patrick.net

Any of us can contact the OCC (Office of the Comptroller of Currency) and bid on blocks of non-performing paper.

Dude, I now own your house. Did you want to get current and start making your payments directly to me or should I just go ahead and foreclose now? It will happen in all price brackets, all neighborhoods.

They DO have an office in SF.

I occasionally see ’sweet deals’ get put into the MLS as sold they put ’sold before processing’ on the description, they never hit realtor.com or anywhere and the agent had a buyer in thier pocket the whole time. These are called ‘pocket listings’ for those who didnt know about this. If you do this of course you better know what a good deal is (as always) and be able to act fast.

What's the point of putting it into the system if its sold already? Maybe I'm just not evil enough to see the angle on this...

Oh wait...

http://www.realestatelicense.com/index-ca.aspx

What's the difference between these two offerings:

1. California Real Estate Salesperson License

2. California Real Estate Broker License

Are we supposed to hate theotherside? He seems to be quite reasonable now.

Jimbo - Your comments are welcomed...

Sad, i recall some great times off the Sunset strip during the
metal years...

Here is a business idea then:

Go to the OCC and get a list of all the non-performing paper that is up for bid, then generate the list of properties that is backing that paper.

Build a website that allows people to view those properties, using Web 2.0 hooks to allow people to map them and look them using zillow and MSN Live Local Search. You could even put in things like school data, etc, pretty easily.

Then form buyers co-ops where people who are interested in these properties can put up the money to buy out their "share" of the paper, in return for future ownership interest in the property. Of course, there is the risk that the person who is in default will end up making up the payments, but in that case the person can get their money back.

You would have to get economies of scale going, otherwise it would be hard to get enough people together to do this all at once fast enough.

Is this the sort of thing you were thinking of Randy?

Can you check theotherside's IP address and see if it is the same person?

Harm - I would join you in any anti real estate establishment bashing. They have left themselves very open to criticism.

Jimbo,

That just sounds like a couple Google or MSN portlets.

If Lexis and Westlaw were smart, they could probably mine their databases for some interesting mass market products.

I was thinking the same thing. I've always thought the Otherside was smart but today she doesn't seem as misguided as usual.

theotherside -
I would up that to 50-55%
agree on #2, except who cares for school districts...
not everyone is married,
new construction will continue, life goes one
Hey they are still building homes in Japan..
no, there will be no softlanding... face first !

2- The drop will be more severe in CA, FL, Midwest, or in the ghettos, but not that dramatic in the good school district areas.

Basically the areas which became inflated. Southern California has already dropped 10%, actual observable forget the propaganda. It is only beginning. The subprime meltdown is just another forseen stage in this slow moving train wreck.

I mean 50-55% in Bay Area...

its my understanding there will multiple offers for this charmer...NOT!
$500K for this...POS!

http://www.mlslistings.com/common/properties/propertyDetail.asp?open=0&page=3&mls_number=707047&type=property&name=

Jimbo, nice idea but there are plenty of private investment groups playing around with that kind of paper.

Space, you don't think you could find a renter will to pay $4,000 per month for that charmer?? lol

It should be advertised with a free flack jacket or bullet proof vest. Holy crap.

2- The drop will be more severe in CA, FL, Midwest, or in the ghettos, but not that dramatic in the good school district areas.

To sound even more academic they could say, the west coast, the east coast, and the midwest. I read about some gloating going on in OR and WA about how the bubble never hit them, and prices still rising. I thought it was pretty self explanatory.

I get to VOTE today in the state election. Registration and voting is COMPULSORY for all adults citizens at federal, state and local election, under pain of a 50 buck fine. The functional equivalents of the dems and the repugs are both on the nose to the electorate, so the greens and a motley crew of independents are expecting a slew of votes.

In the meantime, rents are GOING UP in the city, and I am facing a 25% increase myself. The reasons for it could well be market-pumping by the REI, given that they faxed out a letter to all RE agents encouraging them to put rents up by 10-20%. Not sure what the agenda is -- helping out underwater specuvestors who purchased in the boom, or keeping up sales by encouraging tenants to jump ship and Buy Something At Last. This is a media watch exposé of the trend:

Media Watch: Front Page - Who's Raising The Rent? (26/02/2007)

I have personally managed to get 40 apartments to submit a joint application to the Tenancy tribunal for a hearing on the increase. THis could be some sort of record. Only problem is that the Tenancy Act 1987 makes the prime consideration for appeal 'market rates', whatever they are, requiring lots of comparables. Fortunately, we have lots of comparables, but when LL A is keeping rents the same and LL B is pushing theirs up 10-20%, it makes 'market rates' very rubbery and insubstantial figures indeed...

"Space, you don’t think you could find a renter will to pay $4,000 per month for that charmer?? lol"

I hear you! BABAHAHAHAHAHAHA
You know there are actually people
out there that think this is workable..
Be affraid! Be very affraid! LMFAO

theotherside has come over to the Dark Side

In the meantime, rents are GOING UP in the city, and I am facing a 25% increase myself.

8O

"In the meantime, rents are GOING UP in the city, and I am facing a 25% increase myself."

REITs like Avalon Comm. is facing WallStreet Pressure.
Low key apts are actually stable.. no pressure but inflation.

http://finance.yahoo.com/q/bc?s=AVB&t=5y

It should be advertised with a free flack jacket or bullet proof vest. Holy crap.

Is there such a thing as a bullet proof vest?

PAR :

I will add another anecdotal story. A family I know is returning back to India. They are not putting their house on the market till summer. I asked them about why are they avoiding the strong spring season. They said it might just sit there for a while. In summer they hope to have a quick transaction.

I don't understand the logic, but that's what they are doing.

Free entertainment, courtesy of Allah. Notice how throughout the whole text the words bubble and subprime weren't used once; but surprisingly the word crash was used once, but only referring to the 80's crash. :rol:

I’m not sure it’s happening anymore, though I’m suspicious of what I’m hearing in Mountain View recently, but there were a couple of groups of realtors that got caught submitting faux bids to run up multiple bidding wars on a mark (or two). Nothing like treating home buying like 3 card Monte.

This brings up a real negotiating issue. One way to counteract these sham bidding wars is to emotionally dissociate yourself from the home you bid on. Just like negotiating with a car salesman, be ready to walk away from the deal once the Realtor (TM) starts trotting out the multiple bids crap. Move on to a different house. Call them on their bluff. If the market has truly turned, they'll be calling you back soon enough.

This brings up a real negotiating issue. One way to counteract these sham bidding wars is to emotionally dissociate yourself from the home you bid on. Just like negotiating with a car salesman, be ready to walk away from the deal once the Realtor â„¢ starts trotting out the multiple bids crap.

The problem is that it's not as easy as buying a car.

You want a red 328i with automatic, red leather, etc... no problem. Any dealer can order it or trade for it.

There simply aren't enough houses in Cupertino/Mountain View to do something like that.

One can only have so much patience...

There simply aren’t enough houses in Cupertino/Mountain View to do something like that.

You're just subscribing to the it's different here, they're not making anymore land BS. As I said, if/when the market has truly turned in favor of the buyer, there will be plenty of choices to allow you to walk away. You see, the desperation of going into the negotation with the attitude of "there aren't enough houses in blah blah blah" already puts you at a severe negotiating disadvantage. You've already lost the game.

allah,
WTF is up with that site you keep linking to? Is it made for and by deer-in-the-headlights idiots? Wow.

Jimbo

I'm not looking to compete with the investors already feeding on non-performing paper. What I'm more thinking is some kind of feeder that lets cash rich typical home buyers try to vie for these homes directly. Not as part of a syndicate, but in more of a 1-1 property situation. I'm actually pretty sure this can't be done, for a number of reasons.

How about the idea of going directly to banks? I know we discussed this a while back. The big lenders won't deal but there was some talk about local and small regional banks which hold their higher grade loans back for themselves, but occasionally find them delinquent and want to unload them short. Someone was saying they would do this for anyone who they 'put on their call list'. Any truth to all that?

There simply aren’t enough houses in Cupertino/Mountain View to do something like that.

You’re just subscribing to the it’s different here, they’re not making anymore land BS.

I'd agree with you if you made that argument about condos, or townhouses - but frankly, they really aren't making anymore detached SFH in Mountain View. Especially with the new city council :(

WTF is up with that site you keep linking to? Is it made for and by deer-in-the-headlights idiots? Wow.

I don't know how to say this without sounding sexist... but...

The site that allah links to is in a place where most wives don't work - because it's not that relatively expensive there. So... you just have a lot of clueless housewives who keep posting there.

That place is Long Island, NY.

It's like 10 entries below San Jose on the unaffordability list.

http://www.housingtracker.net/affordability/?sort=pct-income

allah,
WTF is up with that site you keep linking to? Is it made for and by deer-in-the-headlights idiots? Wow.

I love that site! I just can't stop going to it. There is nothing like looking into the minds of these people who just can't see the train ahead. One of my readers started a profile on there to warn them but the moderator removed it along with her posts. I wouldn't be surprised if the site is funded by the NAR. :lol:

Nope. It's owned and operated by:

Bridal Planner Group, Inc
646-13 Main Street
Port Jefferson, New York 11777

Of course! What other industry plays on emotions as much as RE! Weddings!

And funerals. And childcare.

Hm. There's a business idea!

Eternity Reality, Bridal, Childcare, and Funeral Services, LLC.

The site that allah links to is in a place where most wives don’t work - because it’s not that relatively expensive there. So… you just have a lot of clueless housewives who keep posting there.

That place is Long Island, NY.

Yeah that's right, all of us Long Islanders make $300k/yr so that we can easily buy these houses and our wifes can sit at home in the lap of luxury. You do realize that most of those women are either out on maternity leave or are blogging from work.

@TOS,

Nice to see you've decided to join the Dark Side (or at least are drinking a much diluted form of the REIC Kool-Aid).

13- Casey Serin is now a international celebrity and if he manages to avoid Jail, he will make a few millions writing a book…How about our patrick? This world is really not fair

I highly doubt Casey can be considered an "international celebrity" --more like a local curiosity. As far as him making millions on some book deal, he's definitely angling for it (begging for it really), but that also remains to be seen. Right now, he's already lost 3 homes to foreclosure and is facing the 4th (Modesto) and is unable to support himself on whatever modest revenue his blog generates.

Patrick OTH truly deserves a book deal (and Ben).

It’s like 10 entries below San Jose on the unaffordability list.

Is that with the taxes factored in?

allah -
thats a kick ass site... YEA...
now thats what im looking for...
some common sense.

"they really aren’t making anymore detached SFH in Mountain View"

Lots of space on Moffet field.. lots of new development SFH off 85 and central.