patrick.net

OMG! Look at what these bastards are up to! They just don't want to stop! I think I'm going to go there myself and crash their party!

Wow! Greenspan has broken the $1 trillion dollar mark in october with his printing press.

They profited 225,000.00 in this bubbly market only after owning 9 months, they really hated the house. They were caught up in the bidding frenzy over the summer and are still homeless so to speak. Now that things are starting to cool his wife wants to get back in.

Why on earth would they want to do that? I say, hold on to the $225K you were so lucky to get and wait for the bottom or at least until the fundamentals come back and they'll be able to afford a house they really like. What is wrong with renting? I just don't understand some people!

He would like to be able to show her some statistical data to back up his arguments.

How about the for-sale signs that are everywhere? ....or the fact that people are cutting their prices.

Do people really fall for crap like this?

Their sitting on over 600,00.00 waiting to buy obviously they are not your standard buyer. He needs to numbers to back his argument. They are looking in the 1.8 to 2.2 range.

I'm assuming you mean $600k cash and looking to buy in the $1.8M - $2.2M dollar range. Well, those prices are going to fall pretty hard, especially in that range IMHO. I don't see what is to gain by buying right now. The realtors have finally declared the top of the market....and they are the last to admit it! So if they buy now, they are going to be very sorry in a year from now. People seem to think they are getting a good deal when they see a price is reduced, but the fact is that the property is way overvalued so they aren't getting a good deal. Most of these sellers are desperate as evidenced by the high supply of inventory so late in the year, that is why they are cutting prices to begin with. By the time spring rolls around, there will be even more inventory and more desperation. Prices have risen in the past few years because of "creative financing", but that will soon change after the masses default. You don't want to compete with people who have nothing to lose but their (probably not so good anyway) credit. Your friends have $600k of their own money that can instantly disappear. Those in the RE industry are predicting a soft landing because it is in their best interest to have you believe that.....buying right now would be like jumping out of a plane with a parachute tied around your neck......you may have a soft landing, but you'll die a very painfull death long before you hit the ground! If you want hard data, you will find alot of it here on this site.

Just talked to a friend I hadn't seen in a while on Saturday night--he and his girl decided it was time to buy and closed on an $800 Grand condo conversion in SF just last month. "In the Bay Area, you just have to get in to the market as soon as you can. Otherwise you'll never get in," he said. I guess I'll never get in then. Boo hoo! I am building equity in my brokerage account and getting paid in dividends and interest as I build my nest egg--I'll happily take the flexibility of that over building equity in a little shi$box and paying ridiculous amounts of interest for the "priviledge" of doing so.

I think they’re trying to capitalize on people’s growing fear of a market slowdown.

That's exactly what they are doing SQT, and I bet they are people in the RE business who's jobs are on the line......the one I showed you in my earlier post states that it is a free foreclosure lookup database...but if you follow all the links, it will take you to a credit card form that shows that the database is free, but they only if you agree to buy other stuff that is expensive. It is very deceptive.

His wife thinks rent is a dirty word…the nerve.

It really is sad when a couple doesn't agree on something like this.....It is a very important issue and one that can make or break their financial status along with their marriage.

You’d have to be pretty gullible to believe you’re going to get a $600K house for $100K, but they’re obviously getting some folks to believe it.

Don't get me wrong, alot of those sites are just bullshit, and you probably won't get a house that cheap(at least not right now :) ), but you can save alot of money on buying a foreclosure if you know what you are doing. There are three phases of foreclosure (lis pending, auction, REO) and the most profitable is lis pending, when the owner is in trouble, you can negotiate directly with them. The only way you can make money in this phase is if the owner has a good size of equity in the property..... in this market, many of those in trouble have already eaten their equity so it isn't going to be very profitable....Another thing, there is going to be a huge crash coming and we don't know how far the fall is so we don't know what a good price is until after the fact. There is way too much uncertainty in this market to even consider buying in any way, shape or form.

ScottC talked a lot about all the work that goes into the foreclosure business and how you’re often lucky if you don’t get a home that’s been completely gutted.

Not when it's in lis pending......that is when the owner still lives there, I doubt the owner is going to gut their own house while they still live there. You have to get in touch with them personally and actually go into their house. You negotiate by offering to buy the house from them for less than market value in exchange for some of their equity back and saving them from bankruptcy. You are actually helping them by doing this while at the same saving yourself money....but like I say, right now it isn't a good idea being that we are heading for a falling market without a clue as to how deep the drop is....and take a realtors advice with a grain of salt, especially when it takes away from their own business.

Well, foreclosures aren't for everybody, you have to know what you are doing....it is usually the person who buys the foreclosure that does the scamming.

Anyway look at this. Looks like the mortgage brokers are having their go at the cheap advertising on the craiglist site.

[snip]
The Fed Chairman, Alan Greenspan, said that 80% of Homeowners are in the wrong Mortgage program. We educate our clients, so they can choose the product that best fits their financing needs. Many "Mortgage Brokers" offer "non existent"
Rates, or leave important pieces of information out of their extremely low rates.

They are also stepping on one another.

What do you guys think? Are we slowing down b/c we’re in the holidays, or because the economy is really bad?

Lola

I am thinking that the housing market is slowing lately due to a few factors: Holiday season, very high prices causing more and more people to get priced out and forego buying, and rising interest rates. The economy is not (yet) really bad--surprisingly it keeps chugging along pretty well. I think that when and if it gets bad, it will be the housing market slowdown/crash that drags down the economy. Possibly this winter or spring. I doubt we can see a last gasp rally out of the housing market, but ya never know...

@all y'all: The lack of now freaking out in this thread vis a vis the talking nazi monkey menace is deeply disturbing.

@SQT: I can't imagine the pressure to buy mid 30's in sac.

@RPatrick: Yeah, I'm just ask jacked as you are. Why become a hipster democrat, when you can become a frothing-at-the-mouth-spittle-flecked-consipiracy-theory-spouting fascist like me? Chicks *so* dig it. I just drop into the black helicopter US out of UN rant at the bar, and it's like *BAM*! Chicks everywhere.

This is especially true in the Bay Area.

I am now freaking out,
prat

Huh? What? My skimming skills must be slipping. Where is the frothing at the mouth spittle flecked conspiracy theorist rant? Did it get deleted? Damn.