[JDinNV]

Originally Posted by MomMom

Well, that's what I saw during the few weeks I temped at the real estate office. One of my jobs was to order forms and the broker had me order 4 packages of "Multiple Offer" forms!

You're probably looking at the best homes in your price range JD, the ones almost move in ready, requiring little work to repair?

You'll find a lot more homes available in the "need work" category, and the ones stripped of everything that could have been taken.

Don't be discouraged, you'll find one out there!

Yes. We are doing a FHA loan, so that also limits the available homes. If I could swing a conventional loan, things would be easier. With a wife and three small kids, I'd rather not be doing a whole lot of "fixing up" if I can avoid it. Between work and family, my free time is gone.

I think we may scale down a bit on size just to broaden our options.

[MomMom]

Originally Posted by JDinNV

Yes. We are doing a FHA loan, so that also limits the available homes. If I could swing a conventional loan, things would be easier. With a wife and three small kids, I'd rather not be doing a whole lot of "fixing up" if I can avoid it. Between work and family, my free time is gone.

I think we may scale down a bit on size just to broaden our options.

That's where a lot of the foreclosures are JD, the smaller, newer homes built during the height of the craze. You definately will have more homes available to you in that category.

I agree, you have enough to do without major home repairs. Perservere, you'll find something and be happy! Good luck prayers coming your way!

[RedRockAAAA]

Ours was move in ready. And it was FHA. It took 30 days with $5,000 less than asking and they paid closing costs. And it was bank owned. That was in Nov of 2008. Has the market changed that much in 5 months.

You're not talking 'short sales' are ya? That would bring up totally different issues. I hope your agent is up to par. Good Luck!!!

[JDinNV]

Originally Posted by RedRockAAAA

Ours was move in ready. And it was FHA. It took 30 days with $5,000 less than asking and they paid closing costs. And it was bank owned. That was in Nov of 2008. Has the market changed that much in 5 months.

You're not talking 'short sales' are ya? That would bring up totally different issues. I hope your agent is up to par. Good Luck!!!

No short sales for us. Takes too long.

I think the market has changed. According to my realtor and the rest of his office (Remax), we've probably hit bottom or are really close. They claimed the amount of houses in escrow was currently the most since three years ago. The nicer, larger homes are getting snatched up quick, unlike not too long ago. The majority of buyers now are FHA. We are running into a lot more people looking at the same houses. This wasn't happening a few weeks ago.

[rpachigo]

Originally Posted by JDinNV

No short sales for us. Takes too long.

I think the market has changed. According to my realtor and the rest of his office (Remax), we've probably hit bottom or are really close. They claimed the amount of houses in escrow was currently the most since three years ago. The nicer, larger homes are getting snatched up quick, unlike not too long ago. The majority of buyers now are FHA. We are running into a lot more people looking at the same houses. This wasn't happening a few weeks ago.

From my small vantage point, it seems if I come to the bank with a higher down payment or all cash deal, that does seem to crowd out the FHA buyer even if they bid higher than me. Don't know how prevalent this is but on at least two deals, this happened. Good for me, bad for FHA buyer.

[olecapt]

Originally Posted by rpachigo

2 ways to look at the real estate market. Both can be contradictory and complementary. Comments welcome.

Foreclosure leaders focused on 4 states in new metro list - Apr. 22, 2009
STOP PICKING ON LAS VEGAS - GLG News

The second article of course is what I have been posting for the last couple of months... obviously you like it better from an outsider.

RealtyTrac and similar have this problem which has been known for sometime that their numbers are separated from reality. I think it deals with the use of scheduled short sales rather than the actual. There are 7800 scheduled and 1700 occurs. That is what screws up there view.

At the moment the activity REO inventory is down to 3781 and dropping 200 a week. It could however be that the second article is correct and the bubble of foreclosure is still down the road a ways. But it had better happen soon or this thing is going to implode.

Prices though are still dropping.

Interesting Times.

[olecapt]

Originally Posted by JDinNV

As a first time buyer, things have been getting frustrating. We have put in multiple offers on houses, only to get shot down. We even offered $20k over list on one, to no avail. We currently have one offer in on another house, $30k over list. Some of these listing agents play games.

I wouldn't mind seeing some more foreclosures come on the market. The purchasing is certainly picking up. Homes are on the market for less time. Some more supply would be welcome.

Being 30K over list on a short sale is reasonable. To date I have not seen a REO that I would go over 30K for.

I don't think the listing agent play games. They are far to busy and all they want is to move the property quick. Most problems are due to carelessness and a dysfunctional lender system. The whole thing is a lttle berserk.

There is nothing wrong n this market with having four or five offers out. As they turn real you decide what to do. It is your counter to the listing mess.

Note that most of the better REOs are gone in a week or less. So you have to jump on it immediately. We went after one half million dollar house within four hours of the time it was listed to lose out to an earlier offer.