patrick.net

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FredEx says

occasional Hot Buy or awesome short sale

It is still NOT good time to buy cuz that deal is still way overpriced, or at least I refuse to get in line with flippers and other unsuspecting buyers. Good luck on getting some advice and business on patnet :)

There is no awsome or hot buy sale now anywhere...Whatever "hot sale" you see is a perceived hot sale , realwhores like you drum up..

I'm looking, I'm ready to buy with 20% the second I see something I think is worth buying, I'm 99% sure I won't until late this year to wait out the summer higher demand.

But I get realtor MLS mails for where I am, I should get them for Palmdale CA too but I find realtors kind of unresponsive if I don't include the "I'm ready and need to buy a house today". I sometimes browse around on Zillow or Redfin. I started looking at Homepath sometimes.

Outside of a realtor spending custom time bringing me custom houses that are getting ready to come on the market so we can prepare an offer, I don't see how you can get a inside track to a special deal.

I'm also curious how others are getting deals that I might miss.

FredEx says

I am curious as to how buyers (especially owner occupied buyers) are planning the process for how to get a good deal.

Wait... there are good deals out there? How can I take advantage of these opportunities???

FredEx says

But at the same time, the occasional Hot Buy or awesome short sale become available.

Wow, the idea of a 'Hot Buy' sounds awesomer than an awesome short sale - but I don't think I understand how all of this real estate stuff works... maybe if I had a professional agent or something to help I'd be able to make the right choices... I sure would like to know more about how I could be positioned to buy a house. But you're confusing me.

FredEx says

How are you (buyers) planning your purchase to be on the receiving end of one of those?

I give up. Why are you toying with me??? You know what? Fuck it - deal's off. I don't want to buy a house now, and I sure as shit won't buy one from you. Nice work pal... your high pressure tactics just lost you a sale... again.

All the foreclosures I've seen that came out this week do not guarantee occupancy. It means, you have to do the eviction after you close escrow. You won't even get to see the inside. I think they will start trending this direction now making demand for foreclosures lower.

I think this will also enable more flippers to get into the market as they are now able to get a loan to buy at Trustee Sale prices.

For the average consumer, you'll have to face regular sales where the sellers are probably unrealistic about their prices.

I really think that prices will fall. But when it is cheap, all of you might not be able to get a piece of the action. They'll start selling to school teachers, fire fighters, and the police force before it gets public.

I'm not buying in OC, but when I consider a SS property, I found I have benefitted from finding listings that have already been under contract, gone through the waiting period, have received bank approval, then fallen out. At this point---with prices falling by the month--- the agents, bank, seller, etc., are usually worn down, have had the game- playing tactics beaten out of them, and are ready to cut a deal, sometimes for less than the last price the home was under contract for. I bought a very nice property in Summerlin/Las Vegas under this scenario, and have another similar one presently under contract. The longer the home has been sitting around off the market and trudging through the SS process only to fall out of escrow, the better a buyer's chance of being able to get it a 'hot deal' on it.
Otherwise, I have all my pre-app ducks lined up, and put down 30%; this way the seller's bank knows I am worth dealing with. This is how I personally process my 'hot deal'.

My town was one of the first to hyper inflate and lead the way in falling in line, to normal prices, now on our way to over correcting. While news about the RE market in the rest of the US makes claims prices are just starting to fall. Our market will no doubt be Victim to buyer sentiment and climate on a national scale long after prices have done all they can do to fall in line. I expect all of the markets to follow the same pattern, until there's a nice uniform drop across the country, and all markets are in the same shape.

How about a year ago or more, when our market was still way over valued. What "Short Sales" and "Hot Buys" were meant to be is buyer porn, to suck those on the sidelines in to engage in the market. I don't think in the three years I was in that market, non of those "Hot Buys" actually even closed. Shit, some of them are still on the market. In a time when the cheapest ugliest house in the worst neighborhood were still going for 200K. Then a decent house in a decent neighborhood would just come out of no where, listed for 150K. I would catch that the moment it hit CL, Zillow, Realtor.com etal. and call the contact immediately and with out fail, there are multiple offers, so if you want to buy it, it was suggested that I offer well over the stated price.

It got to the point, that no two words sent me walking faster than "Hot Buy" and "Short Sale".

Hot Buy is something you should after it closes, and you got it for what you intended to get it for. Then you could say, "Wow that was a Hot Buy". Like in my case, I offered 170K the appraiser came in at 160K, I told the seller I wasn't paying one penny more than what it was worth on that day. So that's what I got it for at the time. At the time it was a "Hot Buy", today, it would be the average going rate for my location, yard size and living sqft.

Realtors can't call it a Hot Buy when the house isn't even sold yet.

my strategy: patience.

wait for all the suckers to buy first. when no one wants a house then i'll buy.

MyPunanyIsBiggerThanYourPunany says

my strategy: patience.
wait for all the suckers to buy first. when no one wants a house then i’ll buy.

Exactly. There has never been a good time to buy post 2003 in OC. That's how long I have waited, when I was naive about housing then but I sensed that 20% gain YOY did not makes sense so I skipped and here we are. LOL.