-
Trouble logging in? Send us a message with your username and/or email address for help.
-
Hello all! We will be performing a website & forum update soon. You may get logged out so now is the time to make sure your email address in your account is correct - go to your account to check it and update it now. Send us a message with your username and/or email address if you need help.
Priced right REOs are moving fast
- Thread starter 30ashopper
- Start date
SHELLY
SoWal Insider
I'm assuming (yes I know the definition) that REO's aren't all that negotiable?
Here's some interesting reading on REOs and Foreclosures from Mike Morgan in Central Florida.
I've been following this guy throughout the rise and fall of the housing bubble and, even though he is a Realtor, he saw the trainwreck coming and gave the straight scoop all along.
http://www.morgan-florida.org/reo-listing
http://www.morgan-florida.org/foreclosures
.
Last edited:
30ashopper
SoWal Insider
I'm assuming (yes I know the definition) that REO's aren't all that negotiable?
They are actually, I've seen REO's that sold for under asking. Certain banks just want to unload, they'll negotiate on price.
elgordoboy
Beach Fanatic
lol
scooterbug44
SoWal Expert
I wonder if Shelly knows I have to move from rental to rental like a vagabond until he/she gives Skunky the word that it's safe to buy. My opinion carries zero weight.
I'm going to tell him he can have Shelly unpack the boxes this time.
There ARE some good buys out there, so I hope you are shopping, just not buying into realtor hooey.
Paying a fair price for a house won't get you in trouble w/ Shelley!
especially if it doesn't have granite counters
SHELLY
SoWal Insider
I wonder if Shelly knows I have to move from rental to rental like a vagabond until he/she gives Skunky the word that it's safe to buy. My opinion carries zero weight.
I'm going to tell him he can have Shelly unpack the boxes this time.
(1) Have 20% to put down?
(2) Have enough liquid money to pay for 6-12 months of ALL expenses (living & housing)?
(3) Have your retirement accounts adequately funded for your age and retirement goals?
(4) Able to find a home that costs 2.5x but no more than 3x gross income?
(5) Absolutely sure that you will be living in the home for at least 5 years? And if not, or things change suddenly, have enough in savings to possibly bring money to closing if you're forced to move out earlier?
(6) Have adequate insurance (life & disability) in place in case something happens to either of you.
(7) Have a total debt ratio of no more than 38% (including CC, auto, mortgage, etc).
(8) Able to afford a place that is safe and within a decent commuting distance from workplaces?
(9) Factored in future expenses such as increasing the size of your family or the possibility of taking care of aging parents.
(10) When figuring out your budget, you shouldn't take into consideration "possible" future pay increases or house appreciation...but DO have to take into account further inflation (food, gas, utilities, etc.)
If you have all of this in place...by all means, you've got my blessing to buy now--but if you don't, by all means, use this time to compile the above and attend any open houses that include snacks (to help save on food costs)
BTW: I don't "do" packing or unpacking; and no, you can't borrow my pickup truck
.
Last edited:
scooterbug44
SoWal Expert
OK, so what's an example of a good deal or a fair price currently in the market? I'm just curious.
One where the owner realizes they own a home or piece of vacant land, not a winning lotto ticket!
I love that one seller who refused to even respond to my 'insultingly low offer' a year ago now has it listed within 40K of it!
rapunzel
Beach Fanatic
(1) Have 20% to put down?
(2) Have enough liquid money to pay for 6-12 months of ALL expenses (living & housing)?
(3) Have your retirement accounts adequately funded for your age and retirement goals?
(4) Able to find a home that costs 2.5x but no more than 3x gross income?
(5) Absolutely sure that you will be living in the home for at least 5 years? And if not, or things change suddenly, have enough in savings to possibly bring money to closing if you're forced to move out earlier?
(6) Have adequate insurance (life & disability) in place in case something happens to either of you.
(7) Have a total debt ratio of no more than 38% (including CC, auto, mortgage, etc).
(8) Able to afford a place that is safe and within a decent commuting distance from workplaces?
(9) Factored in future expenses such as increasing the size of your family or the possibility of taking care of aging parents.
(10) When figuring out your budget, you shouldn't take into consideration "possible" future pay increases or house appreciation...but DO have to take into account further inflation (food, gas, utilities, etc.)
If you have all of this in place...by all means, you've got my blessing to buy now--but if you don't, by all means, use this time to compile the above and attend any open houses that include snacks (to help save on food costs)
BTW: I don't "do" packing or unpacking; and no, you can't borrow my pickup truck
.
What does 5 out of 10 get me? 6 if I just resolve to let my mom fend for herself.
Fine, fine....you're right and that's why I thanked you for the link. It reminded me of the realities.
Still, I don't think you're factoring in the mental anquish of moving, the expense of boxes and tissue paper as the homes are foreclosed on in succession, or my need to plant a garden and have a place to bury my dogs.
I hate this market. I really do.