Area Foreclosures

Foreclosure and Short Sale page has been updated today.

http://www.joshmcleanhomes.com/buyer_mistakes.asp

Foreclosure and Short Sale page has been updated today.

http://www.joshmcleanhomes.com/buyer_mistakes.asp

Josh,

"/buyer_mistakes.asp" ....let me guess--the name came to you during a flash of capitulation, right?

.

Lol, I have a template website that I design. That was one of the pages that I had left to change. I thought that would be the best one to use.

I hope you guys haven't moved back to Hawaii!

Ha! No such luck! We're around......maybe we'll bump into ya sometime!

Just wanted to post an inventory graph so that everyone could see what the inventory has been doing over the past couple years. This includes everything from Destin through Inlet Beach.

Here is a graph showing sales volume. Same areas.

Here is an average sales price graph for the same areas.

I figured I would post this for those of you who haven't gone to my site to see it.

Destin Foreclosures and Short Sales Updated 8/21/08

This list represents the areas between Destin and Panama City Beach, Fl.
Destin Condo Foreclosures and Short Sales under $300,000
http://ecarmls.com/EmeraldReports/listings.asp?ID=7214766474
Destin Condo Foreclosures and Short Sales $300,000 - $500,000
http://ecarmls.com/EmeraldReports/listings.asp?ID=7214766478
Destin Condo Foreclosures and Short Sales over $500,000
http://ecarmls.com/EmeraldReports/listings.asp?ID=7214766479
Destin Home Foreclosures and Short Sales under $300,000
http://ecarmls.com/EmeraldReports/listings.asp?ID=7214766482

Destin Home Foreclosures and Short Sales $300,000 - $500,000
http://ecarmls.com/EmeraldReports/listings.asp?ID=7214766483
Destin Home Foreclosures and Short Sales over $500,000
http://ecarmls.com/EmeraldReports/listings.asp?ID=7214766484
Destin Townhome Foreclosures and Short Sales
http://ecarmls.com/EmeraldReports/listings.asp?ID=7214766487
Destin Residential Land Foreclosures and Short Sales
http://ecarmls.com/EmeraldReports/listings.asp?ID=7214766489

Josh,
Thanks for all the great info you post on this site.
If the listing is not described as a short sale does that mean it is a foreclosure?
Specifically unit 1106 in breakers east and unit 1630 in jade east.
Thanks,
mikeyboy

1106 Breakers East is a short sale. There is a 2 bedroom foreclosure, unit 305, priced at $431,900.

The Jade East unit is also a short sale.

You're more than welcome for the information. It's my job!

In general, is it easier to get a bank response on a foreclosed property than a short sale? I have heard that it takes thirty days or longer for the banks to respond on a short sale offer. It would make sense that once they have foreclosed on the property and are incurring the monthly expenses, they would move more expeditously.

mikeyboy

Much, Much, Much easier to do a foreclosure deal. Banks are looking to dump the property at that point. For some reason they don't have enough foresight to realize it during the short sale process.

Just wanted to post an inventory graph so that everyone could see what the inventory has been doing over the past couple years. This includes everything from Destin through Inlet Beach.

Thanks for posting all the data.

Long story made short. Way, way, way too much inventory. It will be many, many years before the inventory problem is solved.

Looking at the charts it seems it will take a while. The inventory decline has been slow and steady while the prices continue to drop sharply. The only one with an upward trend is condo sales prices, but I think we see a sharp decline in the next two months as we did in 2006 and 2007.

Page has been updated -

http://www.joshmcleanhomes.com/buyer_mistakes.asp

Josh, Thanks for the update. We have been talking about Short Sales list price and the difference in the actual price that's acceptable to the bank, but are the prices for the bank owned properties the actual price? Thanks Again, JC

Much, Much, Much easier to do a foreclosure deal. Banks are looking to dump the property at that point. For some reason they don't have enough foresight to realize it during the short sale process.

Not lack of foresk, er foresight, My Man, a very different asset realization (accounting and regulatory) issue.

Not lack of foresk, er foresight, My Man, a very different asset realization (accounting and regulatory) issue.

Sheep, do you think the foreclosed Bank Owned properties are listed at an asking price that is subject to the customary bid by a buyer if they would like the property, but maybe the price point is not perfect for the buyer? Is it like the short sale?

Sheep, do you think the foreclosed Bank Owned properties are listed at an asking price that is subject to the customary bid by a buyer if they would like the property, but maybe the price point is not perfect for the buyer? Is it like the short sale?

REOs are very unlike a short sale as there is no encumberances on the property. IME, banks aren't taking huge losses on lots of properties unless they are capital-heavy and can afford the write downs.

WTS, all bets are off these days with REDC shill-sham auctions of thosands of homes, banks who are thriving, banks who are dying and the soon gummint controlled MAC system. An REO is lienless which is a hyooge advantage and supports their nearer appraisal pricings. Bargains? Hardly, since house depreciation (physical and financial) has to be factored into usually overvalued REOs.

What they all try to do is to mitigate overall losses so they may sell a few homes low (but these homes already may have low principal balances).

Most of the banks down here have an offer-counter-offer-counter-counter-offer system for buyers to show due diligence to shareholders.. Even though Lee/Collier leads Florida in foreclosed and REOs, there have yet to be any significant fire selling.

One of the Sowal poster's was saying the other day that they knew of a group (who maybe worked with Countrywide) and bought 25,000 REO's. What's your take?

One of the Sowal poster's was saying the other day that they knew of a group (who maybe worked with Countrywide) and bought 25,000 REO's. What's your take?

Cwide's two largest lending geographies were FL and CA where they had a total of 5-6,000 REOs; I seriously doubt that they could have REOed 25,000 by now even if they had that many to go and get, clean them up, wrap them into a bundle, push it through bankruptcy, get all the creditors approvals, etc.

One of the Sowal poster's was saying the other day that they knew of a group (who maybe worked with Countrywide) and bought 25,000 REO's. What's your take?

I was the poster. It wasn't Countrywide. It was the FDIC. They didn't "buy the REO's.....they
contracted with them to sell their foreclosed properties.

I was the poster. It wasn't Countrywide. It was the FDIC. They didn't "buy the REO's.....they
contracted with them to sell their foreclosed properties.

That may have been an IndyMac deal. Restructuring; won't work.

I was the poster. It wasn't Countrywide. It was the FDIC. They didn't "buy the REO's.....they
contracted with them to sell their foreclosed properties.

How does it work? Who has the salespeople? Thanks

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