10-08-2007, 12:35 PM
Location: NW Las Vegas - Lone Mountain
15,761 posts, read
19,044,337 times
Reputation: 2661
Quote:
Originally Posted by
SHEPNYC
That is simply a regurgitation of the same fact set that has been repeatedly and exhaustively used to jawbone down the price of RE in Las Vegas.
There was no new content. And I think it helpful that a broker or two or three goes belly up. I would however think the demise of Foxtron in NJ and NY was a much more significant one.
10-08-2007, 03:07 PM
Location: New York, NY
295 posts, read
478,762 times
Reputation: 73
Quote:
Originally Posted by
olecapt
That is simply a regurgitation of the same fact set that has been repeatedly and exhaustively used to jawbone down the price of RE in Las Vegas.
Foxton (not Foxtron) was a non-entity in New York for years. It was a discount brokerage that couldn't get a foothold in the New York Metropolitan area.
As to the jawbone, I guess it's working.
10-08-2007, 04:23 PM
Location: Las Vegas, NV
230 posts, read
482,244 times
Reputation: 175
Quote:
Originally Posted by
olecapt
There seems to be some view that an RE Agent is in a position to advise a client as to what can be afforded.
Any real estate agent I've delt with always required a pre-approval letter from my lender (showing the amount that I was pre-approved for) before they would waste their time showing me property that I would not be able to afford. Is that not the norm?
10-08-2007, 04:40 PM
9,064 posts, read
18,498,619 times
Reputation: 3105
Quote:
Originally Posted by
brosati
Any real estate agent I've delt with always required a pre-approval letter from my lender (showing the amount that I was pre-approved for) before they would waste their time showing me property that I would not be able to afford. Is that not the norm?
Sure- but the boneheads at the mortgage companies who were writing those preapproval letters were the ones preapproving people for more than they could afford in the first place......
Bob
10-08-2007, 05:44 PM
Location: NW Las Vegas - Lone Mountain
15,761 posts, read
19,044,337 times
Reputation: 2661
Quote:
Originally Posted by
brosati
Any real estate agent I've delt with always required a pre-approval letter from my lender (showing the amount that I was pre-approved for) before they would waste their time showing me property that I would not be able to afford. Is that not the norm?
Actually many of the buyers we deal with have no real need of a pre-qual letter. When we need one we message friendly loan officer who supplies a pre-qual letter with the exact sum offered in the contract. On a business day it takes ten minutes.
We ain't gonna give the other side a hint as to whether our client can go higher or not. Let the seller sweat it.
We really don't want to wade through a clients financial capablity. It is not our concern and not our business. We care that they can make the offer in hand...and nothing more...unless they ask us to help figure out what they can afford.
10-12-2007, 11:28 AM
Location: New York, NY
295 posts, read
478,762 times
Reputation: 73
Las Vegas Home prices take a big hit in September!
10-12-2007, 12:12 PM
Location: Pinal County, Arizona
24,910 posts, read
19,767,909 times
Reputation: 4599
Quote:
Originally Posted by
SHEPNYC
Big Deal - and, not a surprise
10-12-2007, 12:27 PM
Location: New York, NY
295 posts, read
478,762 times
Reputation: 73
Quote:
Originally Posted by
Greatday
Big Deal - and, not a surprise
Not surprised by the down 25% prediction. Seems to be comming sooner than most thought. Sounds like you own some Las Vegas real estate.
10-16-2007, 10:56 AM
Location: Beautiful Upstate NY!
12,247 posts, read
13,180,311 times
Reputation: 5459
No brainer...collapsing house prices lead to...collapsing unfinished homes. No successful business owner would continue to pour money into a bottomless pit! It had to stop somewhere...and that somewhere, for some builders, is right in the middle of the job! If an owner can't pay the guys swinging the hammers...they ain't gonna do it for free... they gotta go work at McDonald's just to bring in some money!!!
10-16-2007, 11:06 AM
Location: las vegas nevada
359 posts, read
808,587 times
Reputation: 55
the housing market to my understanding is saturated. and from what my uncle told me (who is also investing in vegas as well) said it might take anywhere from 5-6 years for the market to get back up. hopefully it wont be so bad on the new home owners.
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As to the jawbone, I guess it's working. 
