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Old 12-06-2009, 04:36 PM
 
47 posts, read 214,873 times
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Quote: much of this potential inventory is due to fear and a "get out while it's hot" type of mentality
So sayeth the big bad wolf, ahhh OOOOOOOOOH!
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Old 12-06-2009, 04:41 PM
 
Location: Phoenix
3,995 posts, read 10,027,943 times
Reputation: 905
Quote:
Originally Posted by Howard Roark View Post
Shadow inventory according to a Scottsdale RE agent

Shadow Inventory – A foreboding issue? | Az Homes - Scottsdale Real Estate Agent (http://tinyurl.com/yex9kh5 - broken link)
From the link you provided:

Quote:
Shadow Inventory? What’s that? Shadow inventory can be considered all of the property that WOULD be on the market if the market was a little better…..and here’s the scary thing…its also all of the foreclosed homes that the banks currently are sitting on that they haven’t put out into the market yet.
This realtor also considers property the banks are "sitting" on as potential inventory which is completely different and this type of information confuses people. Before we get too far off track and wild puts us back on track () It is important to note that the OP doesn't seem concerned with being able to "dump" their soon to be purchased property soon. If they are planning on keep the property for a few years, especially over 5 years, the issue is moot.

Also, saying that banks are strategically holding property in order to not flood the market is also a play on what really happens with banks; they aren't (typically) great real estate marketers, thus much of the backlog occurs because of the number of people "assigned" to handle the foreclosed property. Even if it were true that banks were so well organized that they could plan such marketing schemes, it could be a good business decision and a favor to neighborhoods to not dump all the property up front.
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Old 12-06-2009, 04:42 PM
 
Location: Phoenix
3,995 posts, read 10,027,943 times
Reputation: 905
Quote:
Originally Posted by Greg Rider View Post
Quote: much of this potential inventory is due to fear and a "get out while it's hot" type of mentality
So sayeth the big bad wolf, ahhh OOOOOOOOOH!
That was a statement about markets in a state of "recovery" and an increase in inventory from those wanting to sell in better conditions...please re-read the post then understand the content.
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Old 12-06-2009, 04:44 PM
 
47 posts, read 214,873 times
Reputation: 32
Quote:
Originally Posted by Howard Roark View Post
Shadow inventory according to a Scottsdale RE agent

Shadow Inventory – A foreboding issue? | Az Homes - Scottsdale Real Estate Agent (http://tinyurl.com/yex9kh5 - broken link)
OK, it's NOT your saying. There is, then, a 'hidden' inventory. Again, if you have money in the bank, the bank is going to approach you with deals that they don't want to list. I JUST bought a house that was offered to me for less than %50 of what it defaulted at. So I put %70 down on the house and my mortgage is less than half what I can rent the house for.
I'm not talking high dollar stuff here, but just the same the banks are wanting to unload properties in the worst way.
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Old 12-06-2009, 04:50 PM
 
Location: Phoenix
3,995 posts, read 10,027,943 times
Reputation: 905
Quote:
Originally Posted by Greg Rider View Post
OK, it's NOT your saying. There is, then, a 'hidden' inventory. Again, if you have money in the bank, the bank is going to approach you with deals that they don't want to list. I JUST bought a house that was offered to me for less than %50 of what it defaulted at. So I put %70 down on the house and my mortgage is less than half what I can rent the house for.
I'm not talking high dollar stuff here, but just the same the banks are wanting to unload properties in the worst way.
Then this property is not a "shadow" and therefore, the bank isn't sitting on it. If the banks are offering property to select clientele, then they are publicly marketing their "assets."
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Old 12-06-2009, 04:51 PM
 
47 posts, read 214,873 times
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Quote: That was a statement about markets in a state of "recovery"
I didn't say that it wasn't. The thing to be focusing on is what is going on currently, which is all that one really knows for fact. Theories are fun but if you are buying now, well, all the cards are in your hand. If one has $350k in the bank, and offers $500k for a $1M property, it's a done deal.
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Old 12-06-2009, 04:54 PM
 
Location: Phoenix
3,995 posts, read 10,027,943 times
Reputation: 905
Quote:
Originally Posted by Greg Rider View Post
Quote: That was a statement about markets in a state of "recovery"
I didn't say that it wasn't. The thing to be focusing on is what is going on currently, which is all that one really knows for fact. Theories are fun but if you are buying now, well, all the cards are in your hand. If one has $350k in the bank, and offers $500k for a $1M property, it's a done deal.
OK...so now we are diverging into an different economic conversation?
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Old 12-06-2009, 05:04 PM
 
47 posts, read 214,873 times
Reputation: 32
No wolfy, I am talking about looking to purchase a home in the greater Phoenix area market, which is what the OP is doing. Well, wildmark is putting out the idea "I am in the market for a $750k to $1m property" Comprende?? And I am saying "Whoa dude, don't be so quick to put that out there." You know, it's time to be sly about it and do your research and get the best for yourself. It doesn't matter if you want a profit on it or not. Just because you want to keep a property is no reason to get any less than the best deal. Careless buying is EXACTLY what got the Phoenix market into the mess it is currently in. We just can't endure that kind of foolishness any longer without dire consequences.
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Old 12-06-2009, 05:13 PM
 
Location: Phoenix
3,995 posts, read 10,027,943 times
Reputation: 905
Quote:
Originally Posted by Greg Rider View Post
No wolfy, I am talking about looking to purchase a home in the greater Phoenix area market, which is what the OP is doing. Well, wildmark is putting out the idea "I am in the market for a $750k to $1m property" Comprende?? And I am saying "Whoa dude, don't be so quick to put that out there." You know, it's time to be sly about it and do your research and get the best for yourself. It doesn't matter if you want a profit on it or not. Just because you want to keep a property is no reason to get any less than the best deal. Careless buying is EXACTLY what got the Phoenix market into the mess it is currently in. We just can't endure that kind of foolishness any longer without dire consequences.
No one was talking about "careless" buying. First you were talking about "shadow inventory," then about "special bank offers," then about real estate agents out on the prowl, and now resorting to ad hominem rhetoric ...
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Old 12-06-2009, 05:25 PM
 
47 posts, read 214,873 times
Reputation: 32
Oh, of course, exuse me! The only truly logical approach is to feed the hungry wolf. No place for personal interests in THIS economy. That's what 3M is all about.
Reread your posts there 'genius'. You state that your theoretical 'issue' of FUTURE inventory is moot if one does not intend to put the property back on the market. NONSENSE! That is pure blither that leads a buyer to disregard due dilegence in making a major purchase. CARELESS, STUPID behavior!
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