[MrTudo]

Originally Posted by FiremanDud

No one can afford them anymore. Do you know how much money you need to make just to afford a 250K house? You need to make at least 100K a year to afford that much mortgage. You think everyone in America makes that much money a year. So hopefully people will start to realize that and start bringing there prices way down.

That's a great point about the income needed to buy a quarter of a million dollar house. Think about that. A quarter million bucks. When I bought my house in west Boca Raton, it was 175K 8 years ago. My neighbor across the street was upper management for FedEx with a salary of 75K. HIs Wife was a part time school teacher making 25K a yeat. 100 G's and living in a 200K house. My neighbor to my right was a critical care nurse making almost 100K and her house was 200K.

That's the type of neighborhood 100K a year gets you into.

Well now those houses hit 500K although I'm told that 400K can get you one now in the downturn. 400K? My question is, did the neighbors see a doubling of their income too?

Now that's Boca Raton. There's professional work available there and a real economic base. What is here in Charlotte Cnty that can justify 100 bucks a sq ft on resales? What?

You are right in that people have to be able to pay for these houses and that's why nothing is selling. They cannot afford them.

Maybe with a 40 or 50 year mortgage Ha!

[Southside Shrek]

agreed. when people start buying properties as 'homes' instead of as 'investments', then prices will moderate and so will the market.

[RAINBOWWAVES]

I think what will keep people from buying houses in Fl from now on will be hurricanes. There are tons of houses for sale and rent here by me that have been on the market a long time. One builder was asking $270.000 and eventually came down to $225,000 and it sold.

[oldtimer2]

Check Zillow out on the net and look at the lower priced sales of homes in Pasco County over the last 2 months. Look under 100k and go from there. I am seeing some sales at less than half of last years prices. (I am also seeing condo listings in West Palm Beach area in the 50K range for 900 sq ft).

Me thinks that the writing is on the wall. Unless you absolute cherrish the home you live in, if you made a substantial profit it may be past time to get your profit out. If you can. It is looking like a cash buyer bargain hunters playground to me. Hum?!

Never be afraid to profit. Leverage is an amazing tool. Holding on for the last dollar can cost you your first dollar. Unlike stocks though, Real Estate can be lived in. You can always hang on and wait out the storm, without using the front seats of your stock brokers car to sleep in. If you have the income, and/or if he still has a car left.

[TANC]

Been awhile since I posted here....

Our house was put up for sale in the Middle of Nov 2006. We just went under contract a week ago at full price. For what it's worth here's what we did...

Flat fee MLS listing and offered a 3% commission (smartest thing we did and it only costs $298 - This is what sold it).

ForSaleByOwner.com listing (waste of money).

Sunday Open Houses with newspaper advertising ahead of time. Professional looking signs made up staged at key strategic street corners directing folks to our home.

Got rid of a ton of clutter and personal stuff. Made the house spit polish clean and immaculate. You could eat off our floors.

Had an independent appraisal completed and it came in at $540,000. We priced the home at $499,900 and sold at full price.

Suggested some creative financing for the buyer (2-1 Buydown) which we helped fund with seller concessions.

We had 42 showings on our home in 3 months. Pretty good I think.

Now, we have a very nice home that is move in ready and we're in one of the premier school districts in the state.

For what it's worth...

[Dee2e]

Originally Posted by TANC

Been awhile since I posted here....

Our house was put up for sale in the Middle of Nov 2006. We just went under contract a week ago at full price. For what it's worth here's what we did...

Flat fee MLS listing and offered a 3% commission (smartest thing we did and it only costs $298 - This is what sold it).

ForSaleByOwner.com listing (waste of money).

Sunday Open Houses with newspaper advertising ahead of time. Professional looking signs made up staged at key strategic street corners directing folks to our home.

Got rid of a ton of clutter and personal stuff. Made the house spit polish clean and immaculate. You could eat off our floors.

Had an independent appraisal completed and it came in at $540,000. We priced the home at $499,900 and sold at full price.

Suggested some creative financing for the buyer (2-1 Buydown) which we helped fund with seller concessions.

We had 42 showings on our home in 3 months. Pretty good I think.

Now, we have a very nice home that is move in ready and we're in one of the premier school districts in the state.

For what it's worth...

Good job! I wish you smooth sailing to closing! However, who does a flat fee for $298?

On the other side, I have a client who had me put in a full price offer. The seller turned it down. Why? My client put $500 escrow, the seller wanted and additional $2K in escrow and to close in three days. Go figure!

[Bella52]

Thanks for the update, tips and good news. I will be listing my house next week so it's nice to hear something good. I know in my area in the past 2weeks 3 homes in my circle have sold!!
Good Luck and enjoy your new home.

[Pixie Dust]

My home appraised at 343k and Im selling for 315k. I have had two contract crash and burn. If anyone wants any more info. please pm me.

[Pixie Dust]

Originally Posted by Dee2e

Good job! I wish you smooth sailing to closing! However, who does a flat fee for $298?

On the other side, I have a client who had me put in a full price offer. The seller turned it down. Why? My client put $500 escrow, the seller wanted and additional $2K in escrow and to close in three days. Go figure!

I thinnk the homeowners that wanted the extra 2k were smart. I had a cantract for my house the guy got the financing aprooved and just because he put only 1k down, he than said he didnt want to buy the house. If I would have required a 5k he would've been less inclined to break the contract.
Its not the same to loose out on 1k than 5k. He didnt even have a legitimate reason to cancel.

[Dee2e]

Originally Posted by confused and relocating

I thinnk the homeowners that wanted the extra 2k were smart. I had a cantract for my house the guy got the financing aprooved and just because he put only 1k down, he than said he didnt want to buy the house. If I would have required a 5k he would've been less inclined to break the contract.
Its not the same to loose out on 1k than 5k. He didnt even have a legitimate reason to cancel.

Unfortunately, you cannot force someone to buy. However, in your case, whether you have a legal case against this buyer or not depends on the contract for sale and purchase. If it is a standard FAR document contingent on financing and the seller had financing per the contract, your seller breached the contract and your listing broker should advise you of your rights.

A $500 escrow on a $150,000 home is reasonable in my market.

The biggest issue in the transaction I described was that the seller wanted to close in 3 days. No lender can close in 3 days. You can't get an appraisal, inspection, and survey, and title insurance completed in 3 days let alone get the loan approved and closed in 3 days.