mortgage: Housing Crash "Quote" of the Week
- 04/08/08 12:40 PM
"I feel very robbed. These are the same houses I paid $620,000 for, and now they could be selling for $300,000 to $400,000!"- California Bubble Home Buyer S. California Foreclosures Increase 18 Percent in March 2008 This Weeks Biggest Loser: Riverside, California!Median home asking price drops $30,000 in the last 60 days! Is anyone else noticing this type of stuff in the news? … (2 comments)
mortgage: The Power Of Networking $100 Deal Turns Into 2-New Homes Up For Auction
- 03/19/08 10:56 AM
Letter to an auctioneer who asked, how far are you willing to travel to do an auction:When you saw me driving through Wisconsin last August it is really a testimony to the power of networking through a combination of NAA programs including these forums.We were driving from our small town on the Eastern Shore of Maryland to auction two brand new homes in Idaho just over the line from Jackson Hole Wyoming.The listing was a result of having joint ventured or co-op on several of real estate auctions with Kenny Lindsay up in Michigan earlier in the year.I met Ken Lindsay … (0 comments)
mortgage: Short Sale Lender Loses $50K Refusing AUCTION CASH
- 12/08/07 09:18 AM
Property facts: Brand new 3,600 Sq Ft custom 5 bed 4 bath home on 1.1 Acre lot in exclusive subdivision with no POA fees or hassles outside Snow Hill in Worcester County Maryland. $535,000.00 Pre-construction appraisal June 2006 $485,000.00 loaned July 2006 $3,600.00 only payment made on home August 2006 before the seller lost his job $347,000.00 BPO Pre-foreclosure Broker Price Opinion January 2007 $351,000.00 February 2007 Auction cash on the table 30-day AS IS close $421,000.00 Amount Freemont Savings would accept for a short sale $394,000.00 March 2007 Foreclosure buyback amount on Courthouse Steps $331,500.00 September 2007 REO Sale Amount to buyer who discovered property through auction marketing & … (8 comments)
mortgage: THREE TIMES A REALTOR SHOULD ALWAYS ALWAYS CALL THE REAL ESTATE AUCTIONEER
- 11/16/07 03:48 AM
Do you know the three times a realtor should ALWAYS call the real estate auctioneer? In this market I am amazed that there are still those living in the dark ages who think that real estate auctions are just fire sales and distress sales at give-a-way proces. Did anyone here happen to hear about the Shelby GT Cobra that sold at auction last Summer? $5 MILLION DOLLARS AT AUCTION WITH NO MINIMUM AND NO RESERVE There was no minimum bid and no reserve meaning this one of a kind property sold to the highest bidder regardless of price. 8% Buyers premium was paid or about $400,000.00 … (3 comments)
mortgage: LOCK BOXES another reason sellers choose auction is respect of privacy
- 08/24/07 03:17 AM
Sellers are usually uncomfortable with a lock box Privacy or respect of it is one of the biggest motivating factors with sellers when choosing to use a professional auctioneer over a realtor. Why on earth would someone want 10,000 people to have 24 X 7 access to their home? I could start on lock box horror stories but y'all have heard those before. My question is how can someone make a 1/4 million to 1/2 million dollar decision on a home that has not been appraised and inspected prior to being placed on the market? We usually have the inspection completed, appraisal, aerial photographs, … (6 comments)
mortgage: Short sales are not as hard or as bad as you may thing... stop sucking the crack pipe of phantom equity
- 08/24/07 02:37 AM
Here are some questions becoming more common in my business: Q. I bought a home in 2005 for more than it is worth today, and I wanted to try and sell it as a short sale, is this possible? I am not going into foreclosure, and have never been late or missed a mortgage payment, but I am barely making ends meet with the mortgage. I've heard that lenders won't even consider a short sale unless the homeowner is close to foreclosure, is this true? A. Smart lenders are working with sellers on short sales even if they are current on the payments. Until … (13 comments)
mortgage: REAL ESTATE AUCTION FAQ's REALTORS - RESERVES WHY AUCTION & MORE
- 08/15/07 08:31 AM
FAQ's Frequently Asked Questions about REAL ESTATE AUCTIONSSome people here are under the misconception that all we do are absolute real estate auctions.I WISH all we did were absolute real estate auctions but that is not the case we sturggle with the same issues and are slugging it our one seller at a time.Last year we handed back over $374,000.00 in commissions to a**hole sellers who would not deal with reality and every last one of them still has the property they turned the cash down for or have lost it to the bank in foreclosure.Here is a little something from … (0 comments)
mortgage: How do you tell a seller they owe more than a property is worth?
- 03/22/07 01:12 PM
I keep running into the problem of debt over equity. This is where one owes more than a property is worth. Usually the reason is the owner was using their house like an ATM machine and sucking the crack pipe of phantom equity. There is one person who has been bugging me to auction their home but I keep telling them the truth about the market. In the 4 months they have been on the fence about an auction the property has lost about $50,000.00 in value and $37,000 according to the tax records. The property is in Northern Virginia and was worth $650,000.00 at the … (24 comments)
"I feel very robbed. These are the same houses I paid $620,000 for, and now they could be selling for $300,000 to $400,000!"- California Bubble Home Buyer
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