[gulfer]

[IMG]http://http://www.foreclosurepulse.com/photos/foreclosurepulse_photos/images/5216/original.aspx

[SHEPNYC]

Inflation accelerated in January in a worrying sign for the Federal Reserve's campaign to bolster the flagging economy, while a separate report on Wednesday showed more troubling signs for beleaguered housing market.

Annual consumer price inflation increased to an unexpectedly strong 4.3 percent in January from an already elevated rate of 4.1 percent in December, according to the Labor Department.

The bad news on inflation was coupled with more grim news from the housing market, with permits to break ground on new U.S. homes in January decreasing 3 percent to the lowest rate in more than 16 years.

[mooven]

Any update stats on what repos and resales are selling for compared to listing prices? I know earlier it was mentioned most repos are going at list or higher.

[olecapt]

Originally Posted by mooven

Any update stats on what repos and resales are selling for compared to listing prices? I know earlier it was mentioned most repos are going at list or higher.

Who said that? There are some low priced REPOs that are selling at or above list. But most are selling at or below list and giving at least some concessions.

There are some wonderfully priced shorts that have 20 or more offers and won't sell at all because the price is below any reasonable level...

This is a complex marketplace folks. We have everything from irrationally high priced listings in stable markets to irrationally priced shorts in volatile markets.

It is all easy as long as you know what you are doing. Even then you may not do well as the banks are getting close to berserk in some of their dealings.

But have a good time. Keep your sense of humor close at hand...you may need it...and keep smiling...it is getting better.

[SpedF22]

Originally Posted by olecapt

This is a complex marketplace folks. We have everything from irrationally high priced listings in stable markets to irrationally priced shorts in volatile markets.

Truer words were never said. Correctly assessing value in this market is very difficult.

[mooven]

I'm assuming this varies depending on what the buyer is willing and able to pay, but is there a general rule of thumb on earnest money (e.g., 1%, 2%,...)?

Thanks

[olecapt]

Originally Posted by mooven

I'm assuming this varies depending on what the buyer is willing and able to pay, but is there a general rule of thumb on earnest money (e.g., 1%, 2%,...)?

Thanks

1% to 3%. In some cases I would initially suggest offering $10. Let the seller counter offer...generally means there is a possibility of a deal.

The lenders are sometimes firm at 3%. That is fine if you really intend to buy the home.

If you can't put up 3% you probably should not be in the market.

[coolricks]

Originally Posted by olecapt

If you can't put up 3% you probably should not be in the market.

Beg to differ from your post, but I bought my house putting dow earnest money .0067% thats only $2000.00 and they accepted it.

[bumpercar]

Housing market downturn hits new low - Las Vegas Sun

[olecapt]

Originally Posted by coolricks

Beg to differ from your post, but I bought my house putting dow earnest money .0067% thats only $2000.00 and they accepted it.

And sometimes they take $10. $29,850,746.27...must have been some house..though I bet you meant .67% didn't you?