Calling The Bottom

[Bobby J]

Re: Calling the bottom!

We've been looking at property in the area for a few months-online and in person and from what I've heard (rumors included), seen on listing sheets and personally experienced (we have a contract pending on the west end of PCB that is a foreclosure) it looks like banks are "offering" about a 35-40% discount on average from what is on their books. The bank had been owner of record for about 9 months. We offered 2002 pricing.

Just my observation, but I am not in the real estate business and definitely don't have a first row seat-besides the fact that I skipped all the business classes in college in favor of beer on the campus lawn ;-) so I'll have to defer the analyzing to others more qualified!

It seems to depend on how long they have had it. I think you can expect about 25 to 35% off foreclosure asking price once they have had it awhile. They seem to hold firm in the beginning. I know one thing for sure. We are as busy as we have been in 2 years. Our goal for the year was a contract a week. We have written one every day this week! The office is crazy.

 

[Busta Hustle]

Re: Calling the bottom!

expect a mini frenzy as we approach the half off season...

 

[SSGA]

Re: Calling the bottom!

I think BobbyJ is right-even from the people I know, there's more doing and less talking about doing. And, in the interest of full disclosure, I have to say that we are going to have do some cosmetic work and also furnish it. Could we have gotten a BETTER STEAL somewhere someday? Maybe, but the house works well for our requirements, we like the location, love the beach access and carrying the mortgage won't give us a hernia. So, we're going to be happy and frolic in the sand and surf.

 

[SHELLY]

Re: Calling the bottom!

I think BobbyJ is right-even from the people I know, there's more doing and less talking about doing. And, in the interest of full disclosure, I have to say that we are going to have do some cosmetic work and also furnish it. Could we have gotten a BETTER STEAL somewhere someday? Maybe, but the house works well for our requirements, we like the location, love the beach access and carrying the mortgage won't give us a hernia. So, we're going to be happy and frolic in the sand and surf.

So did the bank accept your 2002 offer?


.

 

[SSGA]

Re: Calling the bottom!

Yes, they did. However, it was certainly a hmmm...how to phrase this...."learning experience". :shock:

 

[SHELLY]

Re: Calling the bottom!

Yes, they did. However, it was certainly a hmmm...how to phrase this...."learning experience". :shock:

Please share.

.

 

[SSGA]

Re: Calling the bottom!

First let me say that I've been lurking on sowal for a couple of months and the fact that Shelly is responding to my posts makes me feel kinda flattered, kinda nervous. Whew, tread gently please, I'm new!

The bank was just a very nebulous presence...hard to pin down...hard to get answers and information. Getting to a contract stage was surprisingly painless--maybe it was a set-up, because actually getting someone-ANYONE-to sign off was like wrestling with an octopus.

 

[Bobby J]

Re: Calling the bottom!

They must have been down the line a bit. Did you close already?

 

[elgordoboy]

Re: Calling the bottom!

First let me say that I've been lurking on sowal for a couple of months and the fact that Shelly is responding to my posts makes me feel kinda flattered, kinda nervous. Whew, tread gently please, I'm new!

The bank was just a very nebulous presence...hard to pin down...hard to get answers and information. Getting to a contract stage was surprisingly painless--maybe it was a set-up, because actually getting someone-ANYONE-to sign off was like wrestling with an octopus.

I was at the Tom Thumb in Dune Allen a couple of weeks back and heard some people in the Cheez-Its section talking quietly. I overheard that Shelly has someone following him(her) at all times whispering in his(her) ear "You are but a (wo)man, you are but a (wo)man" unsubstantiated rumor? history buff?

 

[Pirate]

Re: Calling the bottom!

I was at the Tom Thumb in Dune Allen a couple of weeks back and heard some people in the Cheez-Its section talking quietly. I overheard that Shelly has someone following him(her) at all times whispering in his(her) ear "You are but a (wo)man, you are but a (wo)man" unsubstantiated rumor? history buff?