[Exaday]

Originally Posted by sdreloc

I noticed a house in Aliente that has been on the market for 900 days and is priced at $104,800. It's a 4 bedroom single story of almost 1800 sq ft and looks fine in photos other than a rough looking front lawn.

The price has been reduced several times and it still hasn't sold. I thought single family homes in that price range should be quick sellers.
Does anyone know the story behind MLS 819656?

That is weird, at that price range you'd think investors would have swooped it up. Perhaps the bank is baking out at the last minute? But why lower price? At 100k only people buying are people with low income/credit or investors I would think.

[sdreloc]

Originally Posted by Exaday

That is weird, at that price range you'd think investors would have swooped it up. Perhaps the bank is baking out at the last minute? But why lower price? At 100k only people buying are people with low income/credit or investors I would think.

You don't have to be low income with bad credit to be looking at $100K houses.
It looks like the price has been reduced at least 5 times. There must be something odd going on there why it didn't move even at the price before the last price reduction.

[olecapt]

It is not in Aliante. Was a rental and a little beat up and at this point it has been vacant over a year. Early on it was listed too high. Nothing serious but you need money when you get it to make it livable. It was sold short in the spring but they were unable to put the short together before the buyer gave up.

It is likely to go contingent in the next few days. It is however still a short so the lender has to agree. Note that the lower price may well be countered by the lender.

[Exaday]

Originally Posted by sdreloc

You don't have to be low income with bad credit to be looking at $100K houses.
It looks like the price has been reduced at least 5 times. There must be something odd going on there why it didn't move even at the price before the last price reduction.

To be fair, anyone could look at any house for almost any reason. In reality people buy houses to live in them or as an investment.

I am not sure if you purchased a house recently but 100k or less does not get you much house even in todays market.

Let's say the person got a good interest rate and mortgage is about $700 a month. My guess is that this person/household makes about 2500 a month.

They are going to have to be pre-approved.

No I am not saying it is always true but just use common sense. As a persons income lowers their credit scores tend to get lower. In the realm of technicality this is not always true but in the real world it generally is, sorry.

The asking cost is really just to get people in the door, it's getting lowered to get people in the door.

They have to put down a hefty down payment that the banks now require.

The lender or the bank(seller) may back out at any time. It's common that houses don't close.

The real question is why hasn't an investor swooped it up.

[sdreloc]

Originally Posted by olecapt

It is not in Aliante. Was a rental and a little beat up and at this point it has been vacant over a year. Early on it was listed too high. Nothing serious but you need money when you get it to make it livable. It was sold short in the spring but they were unable to put the short together before the buyer gave up.

It is likely to go contingent in the next few days. It is however still a short so the lender has to agree. Note that the lower price may well be countered by the lender.

It would be easier if the lender agreed to short sale pricing before the house was even put on the market. List as "no bids under XX will be considered" If they get bids at and above their minimum, it sells. If no takers at their desired price, then lower the price.
900 days is a long time to play around.

[Robustus]

Originally Posted by sdreloc

It would be easier if the lender agreed to short sale pricing before the house was even put on the market. List as "no bids under XX will be considered" If they get bids at and above their minimum, it sells. If no takers at their desired price, then lower the price.
900 days is a long time to play around.

Yeah, the short nonsense is extremely frustrating. I'd be in support of requiring short-approval before a house can hit the market. When I was hunting in July, after a while I concluded it was a huge waste of time to deal with shorts and went looking at bank-owned exclusively. Had an offer accepted (that I closed on 45 days later) within a few days of taking that approach.

Unless you're an investor working multiple deals where time isn't a factor, the shenanigans you run into with shorts (on the part of banks as well as the sellers) are frustrating.

[eventusstultorummagister]

Originally Posted by olecapt

At this point you have to stay away from the REOs. I expect virutally all will grind to a halt which may still be in place at year end or later.

Say goodnight, the party's over...

[sdreloc]

Originally Posted by Exaday

To be fair, anyone could look at any house for almost any reason. In reality people buy houses to live in them or as an investment.

I am not sure if you purchased a house recently but 100k or less does not get you much house even in todays market.

Let's say the person got a good interest rate and mortgage is about $700 a month. My guess is that this person/household makes about 2500 a month.

They are going to have to be pre-approved.

No I am not saying it is always true but just use common sense. As a persons income lowers their credit scores tend to get lower. In the realm of technicality this is not always true but in the real world it generally is, sorry.

The asking cost is really just to get people in the door, it's getting lowered to get people in the door.

They have to put down a hefty down payment that the banks now require.

The lender or the bank(seller) may back out at any time. It's common that houses don't close.

The real question is why hasn't an investor swooped it up.

Assuming those numbers that would be someone making about $15/hr minimum, but they could be making more since not everyone buys at or even near the max they can qualify for.

There is really no reason for someone making even $15 per hour to have bad credit or worse credit score than someone making $50/hr. They will just have to have lower dollar amounts of credit available to them.
Bad credit is the result of irresponsibility or bad luck or both and it can happen regardless of income.
All you have to do is maintain manageable amounts of credit for a few years. Don't overspend and don't pay late and you will have a good credit score whether you make $1500 per month or $15,000 per month.

[FML157]

I put offer in middle of April, it got accepted a few days later (I put 10k more than asking). I was being hopeful and thought I could get the 1st Time Tax Credit, but needless to say here we are in almost middle of October and absolutely no movement on the buyers end.

The house has been already been rented twice. When i first saw the house, it was move-in ready and well maintained; who knows the condition it is now

I haven't been asked to do the due diligence process yet, but at this point I really need to get into a house (hate my current living situation ).

[volfanga]

Look into real estate auctions make sure you do your due
diligence and there are many great deals to be had. I bought
my place through an auction in Feb.