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Old 08-23-2010, 11:22 AM
 
Location: Boise, ID
8,043 posts, read 23,597,654 times
Reputation: 9329

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Quote:
Originally Posted by Mr. Fantastic View Post
Just wait until the bank forecloses on the homes, and buy the house afterwards at a big discount below the SS price.
MAYBE! But there is no guarantee of this.

In my area, the banks are listing many houses at ABOVE the SS price.

What you will get by waiting for the bank to own it, is a transaction that can be completed in 30 days, instead of waiting months. But you have to wait for months for the foreclosure to happen in the first place, and hope no one else buys it first.
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Old 09-07-2010, 01:26 PM
 
2 posts, read 3,451 times
Reputation: 10
Well if it helps I'm located in Oakland county Waterford area... I was hoping to hear something by now the listing agent keeps telling me she will let us know soon. The house is up for sheriffs sale on this Thursday. Help me someone please...
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Old 09-08-2010, 10:29 AM
 
Location: Mission Viejo, CA / San Rafael, CA
2,352 posts, read 4,653,164 times
Reputation: 537
Quote:
Originally Posted by Lacerta View Post
MAYBE! But there is no guarantee of this.

In my area, the banks are listing many houses at ABOVE the SS price.

What you will get by waiting for the bank to own it, is a transaction that can be completed in 30 days, instead of waiting months. But you have to wait for months for the foreclosure to happen in the first place, and hope no one else buys it first.
Trust me, that's not going to happen in this market.
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Old 09-08-2010, 05:26 PM
 
Location: Tempe, Arizona
4,511 posts, read 11,882,047 times
Reputation: 2193
Quote:
Originally Posted by Lacerta View Post
MAYBE! But there is no guarantee of this.

In my area, the banks are listing many houses at ABOVE the SS price.

What you will get by waiting for the bank to own it, is a transaction that can be completed in 30 days, instead of waiting months. But you have to wait for months for the foreclosure to happen in the first place, and hope no one else buys it first.
Quote:
Originally Posted by Mr. Fantastic View Post
Trust me, that's not going to happen in this market.
Why not? Many homes are bought at the foreclosure auction instead of the bank taking them back.
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Old 09-08-2010, 11:50 PM
 
Location: Mission Viejo, CA / San Rafael, CA
2,352 posts, read 4,653,164 times
Reputation: 537
Quote:
Originally Posted by rjrcm View Post
Why not? Many homes are bought at the foreclosure auction instead of the bank taking them back.
I'm not talking about that aspect of his post. I'm referring to him being worried that REOs will be selling above the initial SS price.
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Old 09-09-2010, 08:27 AM
 
Location: Tempe, Arizona
4,511 posts, read 11,882,047 times
Reputation: 2193
Quote:
Originally Posted by Mr. Fantastic View Post
I'm not talking about that aspect of his post. I'm referring to him being worried that REOs will be selling above the initial SS price.
And again, why not? Many short sales are listed well below market value to attract buyers. If they can't get approval and it forecloses, the bank will likely list the home close to market value, above the listed short sale price.
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Old 09-09-2010, 10:28 AM
 
Location: Mission Viejo, CA / San Rafael, CA
2,352 posts, read 4,653,164 times
Reputation: 537
Quote:
Originally Posted by rjrcm View Post
And again, why not?
Supply/Demand. Read about it sometime.
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Old 09-09-2010, 11:31 AM
 
Location: Tempe, Arizona
4,511 posts, read 11,882,047 times
Reputation: 2193
Quote:
Originally Posted by Mr. Fantastic View Post
Supply/Demand. Read about it sometime.
I'm very familiar with the concept. What is so magical about the short sale listing price that you assume a bank listing will always be lower? We're talking about short sale pricing that may have no support based on comps, just a price point that may attract buyers willing to put up with short sale issues vs. a bank listing where the bank reviews market data to set a price. Apples and oranges.

You even have Lacerta that has first hand knowledge of such cases. Are you totally discounting reality?

Regarding supply, in my MLS, there are currently over 11K homes listed as short sales and about 7K as bank owned. Which do think will tend to have their list prices driven lower?

Last edited by rjrcm; 09-09-2010 at 11:44 AM..
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Old 09-09-2010, 05:05 PM
 
Location: Mission Viejo, CA / San Rafael, CA
2,352 posts, read 4,653,164 times
Reputation: 537
Quote:
Originally Posted by rjrcm View Post
We're talking about short sale pricing that may have no support based on comps
Exactly, listing prices mean nothing. Now you're getting part of the picture.

Here's some reading I usually recommend to my jr. real estate agents, take a look at it sometime:
Set Your Homes Sales Price- Comparable Home Sales Prices- Home Selling Price
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Old 09-09-2010, 06:02 PM
 
Location: Austin
7,187 posts, read 17,701,416 times
Reputation: 9765
Quote:
Originally Posted by Dreamcruz View Post
The house is up for sheriffs sale on this Thursday.
This is completely different. A sheriff's sale is typically a tax issue and not a lender issue. The lender can't stop that. And home owners with a house that gets sold in a sheriff's sale (in Texas) have two years to come back, pay their taxes, and reclaim the house. Do you really wanna buy a house that you might have to give back?
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