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Old 06-30-2010, 05:26 PM
 
Location: Florida -
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There are potential buyers and sellers everywhere! -- Unfortunately, there is a huge logjam of buyers who need to sell before they can buy; and sellers who need to find a buyer who can sell their own property, so they can buy the seller's property.

Are there some creative (and successful) options that can help buyers and sellers break out of this traditional buy/sell 'box' logjam??. (I'm thinking about options such as 2 (or 3)-party permanent RE Trades; RE Installment contracts; guaranteed payments backed by guaranteed annuities; and ???)
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Old 06-30-2010, 06:41 PM
 
Location: Columbia, SC
10,130 posts, read 19,837,975 times
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If there was a magic bullet we'd have put it to use. Ultimately, a few are able to trade homes but the most common solution is that the first seller in the chain must wait for a non-contingent buyer. There are more sellers than buyers currently, so not every seller is going to actually sell.
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Old 07-01-2010, 07:19 AM
 
Location: Barrington
59,441 posts, read 40,802,782 times
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Quote:
Originally Posted by jghorton View Post

There are potential buyers and sellers everywhere!
The Government could buy all the foreclosed property and then bull doze it, creating a housing shortfall, increasing demand and causing prices to rise, kind of like FRB.
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Old 07-01-2010, 07:33 AM
 
848 posts, read 1,816,349 times
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Originally Posted by middle-aged mom View Post
The Government could buy all the foreclosed property and then bull doze it, creating a housing shortfall, increasing demand and causing prices to rise, kind of like FRB.
If the government starts buying properties, they'll be designated Section 8 housing.

Razing dilapidated and abused housing projects in prime urban real estate areas and moving the "charm" to suburbia would seem more likely. If wealthy property developers want property, they'll get it.
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Old 07-01-2010, 08:45 AM
 
Location: Florida -
10,117 posts, read 13,011,307 times
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Quote:
Originally Posted by Brandon Hoffman View Post
If there was a magic bullet we'd have put it to use. Ultimately, a few are able to trade homes but the most common solution is that the first seller in the chain must wait for a non-contingent buyer. There are more sellers than buyers currently, so not every seller is going to actually sell.
There may not be a one-shot magic bullet, but, the problem is widespread enough that the critical mass of creative people 'worrying' the problem will inevitably come-up with workable solutions. Necessity truly is the mother of invention.

For example, I've recently been trying to sell/trade an oceanfront condo in Satellite Beach, Fl. --- and am starting to get all kinds of creative offers from around the country from folks trying to make something happen. (An intriguing recent idea involves an installment contract backed by a guaranteed annuity).

The government has always done a better job of creating problems, than solving them. The solution is going to have to come from buyers and sellers who find ways to work around the bureaucracy ... and the problems --- maybe on a forum like this one. --Best, John
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Old 07-01-2010, 08:54 AM
 
Location: NJ
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This just makes me think of interest only loans. I'm sure someone thought that was an "outside the box" idea.
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Old 07-01-2010, 12:18 PM
 
Location: Columbia, SC
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Most people want to sell outright and buy outright which is one reason "creative" solutions don't work for most. For a trade to work, you need 2 people who have a mutual interest in the other property. There is a reason there aren't "creative" solutions taking over. 5 year arms, IO loans, subprime financing were "creative" solutions that helped marginal buyers purchase homes. Great for the majority of subprime buyers, but the market as a whole has seen prices fall as a result.
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Old 07-02-2010, 05:40 AM
 
25 posts, read 67,791 times
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I am one of those people. We've been looking at single family homes since March. We want to buy but must sell our condo first. Two price cuts later, showings have picked up slightly but still no offer.

In fact if we sold our condo, it would enable us to buy a house from a seller who already has a contingent offer on their next home. So basically our condo sale would cause a chain reaction of multiple property sales. I suppose that was the reasoning behind the first time homebuyers credit.
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Old 07-02-2010, 08:47 AM
 
Location: Jacksonville, FL (Mandarin)
2,520 posts, read 5,840,927 times
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Quote:
Originally Posted by manderly6 View Post
This just makes me think of interest only loans. I'm sure someone thought that was an "outside the box" idea.
Not to get too off-topic, but IO loans definitely have their place. Unfortunately, too many people got those loans with the wrong intentions and overly hopeful market expectations.
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Old 07-02-2010, 11:49 AM
 
3,191 posts, read 8,726,966 times
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Not realtor- may i make a suggestion? During one of our listimgs I encouraged our agent to network with other agents reagarding doing a trade... We wanted to downsize and figured someone around here was wanting to up size.Obviously each party would have to qualify for new mortgages....we did have a couple of people interested in our house, but their homes did not suit our purposes or were in the wrong areas. There was one small place we liked, but they already had a contigency on anoth place, and got an offer around the time this idea was discussed.
Her broker thought we were nuts...but it is an easily communicated thing...thus the key is good communication amongst fellow agents. NETWORK! think out of the box!!

I don't know why they can't put something in the MLS to this effect- seller wants to upsize/downsize in same area-does your buyer also?
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