patrick.net

I can do without #3 though. I'm pretty mellow and underachieving as it is :)

There's always plenty of Duh to go around:P

I have also seen a SHORT SALE listing on CL.

Huh? I must have missed this. Got link?

@newsfreak,

Randy H merely regurgitated what a brilliant writer in yesterday's FT calculated, just to be clear (of any future charges of plagarisation).

Quick question: what is the best way to get to Sedona from the Silicon Valley?

Huh? I must have missed this. Got link?

http://www.craigslist.org/sby/rfs/157081160.html

15 to Vegas? Then follow the crows.

Any way to avoid two-lane highway as much as possible?

newsfreak,

Actually, my old college roommate used to smoke pot in my room (and then had the galls to kick me out for being passive aggressive) and I know a couple people in college who smoked pot. They can be very fun and quite mellow, but no thanks. Besides, people used to think I'm drugs when I was just high from having a good time. (because of good conversation and good music, Unalloyed, I can't believe your mind went there! :P )

I'm drugs = I'm on drugs

Maybe people still think I'm on drugs...

Seriously, I have been there, go 40 which is 4 lane to Falgstaff, and then south to Sedona.

Thanks! I heard that Sedona is a positive (metaphysical) energy source.

I do just fine after five shots of rum and coke...

Somehow I have the two-lane-highway-phobia.

Probably not in California???

I remember paying about $1 for gas in Sacramento.

What sort of person sells a $640K TH and don't include a $1K if new fridge in the deal?

I paid very $3.49 recently.

Peter P,

Can you explain the mechanics of why the CL is a bona fide short sale? Is the seller betting that they can acquire the unit at below the 640K to cover?

What sort of person sells a $640K TH and don’t include a $1K if new fridge in the deal?

It is a short sale. Perhaps the fridge is the deal breaker for the bank.

Can you explain the mechanics of why the CL is a bona fide short sale? Is the seller betting that they can acquire the unit at below the 640K to cover?

Huh?

Selling below what you paid does not a short sale make. It only means you lost money.

Selling below what you paid does not a short sale make. It only means you lost money.

I thought "short sale" means that it is asking for less than the loan amount.

Thanks Scott, that's what I was wondering too.

I guess, since it's new construction, it is possible he could be short betting on the construction contract option.

Duh!

I thought “short sale” means that it is asking for less than the loan amount.

A short sale is when you borrow S from someone, agree to sell S for X now with the idea that you'll buy S at Y later to cover and repay to your broker.

You can't do this with real assets, but you can do it with options on real assets.

Elite-Like-Me TM, I like it. I think there's a reality show in there somewhere.

Quoting eHow:
A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for.

Wikipedia only seems to discuss the stock version; I'll have to correct that.

If a seller of a house has to actually own that house (whether financed or not) in order to sell it to you as a buyer, then they are by definition a LONG SELLER. The LOSE money as the price goes down. A SHORT SELLER would MAKE money as the price goes down.

maybe someone can email the CL seller and ask?!?!?!

Quoting eHow:
A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for.

Then I stand corrected, but will still object that this is just the language of convention and should not be mistaken for what a financial SHORT or LONG position means.

Randy, "Short Sale" has special meaning in real estate.

http://www.shortsaleexpert.com/

It means that the homedebtor is trying to sell for less than the loan amount. It requires bank approval and may have tax consequences. It is messy but it is one way to avert foreclosure.

newsfreak,

How can money be made on the way down?

In short, it can't (pun intended).

Using a theoretical option scenario, you could short an option on your house if you could find an offsetting party willing to go long on that option. Then you'd make money on the way down.

Peter P,

Randy, “Short Sale” has special meaning in real estate.

Thanks to you and requiem for clarifying for me. I learn something new every day on here.

I guess Real-Estate is "different". Mabye it does "always go up"** too.

**In real-estate terms, "always goes up" means "sometimes goes up or down"

LOL, so I guess no need for me to ask the RE agent and get bombarded with RE spam.

So a short sell is essentially a pre-foreclosure sell.

Very frustrating for Elitists in a hurry.

I guess it is better to fly into Phoenix and take a limo then.

newsfreak,

So buy it now, or pay more to buy it from the bank?

Pretend you own your home 100%. You are sure it's going to go down. Your banker is sure it's going to go up. You could create an "option" where you sell the house to him at today's price. The contract allows you to stay there for 1 year, at which time you have to buy it back from him at the current market value. If it goes up, he wins, if it goes down, you win.

**massive oversimplification ignoring lots of reality

And where is this house?

It has a 95136 zip code. Blossom Hill area?

You will live longer and prosper.

Thanks. Logic prevails.

Are there any Toyota Centurys for rent in the Sedona area?

Are there any Toyota Centurys for rent in the Sedona area?

I have not seen any in the US. Most people find it ugly.

Peter P,

After looking at that url I'm even more confused. It just looks like pre-foreclosure sales flipping to me.