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XBoxBoy
Participant[quote=SD Realtor]The final walk through occurs within 5 days of close of escrow and is used to essentially verify the home is not trashed.[/quote]
I think that’s the answer I was wondering about. In a short sale, do you have a typical escrow, where you don’t close until the previous owners are out. And if the previous owners refuse to leave can you refuse to close. (I know that in any type of sale, there can be an agreement with the previous sellers that they won’t vacate until some time after the sale. But personally I wouldn’t agree to that with someone who I feel has been doing all they can to get free rent.)
And I do understand that the hard part would be just getting a deal done, but that’s the part I already know, so I don’t have questions about that.
Thanks again,
XBoxBoy
Participant[quote=SD Realtor]The final walk through occurs within 5 days of close of escrow and is used to essentially verify the home is not trashed.[/quote]
I think that’s the answer I was wondering about. In a short sale, do you have a typical escrow, where you don’t close until the previous owners are out. And if the previous owners refuse to leave can you refuse to close. (I know that in any type of sale, there can be an agreement with the previous sellers that they won’t vacate until some time after the sale. But personally I wouldn’t agree to that with someone who I feel has been doing all they can to get free rent.)
And I do understand that the hard part would be just getting a deal done, but that’s the part I already know, so I don’t have questions about that.
Thanks again,
XBoxBoy
ParticipantThanks for the replies so far…
sdrealtor, I not too worried about a bidding war on this REO property. This is in a nice coastal area, and things aren’t nearly that hot here. Now if the bank were to low ball the price, yes it would get a bidding war, but the few REO’s that have occurred in the over a mil range nearby have not been low priced and in several cases the banks had to lower their asking price before getting to pending.
My hunch is that this owner is just doing what they can to ride the system for as much free rent as possible. I think they’ve already had a loan mod and redefaulted on that. As mentioned, the auction is scheduled for next month. My worry is that if I go to the owners and encourage them to short sale to me, they might just use this as a ploy to drag out their free rent situation. Then four or five months from now they cause the short sale to fall through, and viola, they’ve ridden the system for another four or five months. (Although I’m a bit surprised that they haven’t even tried to short sell it already)
Also, if we do a short sale and they don’t move out, what are my options? Do I then have to take them through the eviction process? What if they trash the place while I’m trying to evict them? If I’m leery of the current owners, wouldn’t it be better to let it go to the bank and let the bank evict them? In a short sale, do you not go to escrow until the current owners are out and you’ve done a final walk through?
Thanks again for the responses
XBoxBoy
ParticipantThanks for the replies so far…
sdrealtor, I not too worried about a bidding war on this REO property. This is in a nice coastal area, and things aren’t nearly that hot here. Now if the bank were to low ball the price, yes it would get a bidding war, but the few REO’s that have occurred in the over a mil range nearby have not been low priced and in several cases the banks had to lower their asking price before getting to pending.
My hunch is that this owner is just doing what they can to ride the system for as much free rent as possible. I think they’ve already had a loan mod and redefaulted on that. As mentioned, the auction is scheduled for next month. My worry is that if I go to the owners and encourage them to short sale to me, they might just use this as a ploy to drag out their free rent situation. Then four or five months from now they cause the short sale to fall through, and viola, they’ve ridden the system for another four or five months. (Although I’m a bit surprised that they haven’t even tried to short sell it already)
Also, if we do a short sale and they don’t move out, what are my options? Do I then have to take them through the eviction process? What if they trash the place while I’m trying to evict them? If I’m leery of the current owners, wouldn’t it be better to let it go to the bank and let the bank evict them? In a short sale, do you not go to escrow until the current owners are out and you’ve done a final walk through?
Thanks again for the responses
XBoxBoy
ParticipantThanks for the replies so far…
sdrealtor, I not too worried about a bidding war on this REO property. This is in a nice coastal area, and things aren’t nearly that hot here. Now if the bank were to low ball the price, yes it would get a bidding war, but the few REO’s that have occurred in the over a mil range nearby have not been low priced and in several cases the banks had to lower their asking price before getting to pending.
My hunch is that this owner is just doing what they can to ride the system for as much free rent as possible. I think they’ve already had a loan mod and redefaulted on that. As mentioned, the auction is scheduled for next month. My worry is that if I go to the owners and encourage them to short sale to me, they might just use this as a ploy to drag out their free rent situation. Then four or five months from now they cause the short sale to fall through, and viola, they’ve ridden the system for another four or five months. (Although I’m a bit surprised that they haven’t even tried to short sell it already)
Also, if we do a short sale and they don’t move out, what are my options? Do I then have to take them through the eviction process? What if they trash the place while I’m trying to evict them? If I’m leery of the current owners, wouldn’t it be better to let it go to the bank and let the bank evict them? In a short sale, do you not go to escrow until the current owners are out and you’ve done a final walk through?
Thanks again for the responses
XBoxBoy
ParticipantThanks for the replies so far…
sdrealtor, I not too worried about a bidding war on this REO property. This is in a nice coastal area, and things aren’t nearly that hot here. Now if the bank were to low ball the price, yes it would get a bidding war, but the few REO’s that have occurred in the over a mil range nearby have not been low priced and in several cases the banks had to lower their asking price before getting to pending.
My hunch is that this owner is just doing what they can to ride the system for as much free rent as possible. I think they’ve already had a loan mod and redefaulted on that. As mentioned, the auction is scheduled for next month. My worry is that if I go to the owners and encourage them to short sale to me, they might just use this as a ploy to drag out their free rent situation. Then four or five months from now they cause the short sale to fall through, and viola, they’ve ridden the system for another four or five months. (Although I’m a bit surprised that they haven’t even tried to short sell it already)
Also, if we do a short sale and they don’t move out, what are my options? Do I then have to take them through the eviction process? What if they trash the place while I’m trying to evict them? If I’m leery of the current owners, wouldn’t it be better to let it go to the bank and let the bank evict them? In a short sale, do you not go to escrow until the current owners are out and you’ve done a final walk through?
Thanks again for the responses
XBoxBoy
ParticipantThanks for the replies so far…
sdrealtor, I not too worried about a bidding war on this REO property. This is in a nice coastal area, and things aren’t nearly that hot here. Now if the bank were to low ball the price, yes it would get a bidding war, but the few REO’s that have occurred in the over a mil range nearby have not been low priced and in several cases the banks had to lower their asking price before getting to pending.
My hunch is that this owner is just doing what they can to ride the system for as much free rent as possible. I think they’ve already had a loan mod and redefaulted on that. As mentioned, the auction is scheduled for next month. My worry is that if I go to the owners and encourage them to short sale to me, they might just use this as a ploy to drag out their free rent situation. Then four or five months from now they cause the short sale to fall through, and viola, they’ve ridden the system for another four or five months. (Although I’m a bit surprised that they haven’t even tried to short sell it already)
Also, if we do a short sale and they don’t move out, what are my options? Do I then have to take them through the eviction process? What if they trash the place while I’m trying to evict them? If I’m leery of the current owners, wouldn’t it be better to let it go to the bank and let the bank evict them? In a short sale, do you not go to escrow until the current owners are out and you’ve done a final walk through?
Thanks again for the responses
XBoxBoy
Participant[quote=DaCounselor]How can anyone support an argument that the coast is immune anymore? [/quote]
Like triakis66 I find the situation in LJ frustrating. The majority of sellers seem to think prices are up from 2005, not down.
How anyone can justify this thinking, given the high level of inventory, and the reality that usually it takes a decent discount to sell a place, is beyond me. But from looking at the asking prices of most listings, there are clearly lots of people who believe the coast is immune.
XBoxBoy
Participant[quote=DaCounselor]How can anyone support an argument that the coast is immune anymore? [/quote]
Like triakis66 I find the situation in LJ frustrating. The majority of sellers seem to think prices are up from 2005, not down.
How anyone can justify this thinking, given the high level of inventory, and the reality that usually it takes a decent discount to sell a place, is beyond me. But from looking at the asking prices of most listings, there are clearly lots of people who believe the coast is immune.
XBoxBoy
Participant[quote=DaCounselor]How can anyone support an argument that the coast is immune anymore? [/quote]
Like triakis66 I find the situation in LJ frustrating. The majority of sellers seem to think prices are up from 2005, not down.
How anyone can justify this thinking, given the high level of inventory, and the reality that usually it takes a decent discount to sell a place, is beyond me. But from looking at the asking prices of most listings, there are clearly lots of people who believe the coast is immune.
XBoxBoy
Participant[quote=DaCounselor]How can anyone support an argument that the coast is immune anymore? [/quote]
Like triakis66 I find the situation in LJ frustrating. The majority of sellers seem to think prices are up from 2005, not down.
How anyone can justify this thinking, given the high level of inventory, and the reality that usually it takes a decent discount to sell a place, is beyond me. But from looking at the asking prices of most listings, there are clearly lots of people who believe the coast is immune.
XBoxBoy
Participant[quote=DaCounselor]How can anyone support an argument that the coast is immune anymore? [/quote]
Like triakis66 I find the situation in LJ frustrating. The majority of sellers seem to think prices are up from 2005, not down.
How anyone can justify this thinking, given the high level of inventory, and the reality that usually it takes a decent discount to sell a place, is beyond me. But from looking at the asking prices of most listings, there are clearly lots of people who believe the coast is immune.
XBoxBoy
ParticipantAs far as the high end goes….
I believe there was a small spring bounce ( a slight rise in the number of pendings) but this is typical. Unlike the low end, the high end has not had a lack of inventory. Quite the opposite. If you look at this web page, the number of sfr’s in La Jolla has steadily grown all spring.
http://www.sdlookup.com/Market-92037-La_Jolla
There were 238 at the beginning of February, and there are now 302 which is down a couple from a week ago. Most of this weeks decline is not houses going pending, simply houses being taken off the market. (Maybe they’ll be back next spring)
What I think we have seen, and will continue to see in the 1M+ market is quite simply a stand off between sellers and buyers. Sellers believe their areas are special, they are immune, meanwhile buyers are fewer and those that are out there want a price that matches today’s market.
Sales numbers are still way below levels of a couple of years ago. Some people are getting very good deals, but occasionally there is a sale that just make you shake your head and wonder why anyone would buy at 2005 prices or higher in today’s market.
ParticipantAs far as the high end goes….
I believe there was a small spring bounce ( a slight rise in the number of pendings) but this is typical. Unlike the low end, the high end has not had a lack of inventory. Quite the opposite. If you look at this web page, the number of sfr’s in La Jolla has steadily grown all spring.
http://www.sdlookup.com/Market-92037-La_Jolla
There were 238 at the beginning of February, and there are now 302 which is down a couple from a week ago. Most of this weeks decline is not houses going pending, simply houses being taken off the market. (Maybe they’ll be back next spring)
What I think we have seen, and will continue to see in the 1M+ market is quite simply a stand off between sellers and buyers. Sellers believe their areas are special, they are immune, meanwhile buyers are fewer and those that are out there want a price that matches today’s market.
Sales numbers are still way below levels of a couple of years ago. Some people are getting very good deals, but occasionally there is a sale that just make you shake your head and wonder why anyone would buy at 2005 prices or higher in today’s market.
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