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Old 05-26-2013, 03:20 PM
 
2,928 posts, read 3,554,150 times
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Sometimes they do get rejected Scott. Sometimes they are so far along the process that it's too late to back out. Sometimes there's no one looking out for the interest of the bank and they let a hand full of cheaply priced properties slip through their fingers.
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Old 05-26-2013, 03:26 PM
 
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Quote:
Originally Posted by Scott456 View Post
One thing I don't understand is that those short sale properties have been under contract for months at very low prices. Well, the market has clearly moved up quite a bit. I don't believe any bank will approve those short sales at those low prices. Why don't banks just flat out reject them?
It is reasonably common for a bank to reject the offered price and counter a higher one. Just had a client bid on a long term $80,000 condo which came back on the market at $100,000 with a statement the bank would take it. We bid $110,100. Doubt we got it but an answer has not bet appeared. So up about 40% in just over 6 months.
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Old 05-26-2013, 04:06 PM
 
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I had a house initially accepted for 105k only for them to demand 10k more 6 months later. 1 year later the house closed at...105k. Don't ask me what happened, breakdown of communication on the bank's end probably.
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Old 05-28-2013, 07:23 PM
 
3,598 posts, read 4,951,112 times
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Las Vegas home-price rise tops national rate | Las Vegas Review-Journal

"The Standard & Poor’s/Case-Shiller home price index released Tuesday showed Las Vegas home prices grew 20.6 percent since March of last year."
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Old 05-29-2013, 02:18 PM
 
261 posts, read 423,150 times
Reputation: 137
Quote:
Originally Posted by Scott456 View Post
One thing I don't understand is that those short sale properties have been under contract for months at very low prices. Well, the market has clearly moved up quite a bit. I don't believe any bank will approve those short sales at those low prices. Why don't banks just flat out reject them?
We were wondering the same thing because we were sure that the bank was going to ask for more money. (Original contract in August of 2012. Closed in March of 2013.) But they didn't. I think it depends on the noteholder. Ours was Northstar, I believe they had bought a lot of mortgages from BOA. They probably got a deal on them and they just wanted to clear their books. The letter approving the short sale just had a closing date and that the price had to be above a certain amount. We were actually $20k over.

In the end we are very happy in that we bought a house at $112/sq.ft. in Seven Hills which has everything we hoped and which is perfect for our family. Good luck finding anything under $130/sq.ft. in this area. RE is crazy in LV. Thank God we got lucky and bought at the right time.
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Old 05-29-2013, 06:27 PM
 
244 posts, read 332,444 times
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Dr. Dani Babb on Fox and Friends Fox News May 25 2013 on the next housing bubble - YouTube
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Old 05-29-2013, 07:00 PM
 
2,928 posts, read 3,554,150 times
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"1 in 5(homeowners) are still under water, a lot of them want to hold onto their home until it's at least breaking even again, that's actually contributing more to the problem because it's lowering inventory and it's creating bidding wars"

This analyst is ridiculous. So what should current homeowners do? Sell their house and take a loss so new homeowners can reap the benefits? Why would a homeowner do that unless they are desperate?
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Old 05-29-2013, 07:03 PM
 
12,973 posts, read 15,809,783 times
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Vic you are losing it...as is Fox.

This hopeless idiot is a seller of services to the Education Industry.

My cat could out point her as a Las Vegas RE expert.

My cat cares about Las Vegas Real Estate in at least a couple of dimensions...unlike Babb.
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Old 05-29-2013, 07:13 PM
 
2,928 posts, read 3,554,150 times
Reputation: 1882
Bet she earned her "doctorate" from University of Phoenix.
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Old 05-29-2013, 10:34 PM
 
743 posts, read 968,878 times
Reputation: 531
Banks are big time dragging their ass...waiting now 15 months to close on 2 condo short sales that were approved at 20% below current market asking price...all other shorts closed within 6-8 months after seller approval. Of course had the bank wanted an extra $10,000 it would have been easier to hand it over 12 months ago where the guy getting foreclosed on was collecting $850 a month of "my rent" with a long term tenant in place without paying into any mortgage...if they end up countering, I'd love to tell them to wait 15 months on their counter so I can see which way the market swings as they did. Any counter puts my ROI below 10% so I may tell them to shove it. Rent is still lagging far behind RE price.
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