[jfkIII]

Merry Christmas to all. Make it a new year's resolution not to dwell on the negative.

[Chinga]

Originally Posted by rpachigo

How does a private seller even sell in this market. Much better to walk away.

You must be either a A) Property Manager or B) a landlord.

I would never walk way from my home simply because values have dropped

I don't care if I am paying on a 400,000 dollar loan and my houses "value" is only 200,000, it WILL go back up again eventually.. and I am not in the habit of using my house as an ATM anyway. As long as I can make the payments, I am not going anywhere.

Sure are lots of people on here lately telling people to send off the keys and run away from their homes just because values have dropped. Probably the same types that want to swoop in and buy these places, then rent them out at JACKED up prices to those that walked away..

[barryhussein]

Originally Posted by olecapt

BH is playing low ball games and is spending time negotiating and generally not buying. Most regular bank deals negotiate in days or at most a week.

I suppose only a realtor could call not wasting 10,000 USD "playing games."
Example: On December 2, I made an offer on 2300 E. Silverado Ranch Blvd. #1117. The ask was 53,900. I came in low, just to get them out of their cage. On December 5, I got a "highest and best" request. Since they had come out of their cage; I raised my offer to 43,000. The owner, Citigroup, never made a counter. Yesterday, I am looking at the listings. Here is unit 1117, again. This time it's listed for 47,900. I can't imagine a company that lost 80 Billion Dollars this year showing weak management. I probably would have given them 47K, cash, three weeks ago. Now, I know that these loser banks have 10,000 other homes in Vegas that aren't even on the market yet. Are pricing still falling? You bet your ass they are.
The assessor is lowering the assessments on many of these by more than half. I may resubmit on #1117 at 42K.

[SinCityModern]

BH, I hear your dilema. I deal with clients all day who feel the same frustration. The banks determine the prices and have a calculated reduction strategy every 30 days or so. To make sense of it at this point, is a full time job, and one that doesnt pay well. Bank owns usually get accepted or rejected quickly. Can you believe Latigo is selling for that now anyways?? What a location!

A short sale horror story (not reo) but lends itself to the case.

My scenario, my listing - Custom Estate - Combined loan value of approximately $1.1 Cash offer of $900,000 cash - no contingencies, 2 week close. Bank takes 90 days to accept, and the buyer had decided to go a different direction. Received an $825,000 offer - once again CASH, and the bank took almost 2 months, and the buyer walked. We have received other offers, in and out...BUT NOW....Offer of cash came in at $650,000 and the bank countered us to $705,000!!! So from the original offer that they lost we are now down an additional $200k! Baffling!

[desertsun41]

Originally Posted by Chinga

You must be either a A) Property Manager or B) a landlord.

I would never walk way from my home simply because values have dropped

I don't care if I am paying on a 400,000 dollar loan and my houses "value" is only 200,000, it WILL go back up again eventually.. and I am not in the habit of using my house as an ATM anyway. As long as I can make the payments, I am not going anywhere.

Sure are lots of people on here lately telling people to send off the keys and run away from their homes just because values have dropped. Probably the same types that want to swoop in and buy these places, then rent them out at JACKED up prices to those that walked away..

Never say never. Never be confident your life will be all peaches and dreams. So no way no how will you abandon your home despite it being worth $200K and you hold a 400K mortgage.

You must feel real invincable. Unstoppable. Solid as a rock.

Did it ever cross your mind that you might lose your job? Get very sick and unable to work? Lose your health insurance and get sick? Your company closes down? Any of these things could put a real plug in your invincable thoughts. Nawww that cant happen to you right? Not in this wonderful economy. Your too good for that.

Few of those you are putting down have NEVER used their homes as ATMs. The vast majority of those you are pointing and laughing at have always paid their bills on time and held good jobs. Very few of those you are putting down have done anything wrong...took advantage of any one or anything.

You need to think twice before posting garbage like that. Whataya work for the government?

[barryhussein]

I'm not going near short sales. OleCrap says I'm playing games and negotiating. This is far from the truth. I'm making offers, and there is NO negotiating. That's what is frustrating. I'm ready to negotiate. They are the ones sitting on their hands. It would be foolish to make a full bid or do a highest and best, when you don't even know if they will answer.

[olecapt]

Originally Posted by barryhussein

I'm not going near short sales. OleCrap says I'm playing games and negotiating. This is far from the truth. I'm making offers, and there is NO negotiating. That's what is frustrating. I'm ready to negotiate. They are the ones sitting on their hands. It would be foolish to make a full bid or do a highest and best, when you don't even know if they will answer.

The only difference between what you are doing and what my clients have done at least a dozen times in the past 9 months is price point. We have never done an RE deal below 100K...though we certainly would.

And knock off the wise a$$ stuff or you get nothing further from me.

On some of these we have had as many as 6 offers going at once with only one property intent. That is how the world is. The lenders are still not in control and periodically lose it all together. So you know you are running a deal with a flake on the other end. I have twice had to decrease our offer to meet the lenders counter.

In general though it has not been hard to get answers on REPOs...shorts are a different story but they work sometimes too. With a short you should absolutely work multiples...I figure every fifth to tenth will actually work...and you have to be prepared for three or four months though willing to go quick if it breaks loose.

[jjameson922]

Thanks for clarifying the timeframe of making offers on reo's. I'm still thinking I will not get involved with them because even if 5 days doesn't seem like a long time to have a final answer, it's five additional days of waiting around in my hotel with a possible loss of five days.

Mr. Hussein, I'm wondering if you work with the same dedicated realtor for all your reo shopping? Unless things are done totally different in LV, most realtor's in my area would suddenly claim they were very busy if you were taking their time to put in these low ball offers on minimum commission sales that end with both of you walking away empty handed. Aren't you getting frustrated with the time you spend on this?

[olecapt]

Originally Posted by jjameson922

Thanks for clarifying the timeframe of making offers on reo's. I'm still thinking I will not get involved with them because even if 5 days doesn't seem like a long time to have a final answer, it's five additional days of waiting around in my hotel with a possible loss of five days.

Mr. Hussein, I'm wondering if you work with the same dedicated realtor for all your reo shopping? Unless things are done totally different in LV, most realtor's in my area would suddenly claim they were very busy if you were taking their time to put in these low ball offers on minimum commission sales that end with both of you walking away empty handed. Aren't you getting frustrated with the time you spend on this?

It is about the same as a private normal deal. I have seen them go on for weeks. When an active dicker is underway you really can't force anything other than a negative answer. You cannot make a seller say yes...

[ParkTwain]

Olecapt says: "Why would people buy the real thing when they can buy it 20% less?"

If the home has been vacant for X number of months and during that time was subject to vandalism, etc., a buyer is going to be less interested unless there is a significant discount. Maybe 20% discount ain't enough. It wouldn't be enough for me.