2008 The Year of Foreclosure?

[Joe Mammy]

You don't have to be Nostradamus to see there is an avalanche of foreclosures coming. I just put together 4 reports that show we have 80 current short sale listings in the ECAR MLS for just Destin and SoWal (areas 14 and 15)- single family homes and condos!

http://www.thewiredagent.com/pulse.html

To embellish on Shelly's favorite line: "There has never been a better time to buy a short sale!"

 

[Smiling JOe]

"short-sale" has suddenly become a marketing term. Some agents have been listing properties as short sale, though the owner has not missed a payment to the bank.

2008 will be interesting, especially for the people who bought in 2005, with a 3yr ARM. We are already seeing the ones bought in 2004 with a 3yr ARM.

A word to buyers of short sales, please know that getting an answer on an offer from the lender or a third party, may take somewhere between 3-6 weeks. You will need to be patient, or skip the short sales, and look for another good value. They are out there.

 

[Jdarg]

This week, 2 people have told me they are in the foreclosure real estate business.:shock: I am assuming this means they are specializing in this type of sale now.

 

[Smiling JOe]

sounds like they attended a seminar on how to make millions from foreclosures.

 

[JoshMclean]

Banks are tough to deal with right now. I put in offers on two different properties. One never even responded and the other didn't want to come down at all.
I tell my clients everyday that they are better of dealing with a seller who bought pre-2003 than any bank short sale.

 

[Matt J]

This week, 2 people have told me they are in the foreclosure real estate business.:shock: I am assuming this means they are specializing in this type of sale now.

sounds like they attended a seminar on how to make millions from foreclosures.

Anyone interested? I have stacks of these I get in the mail everyday at my office.

 

[SHELLY]

To embellish on Shelly's favorite line: "There has never been a better time to buy a short sale!"

You forgot the rest...."There has never been a better time to buy a short sale--until later, when it will be an even better time to buy a short sale--and then after that, when it will be an even better time to pick it up at a bank auction."

I stuck a fork in it....it's still not anywhere near being done.
.

 

[SHELLY]

sounds like they attended a seminar on how to make millions from foreclosures.

sounds like they attended a seminar on how to make millions from foreclosures.

"Charlie's" closest friend "The Donald" is cranking up the sausage machine: http://www.trumpuniversity.com/seminars/profit-from-foreclosure.cfm

:scratch: Gee, as I recall in 2006: http://www.learningannex.com/defaul...=A2&_function=detail&cnum=LA06EX&lc=LA&Refer=
I wonder how many of the clueless wonks who are in the video are now getting the "soiled end" of the stick.


.

 

[barefootguy]

I bought in 2005 with 5 yr ARMs, so I still have 2 years before I'm a hurtin' puppy. I'm hoping to make it through without a scratch, but at this point I can't see how. I might be fine with my Crestview house, if my current renters decide to buy it. My house by the beach rents out wonderfully every year. The renters pay the mortgage and most of the bills, but the value of the neighborhood has dropped a couple hundred thousand. I can't refinance, and I can't sell for close to what I owe. And I'm totally sunk with the house I live in cuz I've heard that nobody wants a Driftwood Estates home. Actually, it seems that nobody wants a home built by Adams in an Olson & Associates development, which all of mine are.

So ... I'll be praying real hard over the next couple years for a miracle!
And when I'm not busy praying, I'll be enjoying the beach.

 

[Smiling JOe]

barefootguy, maybe you should join in on the lawsuit against the County for issuing building permits and releasing the bond money to the developer without the drainage infrastructure receiving the okay from the final inspection. I don't know if you know Allen O., but he sounds like he is extremely knowledgeable of the overall problems in Driftwood. If you don't know him, I would think it in your best interest to get to know him. He isn't scared to let the BCC know where they screwed up, yet he isn't intimidating at the same time. I sure hate to see all of those homeowners being screwed by the original developer and the County. I wish you guys the best.