patrick.net

It just occured to me that “Spring Broke” ™ would be a pretty good label for the spring of ‘07. Maybe Senor HARM could even dig up a nice ‘Realtwhores Gone Wild’ graphic to go with that theme…

SP

Ask and ye shall receive!
New thread: Spring Broke 2007!

@HARM
Thanks for the verification. I'm in TX, and the purchase money agreement loans are non-recourse to borrower (lien holder cannot go after borrower for deficiencies, though IRS still can as you noted) here, while home equity loans are recourse to borrower. The activity I'm seeing in deed records is insanity. We're lucky in Austin because deed records are free to the public and online, while in the Bay Area, San Francisco makes you pay for each deed record pulled.

Another question for the veteran home buyers in this group. I'm going through a database of recent sales in my area, and noticed that a lot of recorded sale prices are minutely specific. For example, the price will be something like $311,254, while I'm starting out my contract at something that looks like$355,000. In other words, the last 3 digits are rounded off.

What are people using to negotiate sellers into dickering over the last significant digit?

"I think you should make a full price offer". From a so called buyers agent trying to "help" me. This was over three years ago.

That house is still for sale. Sellers are over 65 and trying to extract their money for retirement. I think they are going to die in that house.

http://www.bradfieldproperties.com/property/property.asp?PRM_MLSNumber=854673&PRM_MlsName=SanAntonio

Mr.Fantastic says

I don’t know much about the San Antonio market, is $260,000 for that home considered bubbly?

Something is wrong if the house has been on the market this long. It does not have high ceilings and the 1 acre lot is mostly rock. The listing has been through a number of agents.

Per a local Realtard, no one is buying anything unless it is an REO or a good deal on a short sale.

“I think you should make a full price offer."

>LOL!

I love it how the broker in the original post did a "Begging a question" fallacy. Also known as circular reference.

First he stated a false fact, (aka one that has no proof). And in next statement assuming its validity quickly went to prove his next point.

http://www.nizkor.org/features/fallacies/begging-the-question.html

The more I hear politicians or sales people the more fallacies like that I hear.

My wife and I were driving home one evening and saw a lot of signs for a place in our area. This was interesting to see because a realtor told us that all houses that are over 600k must be represented by an agent. So naturally after we saw a sign we wanted to see what this 600k thing in our neighborhood looks like.

It was an old average house, had some chandelier in the entrance not sure why. The asking price was 685k. This was just after the crash mind you, so prices started going down all over already at least half a year prior to this.

Realtor: "What do you think?"
Me: "I think its too overpriced."
Realtor: "You are right I think it should be around 650, 685 is a bit high. ...." She proceeded in trying to get us as clients... that was the end of it.

That thing sold a year later for 350k to some ahole who wanted to flip since it went back on sale for 399k instantly. It's still on the market with properties nearby priced at 320 and going down. I guess someone should have told him that this area is in low to mid 200's when it comes to affordability.

ChrisLA says

My wife and I were driving home one evening and saw a lot of signs for a place in our area. This was interesting to see because a realtor told us that all houses that are over 600k must be represented by an agent. So naturally after we saw a sign we wanted to see what this 600k thing in our neighborhood looks like.
It was an old average house, had some chandelier in the entrance not sure why. The asking price was 685k. This was just after the crash mind you, so prices started going down all over already at least half a year prior to this.
Realtor: “What do you think?”

Me: “I think its too overpriced.”

Realtor: “You are right I think it should be around 650, 685 is a bit high. ….” She proceeded in trying to get us as clients… that was the end of it.
That thing sold a year later for 350k to some ahole who wanted to flip since it went back on sale for 399k instantly. It’s still on the market with properties nearby priced at 320 and going down. I guess someone should have told him that this area is in low to mid 200’s when it comes to affordability.

As some one here said, Bubble seller sells it to a bubble buyer.