end. Too many properties in these groups remain disconnected from rents. But the low end might be almost done for all intents are purposes thanks to the Officialdom's clear-out-the-foreclosures-at-any-cost policies. But the wild card, of course, is that rates have to remain low.[/quote] I think that positive feedback aspect may come a lot faster in SD county. The new MLS rules will chop down inventory dramatically. I don't know if this will lead to a rally or even stabilization but I strongly suspect it will have some material effect.
Participant[quote=paramount]I wanted to get in the mind of the schemers of the Real Estate world, the very people who turned real estate into a market not unlike the stock market, where you buy a house low and sell high just like a stock 4-6 years later.
The same scammers who are as responsible as the liar buyers in decimating the only asset I really had – my house.
I figured I better start learning how these schemers operate, so at least next time I won’t be such a fool.
I would say 80%+ of the piggs on this board fall into the category of schemers IMO.
For the Love of Money…that’s what drives these schemers 24/7/365.[/quote]
I think that it would be accurate to say that bitterness and spite are weaknesses and that those who are bitter and spiteful are often fools or at the very least foolish.
I came to this site after several clients asked me about stuff they had read here.
Some was insightful and some was stupid.For example, the assumption that land scarcity would push prices higher in the short term was a little stupid.
Semi-racist comments referring to south-asians as “sanjay” were stupid.
Discussions about making sure that purchases fell within a single deviation of the historical purchase-to-income coefficient was insightful.I am really glad to hear all the conversations though. Even those I strongly disagree with help to broaden my understanding of the market and the actors in it. I just wish we had more happy hours. I really like talking shop over beer. I would like to see josh drink more though. He always seems a touch intense. It would be nice to see him relax.
Participant[quote=paramount]I wanted to get in the mind of the schemers of the Real Estate world, the very people who turned real estate into a market not unlike the stock market, where you buy a house low and sell high just like a stock 4-6 years later.
The same scammers who are as responsible as the liar buyers in decimating the only asset I really had – my house.
I figured I better start learning how these schemers operate, so at least next time I won’t be such a fool.
I would say 80%+ of the piggs on this board fall into the category of schemers IMO.
For the Love of Money…that’s what drives these schemers 24/7/365.[/quote]
I think that it would be accurate to say that bitterness and spite are weaknesses and that those who are bitter and spiteful are often fools or at the very least foolish.
I came to this site after several clients asked me about stuff they had read here.
Some was insightful and some was stupid.For example, the assumption that land scarcity would push prices higher in the short term was a little stupid.
Semi-racist comments referring to south-asians as “sanjay” were stupid.
Discussions about making sure that purchases fell within a single deviation of the historical purchase-to-income coefficient was insightful.I am really glad to hear all the conversations though. Even those I strongly disagree with help to broaden my understanding of the market and the actors in it. I just wish we had more happy hours. I really like talking shop over beer. I would like to see josh drink more though. He always seems a touch intense. It would be nice to see him relax.
Participant[quote=paramount]I wanted to get in the mind of the schemers of the Real Estate world, the very people who turned real estate into a market not unlike the stock market, where you buy a house low and sell high just like a stock 4-6 years later.
The same scammers who are as responsible as the liar buyers in decimating the only asset I really had – my house.
I figured I better start learning how these schemers operate, so at least next time I won’t be such a fool.
I would say 80%+ of the piggs on this board fall into the category of schemers IMO.
For the Love of Money…that’s what drives these schemers 24/7/365.[/quote]
I think that it would be accurate to say that bitterness and spite are weaknesses and that those who are bitter and spiteful are often fools or at the very least foolish.
I came to this site after several clients asked me about stuff they had read here.
Some was insightful and some was stupid.For example, the assumption that land scarcity would push prices higher in the short term was a little stupid.
Semi-racist comments referring to south-asians as “sanjay” were stupid.
Discussions about making sure that purchases fell within a single deviation of the historical purchase-to-income coefficient was insightful.I am really glad to hear all the conversations though. Even those I strongly disagree with help to broaden my understanding of the market and the actors in it. I just wish we had more happy hours. I really like talking shop over beer. I would like to see josh drink more though. He always seems a touch intense. It would be nice to see him relax.
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