I'm not a realtor so I'm asking this question as I don't deal with buyers.
SJ, BJ, et al; are the majority of the buyers that are making you guys busier lately middle aged folks that are maybe taking early retirements? Similar to telecommunications in the 90's as they downsized? I'm just curious.
Thanks
Matt JMatt JSWGB24,862 postsJoined View profileMessageSWGB
Matt JSWGB24,862 postsJoined View profileMessageSWGB4,627 views
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InletBchDwellerInletBchDwellerSoWal InsiderPrairieville, La6,802 postsJoined View profileMessageSoWal Insider
InletBchDwellerSoWal InsiderPrairieville, La6,802 postsJoined View profileMessageSoWal Insider:floor: rep for this!!!!
Yes Shelly it is hard to believe... The mere fogging of a mirror no longer works.
SHELLYSHELLYSoWal Insider5,763 postsJoined View profileMessageSoWal Insider
SHELLYSoWal Insider5,763 postsJoined View profileMessageSoWal InsiderYes Shelly it is hard to believe... The mere fogging of a mirror no longer works.
The fact that one has to mention that income is a requirement to secure a real estate loan illustrates just how meshugas the market had become. :roll:
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The fact that one has to mention that income is a requirement to secure a real estate loan illustrates just how meshugas the market had become. :roll:
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:doh:
You have to pay those back?
Bobby JBobby JBeach FanaticBlue Mountain beach4,041 postsJoined View profileMessageBeach Fanatic
Bobby JBeach FanaticBlue Mountain beach4,041 postsJoined View profileMessageBeach FanaticThe fact that one has to mention that income is a requirement to secure a real estate loan illustrates just how meshugas the market had become. :roll:
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In the real world one would not have to mention the income, on a message board someone would call me out ;-).
BTW, what are your thoughts on the many properties going under contract?
Edited
SHELLYSHELLYSoWal Insider5,763 postsJoined View profileMessageSoWal Insider
SHELLYSoWal Insider5,763 postsJoined View profileMessageSoWal InsiderIn the real world one would not have to mention the income, on a message board someone would call me out ;-).
BTW, what are your thoughts on the many properties going under contract?
Let's start with 2008: Give me a rundown on the asking prices vs the closing prices; how many of the total were short sales or preforecloure vs "normal" sales; and give me the total number of closed sales vs. the inventory and we'll discuss.
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Bobby JBobby JBeach FanaticBlue Mountain beach4,041 postsJoined View profileMessageBeach Fanatic
Bobby JBeach FanaticBlue Mountain beach4,041 postsJoined View profileMessageBeach FanaticLet's start with 2008: Give me a rundown on the asking prices vs the closing prices; how many of the total were short sales or preforecloure vs "normal" sales; and give me the total number of closed sales vs. the inventory and we'll discuss.
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Maybe in the am. Too late right now. Just trying to get your take on market conditions. Can you do this off the cuff? I think one area that has surprised all of us is how fast the foreclosures get gobbled up. I was concerned we were going to get to a point that homes just would not sell for any price. That clearly is not the case. If the price gets right the buyer comes on fast!
SHELLYSHELLYSoWal Insider5,763 postsJoined View profileMessageSoWal Insider
SHELLYSoWal Insider5,763 postsJoined View profileMessageSoWal InsiderMaybe in the am. Too late right now. Just trying to get your take on market conditions. Can you do this off the cuff? I think one area that has surprised all of us is how fast the foreclosures get gobbled up. I was concerned we were going to get to a point that homes just would not sell for any price. That clearly is not the case. If the price gets right the buyer comes on fast!
Price...Bobby J....PRICE!
You want my take? Here it is: There's demand out there for housing....there's just NO DEMAND out there for OVERPRICED housing.
Sleep well my friend.
Shel.
Bobby JBobby JBeach FanaticBlue Mountain beach4,041 postsJoined View profileMessageBeach Fanatic
Bobby JBeach FanaticBlue Mountain beach4,041 postsJoined View profileMessageBeach FanaticPrice...Bobby J....PRICE!
You want my take? Here it is: There's demand out there for housing....there's just NO DEMAND out there for OVERPRICED housing.
Sleep well my friend.
Shel.
Good stuff Shel. Good night!
YoungFTYoungFTBeach Lover66 postsJoined View profileMessageBeach Lover
Not sure if this is already generally understood but thought it was worth sharing, from today's American Banker.
Countrywide sent a notice to its correspondent sellers last month announcing a set of "enhanced appraisal requirements" that went into effect Tuesday, April 15.
The new standards require that appraisals include two comparable sales that closed within the last 90 days and at least one current listing or pending sale, according to a manual that was issued by Countrywide's correspondent lending division and obtained by American Banker.
If the requirements cannot be met, appraisers "must provide a detailed explanation as to why" and whether an "adjustment to the property value" was made as a result.
More mortgage buyers are saying to RMC Vanguard Mortgage Corp., "'Tell us about foreclosures in the area. Tell us about homes listed for sale.' It used to be that we could take comparable sales up to a year," said Owen Raun, the owner of the Houston lender.
"We're now starting to find out more by asking our appraisers to tell us that kind of stuff," Mr. Raun said. "We are unfortunately making a lot of consumers a little upset about the values of their homes not being what they thought they were."
The new standards require that appraisals include two comparable sales that closed within the last 90 days and at least one current listing or pending sale, according to a manual that was issued by Countrywide's correspondent lending division and obtained by American Banker.
If the requirements cannot be met, appraisers "must provide a detailed explanation as to why" and whether an "adjustment to the property value" was made as a result.
More mortgage buyers are saying to RMC Vanguard Mortgage Corp., "'Tell us about foreclosures in the area. Tell us about homes listed for sale.' It used to be that we could take comparable sales up to a year," said Owen Raun, the owner of the Houston lender.
"We're now starting to find out more by asking our appraisers to tell us that kind of stuff," Mr. Raun said. "We are unfortunately making a lot of consumers a little upset about the values of their homes not being what they thought they were."
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