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Old 02-16-2007, 05:03 PM
 
Location: PA
669 posts, read 3,121,090 times
Reputation: 287

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NAH - There are safe areas of Houston and Dallas. Why do you not get this? Just because a city has high crime doesn't mean every piece of land in it does.
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Old 02-17-2007, 03:42 AM
 
Location: Central Florida
800 posts, read 3,001,433 times
Reputation: 315
...proving once again that would-be investors/speculators need to learn about investing and funding their investment until it's profitable. It's not the fault of the State if someone makes a bad investment decision.
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Old 02-17-2007, 10:11 AM
 
Location: Florida
543 posts, read 1,192,561 times
Reputation: 176
One idea may be to rent to own. Some of the investors may do it to get out of the payments!
Just my .02.
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Old 02-17-2007, 11:30 AM
 
Location: Central Florida
800 posts, read 3,001,433 times
Reputation: 315
Quote:
Originally Posted by Floridanative2 View Post
One idea may be to rent to own. Some of the investors may do it to get out of the payments!
Just my .02.
I don't recomment rent to own for my clients. I recommend a lease-purchase instead. With a lease option, the seller agrees to sell at a price set now, not market the home but the buyer only agrees to rent and consider buying. With a lease purchase, there is an agreement to buy and sell with a specific closing date, with lease terms included. It obligates the buyer to actually purchase the property. It's a better deal for the seller.

Many people don't understand that a lease option does not obligate the buyer to make the purchase.
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Old 02-17-2007, 01:13 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 13,731,207 times
Reputation: 1026
Quote:
Originally Posted by Dee2e View Post
...proving once again that would-be investors/speculators need to learn about investing and funding their investment until it's profitable. It's not the fault of the State if someone makes a bad investment decision.

That poor guy is going to lose over $150k as I said in my first post. Me and dad did the math and this house would not be much of an investment, if at all even if he was willing to let it go for $250k! We in fact believe its value to be $250k once the market bottoms out. Anyone buying it near his $350k asking price is gonna lose big money!
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Old 02-18-2007, 10:16 AM
 
Location: Central Florida
800 posts, read 3,001,433 times
Reputation: 315
Quote:
Originally Posted by Need_affordable_home View Post
That poor guy is going to lose over $150k as I said in my first post. Me and dad did the math and this house would not be much of an investment, if at all even if he was willing to let it go for $250k! We in fact believe its value to be $250k once the market bottoms out. Anyone buying it near his $350k asking price is gonna lose big money!
While that is very true, it was his decision to speculate, he's responsible for that decision and he will pay the price for it. You just can't blame that decision on anyone else.
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Old 02-18-2007, 12:27 PM
 
Location: So. Dak.
13,495 posts, read 36,256,154 times
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What is the actual projected percentage that real estate will bottom out at? What I mean is if they are asking 300,000 for a home now, will it drop another 10%,20%, or what?
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Old 02-18-2007, 01:05 PM
 
2,141 posts, read 6,708,504 times
Reputation: 595
I think Jammie is right. This is the way I see it. We probably won’t get full blown panic yet, nationwide that is obvious. We might get pockets, mainly in heavy investor infested communities. Remember Florida had a bust in the 1920s based on the same thing. We are seeing large numbers of foreclosures in overbuilt markets and this will continue for the next two or three years. Some areas will not get hit this hard but all this will be based on if panic sets in. We are seeing some now, but Optimism and Denial is keeping the market alive. Most investers are just trying to get out by any means possible and the anxiety will only build. Remember Austin in the late 1980s.
If panic sets in we will see large numbers of foreclosures advertised at 50c on the $1. This will continue in 2010 which perhaps will be the bottom; thing is in the 50c on the $1 areas, even the 20% down payment people will end up having to walk (or stay till 2015+). Right now I'm seeing homes sold by people who have to move due to the loss of construction jobs in big numbers. But I might be wrong.
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Old 02-18-2007, 01:12 PM
SKB
 
Location: WPB
900 posts, read 3,388,877 times
Reputation: 331
Quote:
Originally Posted by firemed View Post
I think Jammie is right. This is the way I see it. We probably won’t get full blown panic yet, nationwide that is obvious. We might get pockets, mainly in heavy investor infested communities. Remember Florida had a bust in the 1920s based on the same thing. We are seeing large numbers of foreclosures in overbuilt markets and this will continue for the next two or three years. Some areas will not get hit this hard but all this will be based on if panic sets in. We are seeing some now but Optimism and Denial is keeping the market alive. Most investers are just trying to get out by any means possible and the anxiety will only build. Remember Austin in the late 1980s.
If panic sets in we will see large numbers of foreclosures advertised at 50c on the $1. This will continue in 2010 which perhaps will be the bottom; thing is in the 50c on the $1 areas, even the 20% down payment people will end up having to walk (or stay till 2015+). Right now I'm seeing homes sold by people who have to move due to the loss of construction jobs in big numbers. But I might be wrong.
I think you are right on the money with .50 on the dollar. The sub market collapse combined with REO is going to be the last straw for the housing market.
SKB
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Old 02-18-2007, 01:15 PM
 
2,141 posts, read 6,708,504 times
Reputation: 595
Quote:
Originally Posted by SKB View Post
I think you are right on the money with .50 on the dollar. The sub market collapse combined with REO is going to be the last straw for the housing market.
SKB
Its sad but it's looking more like the way things will turn out.
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