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Location: The place where the road & the sky collide
23,814 posts, read 34,693,648 times
Reputation: 10256
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Quote:
Originally Posted by pink caddy
It just doesn't make any sense to dig your heels in and think you will get "your price" when selling a house.
I am in contract to sell a small house in CLT. It has been in contract for 2 months. All is OK with buyer, financing, term etc. We were due to sell this past Fri. Wed nite FHA produces an appraisal $5000 below the agreeded upon selling price. Both selling agent and buyer's agent submit a dozen comps for support of the higher price. Rejected by FHA. AND, FHA will not accept a new appraisal for SIX months. Take it or leave it.
So yesterday, I took the $5000 hit and will move on instead of the risk of hanging out for a higher market. Hope I close on Tues.
My point is that it doesn't really matter what you think your house is "worth" and if you want to move on, and not wait for some recovery that is not going to happen, you have to go with the conditions of the market.
I think that you're totally right on this. House values were creeping up in my town. The banks dumped a load of shadow inventory foreclosures & the prices went back down, practically over night. Anyone who was under contract got hit about the same as you did. There's only one choice, take the hit or wait it out & hope it doesn't happen again.
I think that you're totally right on this. House values were creeping up in my town. The banks dumped a load of shadow inventory foreclosures & the prices went back down, practically over night. Anyone who was under contract got hit about the same as you did. There's only one choice, take the hit or wait it out & hope it doesn't happen again.
It would be so helpful to get a true picture of how much shadow inventory is out there... wishful thinking that they'll be honest with us!
I'm guessing it's the banks plan to let things bounce around and try to produce and maintain a false "bottom" to the market. The question is how long they can sustain this considering how deep the housing stock is, how many folks are currently in trouble paying their mortgage that will likely turn into more distressed properties, and the pressure to push up interest rates.
It would be so helpful to get a true picture of how much shadow inventory is out there... wishful thinking that they'll be honest with us!
I'm guessing it's the banks plan to let things bounce around and try to produce and maintain a false "bottom" to the market. The question is how long they can sustain this considering how deep the housing stock is, how many folks are currently in trouble paying their mortgage that will likely turn into more distressed properties, and the pressure to push up interest rates.
If you held a large stock position and you wanted to dump next week would you publish the number for all to see? lol. There're smarter than that.
I continue to be intrigued by this "shadow" stock that I only read about on this site. I don't doubt you, I just don't see evidence of it or read about it anywhere else, and I'm in the industry.
Location: The place where the road & the sky collide
23,814 posts, read 34,693,648 times
Reputation: 10256
Quote:
Originally Posted by MikeyKid
It would be so helpful to get a true picture of how much shadow inventory is out there... wishful thinking that they'll be honest with us!
I'm guessing it's the banks plan to let things bounce around and try to produce and maintain a false "bottom" to the market. The question is how long they can sustain this considering how deep the housing stock is, how many folks are currently in trouble paying their mortgage that will likely turn into more distressed properties, and the pressure to push up interest rates.
It probably depends on the size of the municipality & other stuff that we don't know about. City of Kings Mountain is a small city, so dumping a load of foreclosures (my guess - about 3 dozen) created a hit. If they did the same in Charlotte, it would cause no real effect.
Location: The place where the road & the sky collide
23,814 posts, read 34,693,648 times
Reputation: 10256
Quote:
Originally Posted by chuckles34
I continue to be intrigued by this "shadow" stock that I only read about on this site. I don't doubt you, I just don't see evidence of it or read about it anywhere else, and I'm in the industry.
A house 2 doors from me was in foreclosure but not on the market for months.
Okay, but the foreclosure process can take months and the banks are under tremendous pressure to successfully modify loans (for the homeowners) or offer short sales. Foreclosure is the last option and the banks have to do a lot before they can put them on the market. I'm not sure you completely understand the process (and that's a GOOD thing for you!).
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