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Old 06-04-2008, 11:56 PM
 
Location: Golden, CO
266 posts, read 634,926 times
Reputation: 237

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i have gotten in a bad situation, and i have realized this is the worst time in many many years to be in this situation.

seems like everyone is scared to buy, or the people who are buying homes are the cut throat guys after 40-60% off the value of the home, lol, they are like sharks circling but i guess i cant blaim them.

the builders are giving away the moon with a new home, and there are tons of short sales all over the city, its like the perfect storm!

anyone else cought in this mess? what are you doing to get out? i have listed with a realtor friend of mine, on a 5,4,2 deal. if i find the buyer the commition is 2%, if he finds them its 4%, if its an outside realtor its 5%. thats a really fair deal i think.

i have also offered $1000 bounus to the buyers realtor, the home is priced under value by several thousands, and im offering to pay up to $5k toward closing costs.

lucky for me the home looks, smells, and shows like a new home, all i can do is keep the grass green and mowed. i just cant think of anything else.

im open for ideas? what are you all doing?



[MOD CUT]

Last edited by da jammer; 06-05-2008 at 05:40 AM..

 
Old 06-05-2008, 12:30 AM
 
Location: Washington, DC & San Antonio, TX
790 posts, read 3,616,237 times
Reputation: 516
Gosh - sorry you're in such a tough spot. Based on the style and location of your home, you just made my case for me. http://www.city-data.com/forum/san-a...ml#post3995563

Could I suggest you consider offering owner-financing? There are still lots of people out there who are responsible, income-earning buyers but for various reasons can't get the time of day from a bank. I had a heck of a time getting a mortgage because I'm self-employed. All the assets in the world didn't mean a thing to the banks when I was trying to buy my house last month. Depending on how dire your situation is, owner financing could get you out from under your payments and give you some breathing room.
 
Old 06-05-2008, 06:51 AM
 
1,740 posts, read 5,185,142 times
Reputation: 336
Is this here in San Antonio? What part of town? What price range? One story or two?
 
Old 06-05-2008, 07:10 AM
 
Location: SoCal-So Proud!
4,263 posts, read 9,692,196 times
Reputation: 1541
It's Caracol Creek/Heights. Near Potranco/1604. Looks like a 2 story. Don't know the price range. He had a link up earlier. Mod cut.
 
Old 06-05-2008, 07:18 AM
 
1,740 posts, read 5,185,142 times
Reputation: 336
From what I have seen - two story houses take quite a while to sell. No one wants them! If he can't sell - then he is asking too much. That is often the hard truth to deal with. The market has definitely changed.
 
Old 06-05-2008, 07:49 AM
 
3,060 posts, read 6,728,037 times
Reputation: 1253
Our two story is finally under contract, after being on the market since last August.
 
Old 06-05-2008, 07:58 AM
 
Location: Golden, CO
266 posts, read 634,926 times
Reputation: 237
it is for sure a buyers market.. wow is it ever. the home has only been on the market 2 weeks, and there are others like ir selling in the area, ill keep lowering the price when ever i sell something, got to love craigslist huh. this house is in just off culebra and westover hills.

i wish i could rent it, but the payment is too high (long story). The lease to own thing is why i have the home, but its still an option i guess.

Strange about 2 story homes, i would rather have a 2 story! not sure why people don’t like them. Even the home i live in is a 2 story.
 
Old 06-05-2008, 08:09 AM
 
Location: SoCal-So Proud!
4,263 posts, read 9,692,196 times
Reputation: 1541
Quote:
Originally Posted by banker View Post
From what I have seen - two story houses take quite a while to sell. No one wants them! If he can't sell - then he is asking too much. That is often the hard truth to deal with. The market has definitely changed.

To make a sweeping statement and say that "No one wants them" is ludicrous and amateur-ish, at best. Yes, the market has changed. There are definitely less qualified buyers out there to due the banks (finally) tightening up their requirements. IMO, this should have been done LONG ago. There are many people out there that should have never qualified in the first place.
 
Old 06-05-2008, 08:21 AM
 
Location: Golden, CO
266 posts, read 634,926 times
Reputation: 237
Quote:
Originally Posted by firstclassflyer View Post
To make a sweeping statement and say that "No one wants them" is ludicrous and amateur-ish, at best. Yes, the market has changed. There are definitely less qualified buyers out there to due the banks (finally) tightening up their requirements. IMO, this should have been done LONG ago. There are many people out there that should have never qualified in the first place.
yep, i agree with you. i just wish it would have waited 6 months before it hit! hahahaha. i have a few friends in the lending biz, they would tell me stories of loans they have seen done. all these guys have seen this coming for years.

there are lots of people out there just waiting to buy. all the attention this has been getting on the news (due to the election imho) seems like everyday they show some old people, or a young family loosing their home ect.

i keep saying if people will just stop watching the news for 6 months, we would turn things around...lol... please donít flame me i am only half serious here.
 
Old 06-05-2008, 08:28 AM
 
134 posts, read 459,620 times
Reputation: 24
We are in the same boat here. It's a 2 story in Walkers Ranch off Blanco near Bitters, 78216. It's a really nice neighborhood but are priced above $270K. we are listed for $309K & we just can't go lower or we'll have no wiggle room. We are 3100sq 5 bedrooms, w/5 downstairs w/full bathroom. We have had so many lookers & everyone loves the house just not the stairs going to the house! We have an awesome view overlooking Silverhorn Valley from our master. My house is really decorated nice & is always clean!!!LOL I was able to walk thru the other houses in the neighborhood & we are definately the nicest, w/biggest back yard. 2 had terrible smelling cat houses!UGH Sorry cat lovers, but I won't even look at a house that smells like cats. We are set to move into our new house in end June. We are also in the mid range $ for the neighborhood, I just keep praying, knowing the Lord will take care of us. If anyone does get to the short sale phase, my friends had to do this recently & they were smart to buy everything they wanted the day of closing, since their credit would be ruined for a few years. Hope no one has to do that but just a thought to be prepared. We are buying all needs for the new house the same way, just to be prepared. We qualify to carry both mortagages , but hope we don't have to for more than 6 months.

I can't post my house , but based off the info I listed you can find it easily enough!!!

Oh our realtor is taking 1% from old house & 3% from the new paid by builder.
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