Priced right REOs are moving fast

[Mango]

...next time they come, tell them to bring sacks of corn instead.

.

so they can make their own bio-fuel? Wouldn't a gas card be easier?

 

[beachmouse]

Some friends of ours converted their diesel car to burn vegetable oil a while back. When they have a party, we'll bring them a gallon of peanut or canola oil as a hostess gift instead of wine or flowers.

 

[SHELLY]

so they can make their own bio-fuel? Wouldn't a gas card be easier?

No...the dollars put on the gas card will quickly depreciate, whereas the value of the sacks of corn will appreciate going forward. The corn can be used to make biofuel; feed the livestock; ground into flour; or replanted to grow more corn.

Corn, the new Gold...the perfect hedge to the US Dollar--valuable, versatile and tasty too!

.

 

[Matt J]

So SHELLY, when it comes to corn your saying....



Now's the time to buy?

 

[JoshMclean]

Figured I would chime in since I haven't posted in a while. I watch this market on a daily basis and I can clearly see that this market is NOT at the bottom. We have another 12-24 months of falling prices in my opinion (In many areas). The inventory seems to have leveled off, but is going to be a slow go in getting eaten up. There are some great deals out there and several that have been bought already this year. These are either foreclosures, short sales, or sold by people who bought pre 2003.
The problem with the short sales is that in most cases they are taking waaaay too long to get a response. Banks are overloaded with properties and understaffed is an understatement. The foreclosures are a great way to go as you can usually get a response within 24 hours. I have submitted offers on 3 different REO properties in the past 3 weeks and all were part of a multiple offer situation. When the banks price them right, they are moving.
The main factor I am seeing is the rise in short sales over the past several months. The way the banks are moving on these things we will see twice as many foreclosures over the next 12 months. Short sales that don't sell will soon become foreclosures!! I'm a little perplexed about this situation because the bank is probably going to eat another 20% off of what they could get on most short sales once they list it as a foreclosure. I think it really has to do with the vast understaffing of the banks.
Anyway that's my 2 cents on the situation as it stands. Boos and jeers welcome.

 

[SHELLY]

Figured I would chime in since I haven't posted in a while. I watch this market on a daily basis and I can clearly see that this market is NOT at the bottom. We have another 12-24 months of falling prices in my opinion (In many areas). The inventory seems to have leveled off, but is going to be a slow go in getting eaten up. There are some great deals out there and several that have been bought already this year. These are either foreclosures, short sales, or sold by people who bought pre 2003.
The problem with the short sales is that in most cases they are taking waaaay too long to get a response. Banks are overloaded with properties and understaffed is an understatement. The foreclosures are a great way to go as you can usually get a response within 24 hours. I have submitted offers on 3 different REO properties in the past 3 weeks and all were part of a multiple offer situation. When the banks price them right, they are moving.
The main factor I am seeing is the rise in short sales over the past several months. The way the banks are moving on these things we will see twice as many foreclosures over the next 12 months. Short sales that don't sell will soon become foreclosures!! I'm a little perplexed about this situation because the bank is probably going to eat another 20% off of what they could get on most short sales once they list it as a foreclosure. I think it really has to do with the vast understaffing of the banks.
Anyway that's my 2 cents on the situation as it stands. Boos and jeers welcome.

Welcome to the real world Josh!

I see the meds have worn off.

Elgordoboy, be a dear and get Josh a copy of the novel "Condominium"...I think he's ready for it...and just in time to join Shelly's Summer Book Club too.

Shel.

.

 

[Joe Mammy]

My newest "market pulse" reveals that short sales have leveled off for the third straight month in Destin, I am not seeing any increase. What I am seeing is alot of contracts!

http://thewiredagent.com/pulse.html

 

[JoshMclean]

My newest "market pulse" reveals that short sales have leveled off for the third straight month in Destin, I am not seeing any increase. What I am seeing is alot of contracts!

http://thewiredagent.com/pulse.html

A lot more contracts for sure. I wasn't specifically speaking of the rise in short sales over the past 3 months, but say the difference between February and today. I should have been more specific. I think once the rental income dies down we are going to see more. I think many people are taking the rental income, making payments and hoping that they can sell in time.
I'm having a great year (for me) as far as sales go, and finding some great deals for buyers, but I have many more buyers looking in specific areas that I have told to wait until later in the year for their deal to come up.

 

[rapunzel]

Wow, Josh...refreshing assessment. It pretty much matches up with what I'm seeing and thinking. Hats off for the honesty.

A real wake up call for me was spending a week in Tampa and seeing the house prices there. My brother lives on Sand Key, and there are tons of houses on the water (Intracoastal)with docks, just a block to the beach, near grocery stores sans tourist pricing, restaurants, shopping, etc., for about half of what similar property is listed for here. Granted, I prefer this area...but Tampa's airport is already up and running.

My brother bought in 2006, and if he chooses to sell (he wants a house on the water) he'll lose about $40,000. I guess the difference is that they had a few flippers, but the speculation wasn't as rampant.

 

[JoshMclean]

Punzy,
You just need someone sending you the foreclosures and deals as soon as they come on the market and you will eventually find what you're looking for.