Area Foreclosures

[JoshMclean]

1106 Breakers East is a short sale. There is a 2 bedroom foreclosure, unit 305, priced at $431,900.

The Jade East unit is also a short sale.

You're more than welcome for the information. It's my job!

 

[mikeyboy]

In general, is it easier to get a bank response on a foreclosed property than a short sale? I have heard that it takes thirty days or longer for the banks to respond on a short sale offer. It would make sense that once they have foreclosed on the property and are incurring the monthly expenses, they would move more expeditously.

mikeyboy

 

[JoshMclean]

Much, Much, Much easier to do a foreclosure deal. Banks are looking to dump the property at that point. For some reason they don't have enough foresight to realize it during the short sale process.

 

[fisher]

Just wanted to post an inventory graph so that everyone could see what the inventory has been doing over the past couple years. This includes everything from Destin through Inlet Beach.

Thanks for posting all the data.

Long story made short. Way, way, way too much inventory. It will be many, many years before the inventory problem is solved.

 

[JoshMclean]

Looking at the charts it seems it will take a while. The inventory decline has been slow and steady while the prices continue to drop sharply. The only one with an upward trend is condo sales prices, but I think we see a sharp decline in the next two months as we did in 2006 and 2007.

 

[JoshMclean]

Page has been updated -

http://www.joshmcleanhomes.com/buyer_mistakes.asp

 

[AAbsolute]

Josh, Thanks for the update. We have been talking about Short Sales list price and the difference in the actual price that's acceptable to the bank, but are the prices for the bank owned properties the actual price? Thanks Again, JC

 

[TheSheep]

Much, Much, Much easier to do a foreclosure deal. Banks are looking to dump the property at that point. For some reason they don't have enough foresight to realize it during the short sale process.

Not lack of foresk, er foresight, My Man, a very different asset realization (accounting and regulatory) issue.

 

[AAbsolute]

Not lack of foresk, er foresight, My Man, a very different asset realization (accounting and regulatory) issue.

Sheep, do you think the foreclosed Bank Owned properties are listed at an asking price that is subject to the customary bid by a buyer if they would like the property, but maybe the price point is not perfect for the buyer? Is it like the short sale?

 

[TheSheep]

Sheep, do you think the foreclosed Bank Owned properties are listed at an asking price that is subject to the customary bid by a buyer if they would like the property, but maybe the price point is not perfect for the buyer? Is it like the short sale?

REOs are very unlike a short sale as there is no encumberances on the property. IME, banks aren't taking huge losses on lots of properties unless they are capital-heavy and can afford the write downs.

WTS, all bets are off these days with REDC shill-sham auctions of thosands of homes, banks who are thriving, banks who are dying and the soon gummint controlled MAC system. An REO is lienless which is a hyooge advantage and supports their nearer appraisal pricings. Bargains? Hardly, since house depreciation (physical and financial) has to be factored into usually overvalued REOs.

What they all try to do is to mitigate overall losses so they may sell a few homes low (but these homes already may have low principal balances).

Most of the banks down here have an offer-counter-offer-counter-counter-offer system for buyers to show due diligence to shareholders.. Even though Lee/Collier leads Florida in foreclosed and REOs, there have yet to be any significant fire selling.