patrick.net

Nomo,
I think this might have to do with the current flippers that buy an REO, splash a little paint and try to make a quick 10% on the house. The "no FHA for 90 days" as well as the fact that any "comps" done by a true lender will not finance above 80% of the transfer value, may be what is behind the "no FHA" thing that is going on pretty regular around here.

I have been told "no FHA, but you can use an FDA loan at 0% down" on more than one REO-to-flip house. This FDA thing is keeping the liars as buyers in El Valle Centro.

Nomo,
thank you for the insight asto the late-game tweaking. I am having a very hard time getting any offer accepted. I have changed my approach to listing-agent only submissions - and not using any tyoe of buyers agent, but I am still hitting a stone wall.

So far I have seen REO's go "pending" 4 hours after going on the market, and sit "pending" for 4 months, and then returned to the market, at a lower price, but when I called on one that I have been watching for 2 years that went REO, then pending, and is on the market for $199K again -- I was told by the listing agent, "we had mulitiple offers well above asking before, so you should be prepaired to go at least $230K on your offer". And so I hung up.

I have watched homes go to the court steps, sell to out-of-area investors for amounts that were still above area wages, and the homes are for sale at +10% of the court steps price, but they are NOT listed in any local MLS -- I found them by following the forclosures and then waiting to see a locak box and taking the phone number off of the lock box. Three of these still have no sign, and have no MLS, but when I called I was able to submit an offer via fax to the listing agent. The agent was in Orange County and was an Imax agent. The home is in Merced County. The bank was into it for $480K, the court steps amount was $229.5, and the asking price from the Imax lady on the phone was $244K .... The only place it shows as "for sale" is on it's zillow page. Nothing in any of the Merced County RE-Mafia MLS listing. Anyways, I wrote the lady a note and asked how I could get financed for any amount over the $229.5 that they bought it for in mid-Dec. She has not responded to my note.

I sure would like the local paperto follow me around and see what the RE-Mafia is really doing. I suspect the advertizing dollars that RE spends will keep the truth hid for generations.

BAP,
Do you really think the labor/welfare market over there can afford to pay rent for a decent cash flow on a 230K home? Sounds like you're not missing out an anything special.

Man what a crappy system we have going here. Fraud, opacity, and asymmetry from top to bottom. Yeay free market capitalism.

sybrib,
no, I do not. If it matters, I am looking to buy the home that my kids will have their kids attend my wake at ... and I'm only 40 and my kids are 13,7,4. lol. What I mean is, I am not thinking investment only, so rent returns are not the factor I am using, but I do agree with your point. 100%.

I am looking for 4bd, 2bath, +- 2,000', 3/4 acre or bigger, older ranch style home. Nothing special. The RealyTrac numbers show that there are about 350 such props in NOD mode in Merced County, and 150+ waiting for Auction returns, and well over 600 REO's of this type. Some ae on the MLS, some are not. I just cant find a way to get on the "ok to sell one to" list that the local REmafia has made. lol. Any listing agents feel free to leave me a PM.

The system works in reverse. A bank buys back a home and has local REpukes give their opinion of a selling price. Why? These pukes are the cause, not the cure. Then, these asking prices that were pulled from the asses of the REpukes are used as "comps" due to a lack of sales activity in the area. WTF? These ass-pulled asking prices are based on REpuke wet dreams, and not incomes, values, or reality. They are just yanked from some RE-MFer's ass. And then, when it comes time to fund a loan, the bank making the loan sets the price through an actual appraisal. Here's a novle idea - how-a-bout we get the friggin REpukes out of the way, have the banks that are willing to lend on a home publish the amount they will loan on an REO and have that be the public's auction amount. Owner occupied only. No more investor props allowed in SFH's for 5 years to help heal our communities. Sound good?

BAP,

interesting...

If you agree that the local labor/welfare market cannot afford to rent with a decent (or even, "zero") cash flow to the owner, then it doesn't sound like any kind of bargain for anyone to buy, landlord or foreclosure bank or resident owner.

The Great Recession is still unfolding and is in its early stages. We're like at about 1930 of the Great Depression analogue, or 1991 of the Lost Decade of Japan analogue. No need to rush.

I would not be bugged by the game if I was not made to cover the losses of the bets of others. For example, I do not mind the liars that sell used cars. I have not been made to pay for car loans that made liars into buyers. I have not been made to pay so a liar can get a lower owed amount on their car loan. I do not have to see non-producers drive around in a brand new car owned by some rich investor as taxpayers pay the car loan. So, if the housing situation were more like used car deals, then I would not be bugged by it.

Then again, if the car buying world becomes more like the housing world, I will have a whole new pile of complaints!! lol

Nomo,
when a home goes REO back to fanny or freddy would you feel the home is now public property? I have some ideas about how public property should be properly sold that should apply, but I would like your view on this idea.

Where in the world do people get the idea that business negotiations are transparent? There is always bluffing and similar tactics. If you don’t have the stomach for it, don’t do it.

Hah! Imagine if a company like Ebay used this as their rebuttal.

...and I don't care what city it's in, something is wrong when something as bland and depressing as this place with an interior that vastly pales in comparison to a Motel 6 commands over half a million dollars.

http://www.redfin.com/CA/San-Jose/1625-Ridgetree-Way-95131/home/1199569

I like Hotel 6.

I like Hotel 6.

Yes, but would you reach up your butt and pull out a vital organ in order to live in one?

...and look at the sales history for that place! And it's pending!

"Bap33 says
So far I have seen REO’s go “pending” 4 hours after going on the market, and sit “pending” for 4 months, and then returned to the market, at a lower price, but when I called on one that I have been watching for 2 years that went REO, then pending, and is on the market for $199K again — I was told by the listing agent, “we had mulitiple offers well above asking before, so you should be prepaired to go at least $230K on your offer”. And so I hung up."
------------------------------------------
The 'multiple offers' are from realtors etc....theyre trying to come up with half your offer in cash.
Theyve been undercutting the 'loan' people for a few years now.
When you hear 'no loans'...'no lending'...believe it.
All realtor wants is a scmuck to make an offer, then they have a place to start negotiating w/ the
bank for their cash offer.

No one is getting loans..."excellent" credit or not.

How many rental props can a 'realtor' have...

I had a realtor along with a seller who threatened the neighborhood with lawsuits if they talked about 'the house'.
Fuck these realtors and the 'disclosures'.
Wait it out.

waterbaby says

“Bap33 says

So far I have seen REO’s go “pending” 4 hours after going on the market, and sit “pending” for 4 months, and then returned to the market, at a lower price, but when I called on one that I have been watching for 2 years that went REO, then pending, and is on the market for $199K again — I was told by the listing agent, “we had mulitiple offers well above asking before, so you should be prepaired to go at least $230K on your offer”. And so I hung up.”

——————————————

The ‘multiple offers’ are from realtors etc….theyre trying to come up with half your offer in cash.

Theyve been undercutting the ‘loan’ people for a few years now.

When you hear ‘no loans’…’no lending’…believe it.

All realtor wants is a scmuck to make an offer, then they have a place to start negotiating w/ the bank

for their cash offer.

No one is getting loans…”excellent” credit or not.

How many rental props can a ‘realtor’ have…
I had a realtor along with a seller who threatened the neighborhood with lawsuits if they talked about ‘the house’.

Fuck these realtors and the ‘disclosures’.
Wait it out.

E-man says

@ permanent_marker,
I got the answer for you. The seller is a flipper. He recently bought this home from US Bank. Due to the recent changes in real estate laws, FHA will not finance this home because the seller has not owned it for at least 6 months. The government changed the laws the curtail real estate speculators and flippers.

THANK YOU. This is what I was looking for.

Unfortunately, as of February 1st, that is no longer true:
http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf
The game is fracking rigged people

bumping for the weekend.