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vizcaya
ParticipantI bought a Countrywide foreclosure, and the bank had me agree that if the escrow did not close within 30 days, I would pay 1 tenth of 1 percent per day of the sales price if the home did not close on time or sooner.
These banks want these properties off thier books fast.
Participantpatientlywaiting wrote:
It’s fascinating to watch human psychology. Once people buy they think that prices can’t drop much anymore. —I am not in that camp that believes prices will not fall. I bought late last year. I purchased at 30% below peak, and put in a low ball offer. 6 months later, I am seeing homes being sold at what I paid. Do I think prices will fall furthur? Yep, and I believe it will come down another 20% before It levels off.
I am in Riverside(92508), and homes out here have been slower to fall than in Temecula and Murrietta. I am seeing prices of bank owned homes down to about $135 sq ft. I would say about 90 percent off all the homes on the market in my zip, are Bank owned or short sales.
Participantpatientlywaiting wrote:
It’s fascinating to watch human psychology. Once people buy they think that prices can’t drop much anymore. —I am not in that camp that believes prices will not fall. I bought late last year. I purchased at 30% below peak, and put in a low ball offer. 6 months later, I am seeing homes being sold at what I paid. Do I think prices will fall furthur? Yep, and I believe it will come down another 20% before It levels off.
I am in Riverside(92508), and homes out here have been slower to fall than in Temecula and Murrietta. I am seeing prices of bank owned homes down to about $135 sq ft. I would say about 90 percent off all the homes on the market in my zip, are Bank owned or short sales.
Participantpatientlywaiting wrote:
It’s fascinating to watch human psychology. Once people buy they think that prices can’t drop much anymore. —I am not in that camp that believes prices will not fall. I bought late last year. I purchased at 30% below peak, and put in a low ball offer. 6 months later, I am seeing homes being sold at what I paid. Do I think prices will fall furthur? Yep, and I believe it will come down another 20% before It levels off.
I am in Riverside(92508), and homes out here have been slower to fall than in Temecula and Murrietta. I am seeing prices of bank owned homes down to about $135 sq ft. I would say about 90 percent off all the homes on the market in my zip, are Bank owned or short sales.
Participantpatientlywaiting wrote:
It’s fascinating to watch human psychology. Once people buy they think that prices can’t drop much anymore. —I am not in that camp that believes prices will not fall. I bought late last year. I purchased at 30% below peak, and put in a low ball offer. 6 months later, I am seeing homes being sold at what I paid. Do I think prices will fall furthur? Yep, and I believe it will come down another 20% before It levels off.
I am in Riverside(92508), and homes out here have been slower to fall than in Temecula and Murrietta. I am seeing prices of bank owned homes down to about $135 sq ft. I would say about 90 percent off all the homes on the market in my zip, are Bank owned or short sales.
Participantpatientlywaiting wrote:
It’s fascinating to watch human psychology. Once people buy they think that prices can’t drop much anymore. —I am not in that camp that believes prices will not fall. I bought late last year. I purchased at 30% below peak, and put in a low ball offer. 6 months later, I am seeing homes being sold at what I paid. Do I think prices will fall furthur? Yep, and I believe it will come down another 20% before It levels off.
I am in Riverside(92508), and homes out here have been slower to fall than in Temecula and Murrietta. I am seeing prices of bank owned homes down to about $135 sq ft. I would say about 90 percent off all the homes on the market in my zip, are Bank owned or short sales.
ParticipantI want prices to fall to year 2000 levels, so I can pick up a cheap home to rent out. I do not care if there are “undesirables” in the area, I wont be living there.
I am sure at least half of the people that browse this board are allready homeowners, and are waiting for the bottom to pick-up a investment property.
ParticipantI want prices to fall to year 2000 levels, so I can pick up a cheap home to rent out. I do not care if there are “undesirables” in the area, I wont be living there.
I am sure at least half of the people that browse this board are allready homeowners, and are waiting for the bottom to pick-up a investment property.
ParticipantI want prices to fall to year 2000 levels, so I can pick up a cheap home to rent out. I do not care if there are “undesirables” in the area, I wont be living there.
I am sure at least half of the people that browse this board are allready homeowners, and are waiting for the bottom to pick-up a investment property.
ParticipantI want prices to fall to year 2000 levels, so I can pick up a cheap home to rent out. I do not care if there are “undesirables” in the area, I wont be living there.
I am sure at least half of the people that browse this board are allready homeowners, and are waiting for the bottom to pick-up a investment property.
ParticipantI want prices to fall to year 2000 levels, so I can pick up a cheap home to rent out. I do not care if there are “undesirables” in the area, I wont be living there.
I am sure at least half of the people that browse this board are allready homeowners, and are waiting for the bottom to pick-up a investment property.
ParticipantI also did not expect prices to fall this much this soon. I did as much research as I could before I purchased my home late last year, and I estimated that the bottom would be about 30% from peak. Knowing this I purchased a bank owned home that was about 30% below peak(mid 2005 pricing). Prices are currently at about the price I paid. With no real bottom in site, it looks like there will be another 20% drop before prices bottom in my area.
I am here for at least 10-15 years. Therefore the bottom of the cycle will not hurt me. I did lose about $120k in opportunity cost. But since I sold my last home in this same area at peak, I used that money as a down payment, therefore the $120k was bubble money.
ParticipantI also did not expect prices to fall this much this soon. I did as much research as I could before I purchased my home late last year, and I estimated that the bottom would be about 30% from peak. Knowing this I purchased a bank owned home that was about 30% below peak(mid 2005 pricing). Prices are currently at about the price I paid. With no real bottom in site, it looks like there will be another 20% drop before prices bottom in my area.
I am here for at least 10-15 years. Therefore the bottom of the cycle will not hurt me. I did lose about $120k in opportunity cost. But since I sold my last home in this same area at peak, I used that money as a down payment, therefore the $120k was bubble money.
ParticipantI also did not expect prices to fall this much this soon. I did as much research as I could before I purchased my home late last year, and I estimated that the bottom would be about 30% from peak. Knowing this I purchased a bank owned home that was about 30% below peak(mid 2005 pricing). Prices are currently at about the price I paid. With no real bottom in site, it looks like there will be another 20% drop before prices bottom in my area.
I am here for at least 10-15 years. Therefore the bottom of the cycle will not hurt me. I did lose about $120k in opportunity cost. But since I sold my last home in this same area at peak, I used that money as a down payment, therefore the $120k was bubble money.
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