Real Estate Bubbles

[SHELLY]

Tenant steps out of shower, finds real estate agents
S. Brady Calhoun, Florida Freedom Newspapers
Tuesday April 22nd, 2008

PANAMA CITY -- A female tenant was surprised to find her landlord and two real estate agents when she stepped out her shower, according to a Bay County Sheriff's Office incident report.

The landlord had told the tenants he would be showing the apartment at 10 a.m. When he didn't show up at 10, the female tenant got in the shower. At 10:15, the landlord arrived with two real estate agents and heard the shower running. He called out but no one answered, the report said.

A few minutes later a woman walked out of the shower wrapped in a towel and began yelling at the group. While the tenant said she felt violated, deputies determined that nothing illegal had happened.

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"Now is a great time to DRY."

Said one of the RE Agents, "I think I see a bottom."

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[SWGB]

[Joe Mammy]

yuk, yuk...tell ya what? I'm pretty darn busy. Lotta short sale buyers out there.

[Jdarg]

yuk, yuk...tell ya what? I'm pretty darn busy. Lotta short sale buyers out there.

OK. I just have to ask. Lots of short sale buyers. Lots of contracts being written. Is anything actually closing? I wonder about this, since the bank has to approve the short sale, correct? And it is harder for many people to get a mortgage these days?

[SHELLY]

yuk, yuk...tell ya what? I'm pretty darn busy. Lotta short sale buyers out there.

Now is a great time to buy from sellers who are in desperate financial trouble!!

BTW, why on your website is the "1 - Price Increase" a short sale?

[SHELLY]

And it is harder for many people to get a mortgage these days?

Absolutely!....Can you believe the banks want borrowers to actually prove (and show in writing) that they have income AND that the income is enough to not only cover their current debts but also be enough to pay back the loan too????


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[Jdarg]

Absolutely!....Can you believe the banks want borrowers to actually prove (and show in writing) that they have income AND that the income is enough to not only cover their current debts but also be enough to pay back the loan too????


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No. How dare those pesky banks.

But my question is still not being answered.

How many of these short sales are actually closing?

[TooFarTampa]

The landlord had told the tenants he would be showing the apartment at 10 a.m. When he didn't show up at 10, the female tenant got in the shower. At 10:15, the landlord arrived with two real estate agents and heard the shower running. He called out but no one answered, the report said.

A few minutes later a woman walked out of the shower wrapped in a towel and began yelling at the group. While the tenant said she felt violated, deputies determined that nothing illegal had happened.

I don't necessarily think the smartest people are renting these days.

"Now is a great time to DRY."

Said one of the RE Agents, "I think I see a bottom."

Outstanding

[scooterbug44]

I don't necessarily think the smartest people are renting these days.

Yes, they would have been MUCH smarter to have bought an overpriced house complete w/ a mortage they couldn't afford to pay back and skyrocketing insurance costs ............ that would immediately decrease in value !

Seriously though, what moron gets naked when the people they are expecting are less than 15 minutes late?

[SHELLY]

I don't necessarily think the smartest people are renting these days.

I do.


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[TooFarTampa]

Seriously though, what moron gets naked when the people they are expecting are less than 15 minutes late?

Exactly! And then she called the cops!

I do.


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Thread subject excluded, I presume.

[Bdarg]

No. How dare those pesky banks.

But my question is still not being answered.

How many of these short sales are actually closing?

Apparently not many.

http://www.marketwatch.com/news/stor...=SecMostMailed

[TooFarTampa]

Apparently not many.

http://www.marketwatch.com/news/stor...=SecMostMailed

Are you out on the rails again? Cause otherwise you could just tell her face to face.

[Bdarg]

Are you out on the rails again? Cause otherwise you could just tell her face to face.

I can hear that whistle blow...

[Jdarg]

Are you out on the rails again? Cause otherwise you could just tell her face to face.

[DD]

Are you out on the rails again? Cause otherwise you could just tell her face to face.

I can hear that whistle blow...

[Miss Kitty]

I can hear that whistle blow...

...all the live long day! Toot Toot!

[Bobby J]

OK. I just have to ask. Lots of short sale buyers. Lots of contracts being written. Is anything actually closing? I wonder about this, since the bank has to approve the short sale, correct? And it is harder for many people to get a mortgage these days?

Closed one short sale Friday and will be closing another one next week. We have 3 more in the pending drawer. We are as busy as I we have been in 2 years. BTW, funding is not a big deal if you have good credit and 20% down. Short sales work if you can keep the buyer waiting. The reason that many feel they do not work is the buyer pulls out before the bank approves. We can get them done but one must have lots of patience.

[DuneAHH]

Seriously though, what moron gets naked when the people they are expecting are less than 15 minutes late?

...newest gift-with-purchase gimmick?

[Joe Mammy]

Now is a great time to buy from sellers who are in desperate financial trouble!!

BTW, why on your website is the "1 - Price Increase" a short sale?

The seller/listing agent raised the list price from $800K to $849K. It is disclosed as a short sale. Why raise the price? You'll have to ask them...

[Joe Mammy]

No. How dare those pesky banks.

But my question is still not being answered.

How many of these short sales are actually closing?

There was a good article in the WSJ last week that stated nationally only 20% are closing:
http://www.marketwatch.com/news/stor...t=TNMostMailed

In our office it seems at least 50%. I find it interesting that the bottom feeders are now targeting short sales. Hey, why not? If you have the patience and do your research on the properties' mortgage(s) then you can target the ones with the best chance of closing, also an experienced short sale listing agent and a seller who discloses his progress with the loss mitigation dept of his lender is also essential.

The joke around our office is they should be called "long sales" since they take so long to close. I just put a short sale property under contract where a previous buyer backed out after waiting 60 days for an answer from the bank. The listing agent did not even tell the bank the buyer was gone and slid our offer right in and we expect to close within 30 days - an actual short short sale.

[Franny]

What I have noticed in a particuliar price range is the non short sales are now having to compete with short sales therefore driving down the prices to a very close bottom. Anyone else agree?

[SHELLY]

The seller/listing agent raised the list price from $800K to $849K. It is disclosed as a short sale. Why raise the price? You'll have to ask them...

I guess I'll have to wait until they're off their medication.

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[Garner]

I don't know the reasoning behind that particular price increase, but I can come up with 2 reasons why an agent might raise the list price on a short sale property.
1:) The lender has turned down an offer at the previous list price and stated that they would accept an offer at the higher price.
2:) The agent needs to show the lender that they are trying to sell the home at the higher price. (That they didn't just make up a really low number) When they can't do it they can justify reducing the price to the lender, and ultimately the lender will accept a more realistic price for the property. Of course, the agent needs to stay in regular contact with the lender, telling it about showings, activity and price reductions so that it is documented in the file.