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Old 06-12-2011, 12:11 AM
 
Location: Las Vegas
131 posts, read 164,170 times
Reputation: 111
Quote:
How dare you say bad things about these people. Years ago you could trust the banks. You couldn"t get a loan if they knew you couldn't afford it. They trusted the banks. How sad. I'm one of the lucky one. I didn't loose my home.
McDonalds employees were getting approved for a $400k house making $8/hr. People were clearly living outside their means and thats 1 reason why people couldnt pay their houses. They just didnt buy a house that THEY COULD AFFORD.
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Old 06-12-2011, 03:50 AM
 
3,622 posts, read 2,717,212 times
Reputation: 4208
Quote:
Originally Posted by baily23 View Post
McDonalds employees were getting approved for a $400k house making $8/hr. People were clearly living outside their means and thats 1 reason why people couldnt pay their houses. They just didnt buy a house that THEY COULD AFFORD.
Hmmmm. I know a lot of people who have sold their homes this way. For some it may have something to do with overextending themselves. For those I know this is not the case. It has to do with the overall market...and their home dropping to HALF of what they paid for it in a few years.

Someone making 8 dollars an hour is not going to get a loan for any home silly. Even back when things were crazy.
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Old 06-12-2011, 03:55 AM
 
3,622 posts, read 2,717,212 times
Reputation: 4208
Also...people short selling their homes in most cases WANT their home to sell. They want to get out of an underwater home. Now...foreclosures that's usually a different story.

My current home is worth half of what we paid for it. If I was going to short sell my home it would be like any other time I put my house up for sale. It would look like a freaking model home and we would not be there when it was showing. When we had our last home up for sale people thought no-one lived there because it was so clean. They were shocked when they saw food in the fridge.

When I was looking to buy homes and looked at resales I saw a huge range of how people chose to show their home. Some people didn't care and it had nothing to do with their home being a foreclosure/short sell...etc.
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Old 06-12-2011, 04:09 AM
 
Location: Here and there, you decide.
9,336 posts, read 13,940,353 times
Reputation: 2291
Quote:
Originally Posted by baily23 View Post
McDonalds employees were getting approved for a $400k house making $8/hr. People were clearly living outside their means and thats 1 reason why people couldnt pay their houses. They just didnt buy a house that THEY COULD AFFORD.
nobody now or then got a loan making $8 an hour... seriously..
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Old 06-12-2011, 04:12 AM
 
Location: Here and there, you decide.
9,336 posts, read 13,940,353 times
Reputation: 2291
Quote:
Originally Posted by lyra33 View Post
Hmmmm. I know a lot of people who have sold their homes this way. For some it may have something to do with overextending themselves. For those I know this is not the case. It has to do with the overall market...and their home dropping to HALF of what they paid for it in a few years.

Someone making 8 dollars an hour is not going to get a loan for any home silly. Even back when things were crazy.
spot on.....
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Old 06-12-2011, 09:36 AM
 
Location: Louisville/Vegas
482 posts, read 608,381 times
Reputation: 343
Quote:
Originally Posted by olecapt View Post
Nothing wrong with doing short sales as long as you understand they still mostly fail...and after a long delay.

My strategy is generally to suggest that the client make three or four or even more offers and really make a decision when one turns real.

I don't "like" shorts...but I don't like FHA loans or HUD homes or anything that is not quick and efficient. You live with them however. Sometimes the best deal for your clients.
So if you make three or four offers on "shorts" which entails putting down earnest money on all of them - with the intent to buy. Then when one of them is approved by the lender and you decide to buy that one, do you have the ability to recover your earnest money from the others without resorting to some chicanery?
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Old 06-12-2011, 11:29 AM
 
Location: NW Las Vegas - Lone Mountain
15,758 posts, read 19,317,957 times
Reputation: 2661
Quote:
Originally Posted by Croce View Post
So if you make three or four offers on "shorts" which entails putting down earnest money on all of them - with the intent to buy. Then when one of them is approved by the lender and you decide to buy that one, do you have the ability to recover your earnest money from the others without resorting to some chicanery?
Yes. There is more to it than that but basically yes. I am not going to get into teaching a course on managing shorts here. Most RE Agents do it very badly. I see no reason to educate my competition.
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Old 06-12-2011, 01:32 PM
 
Location: Las Vegas
5,677 posts, read 4,752,473 times
Reputation: 2536
Quote:
Originally Posted by olecapt View Post
the problem is that the back office people have been "empowered" by recent events.

So we have very powerful underwriters in charge of the process. They are just covering every nuance as only a good bureaucrat can. It is not illegal or irrational..but it is deliberately uncooperative.

I now pick lenders based on their ability to manage their back office rather than knowledge of product or the ability to get the client a good deal. If you can't control the back office you are no help.

Specifically VA and FHA are not different and the appraisal...a big part of the probem...is basically the same.

Both will come out OK if you stick to it and the appraisal is not outrageous.

Conventional is easier but not by enough that I would push a client to it.
Except that VA requires a special certified VA appraiser. Which there are only a handful in Las Vegas. The appraisal for my new home took over a week to get the results back. And one of the straps on the water heater was loose. Not missing but loose. Me and the realtor tightened it ourselves then had the appraiser come back out to verify...Another 3 days.
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Old 06-12-2011, 01:48 PM
 
Location: Las Vegas
5,677 posts, read 4,752,473 times
Reputation: 2536
Quote:
Originally Posted by airics View Post
nobody now or then got a loan making $8 an hour... seriously..
If so, then it was based on "stated" income which I think is illegal now...or at least should be.

Back in 2007 when I was stationed in Utah, I was very close to purchasing a $360k home I coulnt afford(or just didnt want to). I prequalified VERY easily. Especially since I had just returned from a 5 month deployment. My salary increased by about 15k for that year alone but was only temporary because of the deployment. I was told to state that I will continue to make that increased pay indefinitely. And was told to put down that I was due a raise within a month or so(which was a lie). My raise is dictacted by congress and goes into affect at the begining of every year.

Non of this mattered to the LO.

I was also advised that If my monthly payments were to overwhelming that I could find some roommates to help pay the mortgage. Was very much considering this. I easily found about 5 potential roommates that would move in with me.

But then I got orders to South Korea with a follow-on assignent to Vegas.

Whew!!

Quote:
Originally Posted by lyra33 View Post
Also...people short selling their homes in most cases WANT their home to sell. They want to get out of an underwater home. Now...foreclosures that's usually a different story.

My current home is worth half of what we paid for it. If I was going to short sell my home it would be like any other time I put my house up for sale. It would look like a freaking model home and we would not be there when it was showing. When we had our last home up for sale people thought no-one lived there because it was so clean. They were shocked when they saw food in the fridge.

When I was looking to buy homes and looked at resales I saw a huge range of how people chose to show their home. Some people didn't care and it had nothing to do with their home being a foreclosure/short sell...etc.
During my short sale process our house did not feel like a home at all. Everything was neat, organised, smelled good, and very inconvienent...especially when you have a new baby in the house. Dirty diapers were going straight outside to the trash, bottles were rinsed/washed out immediaitely after every use. Even purchased some cheap colorful new fish for my fish tank that I was getting rid of. I still feel that my 120 gallon fish tank was the selling point of my living room. LOL

The end result was that we got a cash buyer that wanted to move in immediately.

Last edited by von949; 06-12-2011 at 01:58 PM..
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