We've Peaked On Foreclosures ! - NOT !!!

[JoshMclean]

Ask the bank to show you the offers. They can black out the names etc. I find it hard to believe that any bank in this country right now are getting multiple offers on real estate.

I've been involved in 3 this year. They all closed shortly after.

 

[fisher]

I know what you're saying Bobby. Seems like most of them are getting multiple offers. There are a couple that I can't believe are still on the market though. Banks are pricing very aggressively on the foreclosures. There are a lot of short sales in the pipeline right now. Should make for some great buys in 2009.

All those "great" buys from six months ago, one year ago, two years ago, etc. aren't looking like such great buys anymore. Prices continue to plummet, especially on raw land and there is a ways to go. As long as the price of land continues to fall, so will the price of the houses and condos.

I saw a pending lot sale in WC PH II for $145k (ask price, not pending price) that is 80% off the high water mark based on a the sale of the lot next door in 2005. Some asking prices in Watersound Beach are well under $250k and not selling, the preserve under $100k, cypress dunes under $100k, etc.

With prices continuing to fall, foreclosures will continue to hit the market as more people finally decide to throw in the towel as their properties languish on the market.

 

[Babyblue]

I've been involved in 3 this year. They all closed shortly after.

Did they show you offers or did you bid against yourself? As a former Bank Officer I know what the banks are doing.

 

[Babyblue]

All those "great" buys from six months ago, one year ago, two years ago, etc. aren't looking like such great buys anymore. Prices continue to plummet, especially on raw land and there is a ways to go. As long as the price of land continues to fall, so will the price of the houses and condos.

I saw a pending lot sale in WC PH II for $145k (ask price, not pending price) that is 80% off the high water mark based on a the sale of the lot next door in 2005. Some asking prices in Watersound Beach are well under $250k and not selling, the preserve under $100k, cypress dunes under $100k, etc.

With prices continuing to fall, foreclosures will continue to hit the market as more people finally decide to throw in the towel as their properties languish on the market.

You are correct.

 

[Bobby J]

Did they show you offers or did you bid against yourself? As a former Bank Officer I know what the banks are doing.

I was told they can not tell me anything or show me anything. Yes, we are bidding against ourselves.

 

[Bobby J]

Ask the bank to show you the offers. They can black out the names etc. I find it hard to believe that any bank in this country right now are getting multiple offers on real estate.

Believe it. I would have no reason to put this in a post. I am extremely frustrated. Not to mention many of these big banks are letting out of town agents list these properties. They know nothing about the area and then all the money they make off their no brainer deal goes back up north to be spent in another area!

 

[JoshMclean]

Did they show you offers or did you bid against yourself? As a former Bank Officer I know what the banks are doing.

We lost the bid and they closed so I guess there was someone else bidding.

 

[JoshMclean]

All those "great" buys from six months ago, one year ago, two years ago, etc. aren't looking like such great buys anymore. Prices continue to plummet, especially on raw land and there is a ways to go. As long as the price of land continues to fall, so will the price of the houses and condos.

I saw a pending lot sale in WC PH II for $145k (ask price, not pending price) that is 80% off the high water mark based on a the sale of the lot next door in 2005. Some asking prices in Watersound Beach are well under $250k and not selling, the preserve under $100k, cypress dunes under $100k, etc.

With prices continuing to fall, foreclosures will continue to hit the market as more people finally decide to throw in the towel as their properties languish on the market.

I think the foreclosures that are selling for 2002 prices will still be great buys 5 years from now. Only time will tell.

 

[SHELLY]

In the last 6 months, what's the ratio of properties selling in foreclosure vs. short sale vs. "regular" sales?

What's the price points of these properties that people are falling over themselves for?

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[SHELLY]

I think the foreclosures that are selling for 2002 prices will still be great buys 5 years from now. Only time will tell.

Didn't they say this in 2002?

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