From my email:
The bank has chosen 2 offers to move forward with. They are in the middle of the countering process. If something does happen with any of those, then I will place yours as backup along with the other 16 offers.
Emphasis added — alas.
There’s always something to howl about.
From my email:
The bank has chosen 2 offers to move forward with. They are in the middle of the countering process. If something does happen with any of those, then I will place yours as backup along with the other 16 offers.
Emphasis added — alas.
Sean Purcell says:
We’ve been dealing with the same problem here and developing precious few solutions for the agents. Yet when I talk about the shadow inventory and how badly we need it released, I think of Tom Vanderwell in MI or agents in Florida. I doubt they’re pleading for more inventory the way we are.
If anyone ever questioned the old adage that “all real estate is local,” our current markets should put that to bed once and for all.
December 16, 2009 — 10:21 am
Greg Swann says:
> If anyone ever questioned the old adage that “all real estate is local,” our current markets should put that to bed once and for all.
Ain’t that the truth!
December 16, 2009 — 10:41 am
Joshua Hanoud says:
> Yet when I talk about the shadow inventory and how badly we need it released, I think of Tom Vanderwell in MI or agents in Florida. I doubt they’re pleading for more inventory the way we are.
Actually – I’d love for more of it to get released… there’s so little SELLABLE inventory on the market right now in FL (at least in my area) that it’s actually really difficult. 95-97% of the market is overpriced to the point that it might as well not even be there (about 50% of the foreclosures are priced poorly as well) and the few that are priced well are gone within a day or two with multiple offers on them. I actually miss the market we had a year ago where prices were down, but the “bandwagon” buyers hadn’t jumped on yet…
But things change and we adapt and we keep on keepin on 🙂
December 16, 2009 — 11:01 am
Thomas Johnson says:
Are the normal homes in Phoenix so underwater that the only homes at the right price are REO’s? If prices haven’t moved with that many buyers in play, the shadow inventory overhang must be stupendous.
If the banks aren’t foreclosing, how many Phoenicians are living rent free? = Lowest cost of living in the US!
If the banks are foreclosing and holding, has anyone polled public works or Homeowners’ Associations to see how many homes are not generating water bills or trash pick up for homesteaded addresses?
Maybe one should count the garbage cans in one’s Zestifarm on trash day.
December 16, 2009 — 6:18 pm
Tom Vanderwell says:
Sean,
A couple of statistics that illustrate the inventory problem we’re dealing with:
The last statistics I heard showed that there were:
15 years (yes that’s right years) worth of vacant lots on the market.
7.5 years (yes, that’s years) worth of homes in the $250K to $350K range. That’s the “typical dual income 2 kids and a minivan” house in our area.
Homes over $1 million – well, let’s just say that my 3rd grader will be in college before they all sell.
We do have inventory problems:
We have a shortage of jobs.
We have a shortage of buyers.
We have a shortage of common sense in Michigan’s government.
Tom Vanderwell
December 16, 2009 — 8:42 pm
James Boyer says:
That is what we see here in Northern New Jersey as well. Last 4 foreclosure / bank owned properties I bid on for clients sold with multiple offers and within 5% of the REO banks asking price.
Some buyers / investors just will not see the writing on the wall. They think that they can put in offers 25% below the list price and steal the property, but it just is not happening around here.
The last one I bid on for a client, I would have bid on myself if I had been in position to do so. Property went for $293,000, I had run my numbers assuming I would have to pay $300,000. There were about $45,000 to $50,000 in repairs needed including putting in new cabinets, counter tops, and appliances in the kitchen. A identical home 3 doors down, with a 20year old kitchen had sold the previous month for $420,000 so I was sure of being able to at least get that price if not higher because most things in mine would be brand new.
Basically there was a reasonable profit to be made on this house, but 9 of the 10 buyers could not see it, or were greedy and wanted even more.
December 17, 2009 — 5:52 am
Paul Viau says:
Man – Its like the wild west down there! I guess its the same in Atlanta. I read petty much the same thing in a post the other day.
The banks have there own set of rules – ever changing. It would be nice if they disclose them.
But I guess they could just turn around and say they changed the rules!
December 17, 2009 — 7:17 am
Russ says:
“Are the normal homes in Phoenix so underwater that the only homes at the right price are REO’s?”
I would say yes for the majority of post 2002 buyers/refinancers.
“If the banks aren’t foreclosing, how many Phoenicians are living rent free?”
Many are. I am aware of some people in both genuine (and less than genuine) loan modification negotiations that are essentially buying months of time before the Trustee Sale notice hits. Once that is recorded, the 90 day clock begins, although that can be deferred at the lender’s option. I saw a craigslist ad asking for a late model sedan in trade for getting to move into someone’s luxury gated community (pre-Trustee Sale notice) house until the lender takes the house.
December 17, 2009 — 8:01 pm