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2009-08-22 23:42:59
Kmar
Truth is my Bitch
+5,695|6892|132 and Bush

It has certainly picked up for me. I did two contracts today. One new and one was a small townhome. I (especially) hope the townhome goes through.. there is a big demand for them here. We've been out bid 3 times. We offered full price. The new home buyer was the perfect buyer.. pre-approved and fell in love with the first house we showed him.
Xbone Stormsurgezz
2009-08-22 23:43:16
Harmor
Error_Name_Not_Found
+605|6840|San Diego, CA, USA

Kmarion wrote:

pssht.. lenders will look back in a few years and say "oh the was the credit crisis of 06-09" we understnad.


"In June, foreclosure rates held steady for Arizona, California and Florida at 4.1 percent, 3.5 percent and 3.4 percent, respectively, according to Realty Trac, which maintains a nationwide database of foreclosures."

Florida is high but Arizona and Cali are outpacing it in foreclosures.
http://www.google.com/hostednews/ap/art … gD99RI7GG0
In Southern California there are 3 times as many foreclosures as there are active listings:
Source: http://www.bubbleinfo.com/2009/08/what- … e-anymore/

There's still a glut of inventory that needs to be sold.  Developers haven't really started building new homes yet.
2009-08-22 23:45:02
Kmar
Truth is my Bitch
+5,695|6892|132 and Bush

About half of what I pull up is a short sales. I wish they were foreclosed on. Foreclosures are easier to deal with... rather than short sales.
Xbone Stormsurgezz
2009-08-22 23:57:33
Harmor
Error_Name_Not_Found
+605|6840|San Diego, CA, USA

Kmarion wrote:

About half of what I pull up is a short sales. I wish they were foreclosed on. Foreclosures are easier to deal with... rather than short sales.
Servicers would rather fee someone to death with a foreclosure than do a short sale.  Additionally some lenders will sue to get the difference back.
http://www.bubbleinfo.com/2009/07/servicers-making-out/

Remember Short Sales take longer to process and require a more experienced Real Estate agent.

Correct me if I'm wrong, but doesn't the IRS count a short sale as "income"?
2009-08-23 00:04:54
Kmar
Truth is my Bitch
+5,695|6892|132 and Bush

A short sale means you are going to have to deal with a third party, which sucks. They are very slow to get back to you and most likely are waiting for a pool of offers before deciding on what an acceptable loss is. It is a very slow and drawn out process. I've dealt with many. .. it curfunkels even my Dad... who has been doing this for 20 years. He sold a property to Florida ortho and made over 100k in commish last week.. and yet he will spend more time on a 60k townhouse to help a nice young couple get a home. He's cool like that.
Xbone Stormsurgezz

 

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