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Old 01-27-2009, 05:45 AM
 
112 posts, read 336,439 times
Reputation: 46

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My DH and I have our eye on a house in Weston that we saw in mid September with an eviction notice on the front door. We have not walked inside it, but have looked in all the windows (needs work, but is ok it seems) and we know this is the particular neighborhood we would really like to be in. It is STILL not on the MLS. It is going on 5 months now!

We had our agent track down the bank and submit a formal offer (with a low price) with right to inspect, of course. Anyway, my hubby sent me this article just yesterday, I think it explains a lot!
Flood of foreclosures: It's worse than you think - Jan. 23, 2009


Do you think the banks are trying to hold onto a lot of debt to get a bigger bailout? Or are they simply swamped and can't keep up? Or do they know if they put everything on the market at once, housing prices will crash all at once? I am looking forward to everyone's insight and opinions on this. thanks!
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Old 01-27-2009, 10:04 AM
 
789 posts, read 2,142,391 times
Reputation: 128
Quote:
Originally Posted by dirtymartini View Post
My DH and I have our eye on a house in Weston that we saw in mid September with an eviction notice on the front door. We have not walked inside it, but have looked in all the windows (needs work, but is ok it seems) and we know this is the particular neighborhood we would really like to be in. It is STILL not on the MLS. It is going on 5 months now!

We had our agent track down the bank and submit a formal offer (with a low price) with right to inspect, of course. Anyway, my hubby sent me this article just yesterday, I think it explains a lot!
Flood of foreclosures: It's worse than you think - Jan. 23, 2009


Do you think the banks are trying to hold onto a lot of debt to get a bigger bailout? Or are they simply swamped and can't keep up? Or do they know if they put everything on the market at once, housing prices will crash all at once? I am looking forward to everyone's insight and opinions on this. thanks!

I could be wrong, but I think they're overwhelmed. The reason why I say so, is that I know someone whose mtg is at least 8k a month, and are 7 months behind, and the bank has yet to contact him. Needless to say he's with Countrywide.
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Old 01-27-2009, 10:07 AM
 
Location: America
6,968 posts, read 14,497,174 times
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people thinking about moving out to far flung suburbs in South Florida need to ask yourself one question. What would you do if gas sky rockets again? Start thinking more strategically folks.
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Old 01-27-2009, 10:18 AM
 
789 posts, read 2,142,391 times
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Originally Posted by Wild Style View Post
people thinking about moving out to far flung suburbs in South Florida need to ask yourself one question. What would you do if gas sky rockets again? Start thinking more strategically folks.
All they need to do is listen to CSPAN.....a lot more pain to come...
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Old 01-27-2009, 01:34 PM
 
Location: Weston, FL
3,565 posts, read 4,851,000 times
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Quote:
Originally Posted by Wild Style View Post
people thinking about moving out to far flung suburbs in South Florida need to ask yourself one question. What would you do if gas sky rockets again? Start thinking more strategically folks.

By your logic then, everyone should move to downtown Wash DC.
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Old 01-28-2009, 06:44 PM
 
112 posts, read 336,439 times
Reputation: 46
Quote:
Originally Posted by Wild Style View Post
people thinking about moving out to far flung suburbs in South Florida need to ask yourself one question. What would you do if gas sky rockets again? Start thinking more strategically folks.
Huh? What does that have to do with banks holding back on all the foreclosure listings?

We have lived in Weston for 14 years. My husband owns his company, which needs a yard for heavy equipment and to operate out of. My father owns a warehouse/yard in Hialeah, so we have use of that for free. Are you suggesting we move to Hialeah, or we move the company to Broward county and therefore have to start paying a hefty rental fee on a facility? Either way, our yard/office will have to be in an industrial area...I am sure I do not I want to live in an industrial area.

And do you suggest people move to urban areas so that when the breakdown of society finally occurs, we are stuck living amongst enraged and impoverished, hungry and violent inner city dwellers? You see what they do at Walmart to an employee on Black Friday for cheap electronics made in China. What do you think they are going to do when there are food rations and no more handouts?

Methinks YOU best start thinking strategically!
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Old 01-28-2009, 06:48 PM
 
112 posts, read 336,439 times
Reputation: 46
Quote:
Originally Posted by tonyc View Post
I could be wrong, but I think they're overwhelmed. The reason why I say so, is that I know someone whose mtg is at least 8k a month, and are 7 months behind, and the bank has yet to contact him. Needless to say he's with Countrywide.



Thanks for the comment/opinion! Yeah, I gotta say, it does frost me that many people are living in houses, not paying rent or taxes.

I am talking about houses that are empty, abandoned, etc. This particular house has a green, murky pool with no fence or screen...it is a complete liability, not to mention a mosquito pit in a neighborhood of upscale homes! Plus, no taxes are being paid, no HOA fees are being paid...it just doesn't make sense to me, especially since banks want our bailout money...yet these houses just sit, and we have yet to receive a counter offer.
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Old 01-28-2009, 07:28 PM
 
789 posts, read 2,142,391 times
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Quote:
Originally Posted by dirtymartini View Post
Thanks for the comment/opinion! Yeah, I gotta say, it does frost me that many people are living in houses, not paying rent or taxes.

I am talking about houses that are empty, abandoned, etc. This particular house has a green, murky pool with no fence or screen...it is a complete liability, not to mention a mosquito pit in a neighborhood of upscale homes! Plus, no taxes are being paid, no HOA fees are being paid...it just doesn't make sense to me, especially since banks want our bailout money...yet these houses just sit, and we have yet to receive a counter offer.
Or,ok..Now I have a friend living in West Miramar, and two doors down from him, the house has been unoccupied/fore' for about few months. He put in a bid for $200k back when I was there, last October, and has yet to here bank from the bank. If and when the back comes back to him, he plans to counter offer with $150k since the economy has worsen since then. BTW, this is house looks really kept though and not like it has been abandoned. You will never know by looking at it from out front.
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Old 01-28-2009, 08:18 PM
 
112 posts, read 336,439 times
Reputation: 46
Quote:
Originally Posted by tonyc View Post
Or,ok..Now I have a friend living in West Miramar, and two doors down from him, the house has been unoccupied/fore' for about few months. He put in a bid for $200k back when I was there, last October, and has yet to here bank from the bank. If and when the back comes back to him, he plans to counter offer with $150k since the economy has worsen since then. BTW, this is house looks really kept though and not like it has been abandoned. You will never know by looking at it from out front.
Yeah, it's crazy, isn't it? Honestly, we threw a pretty low offer out there, but judging from the walk-around I did today, I might want to go even lower.
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Old 01-28-2009, 08:45 PM
 
Location: America
6,968 posts, read 14,497,174 times
Reputation: 2035
Quote:
Originally Posted by dirtymartini View Post
Huh? What does that have to do with banks holding back on all the foreclosure listings?

We have lived in Weston for 14 years. My husband owns his company, which needs a yard for heavy equipment and to operate out of. My father owns a warehouse/yard in Hialeah, so we have use of that for free. Are you suggesting we move to Hialeah, or we move the company to Broward county and therefore have to start paying a hefty rental fee on a facility? Either way, our yard/office will have to be in an industrial area...I am sure I do not I want to live in an industrial area.

And do you suggest people move to urban areas so that when the breakdown of society finally occurs, we are stuck living amongst enraged and impoverished, hungry and violent inner city dwellers? You see what they do at Walmart to an employee on Black Friday for cheap electronics made in China. What do you think they are going to do when there are food rations and no more handouts?

Methinks YOU best start thinking strategically!
*chuckle* all I can say is, time will show you what I mean
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