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Silver Trusted Contributor
RE_Guy
Posts: 982
Registered: ‎12-08-2008
0

Re: Is a OC Recovery Underway?

Great2006 -

 

As long as it is pending it is counted in the pending numbers.  In other words, if it was pending in Dec 2011 it was counted and if it was still pending in Jan, Feb and March it was counted as pending in each of those months.

 

Of course, all this is just my opinion.

Visitor
TryToBuy
Posts: 1
Registered: ‎04-11-2012
0

Re: Is a OC Recovery Underway?

Hello,

My wife and I just had our offer accepted on a short sale. We have no experience with this. The seller received four offers, ours was highest by ~$5,000. Can you please give me your thoughts, information, cautions, etc. regarding what we can expect with regard to hearing whether or not the bank accepts the offer. Also, how common is it for the bank to reject an offer if the brokers "made a market" for the home? I guess I'm just wondering what can happen from here.

Thanks in advance

Silver Trusted Contributor
RE_Guy
Posts: 982
Registered: ‎12-08-2008

Re: Is a OC Recovery Underway?

I have always felt that the ideal buyer for Short Sales is:

 

a. Ready to purchase with few to no contingencies,

b. Do not have to sell their property before purchasing a Short Sale,

c. Are patient and have time to wait out the months of delay,

d. Have resources to repair/rehab the property if necessary.

 

In a Short Sales transaction, you should expect delays. In extreme cases I have see it take up to six months to get approval from the bank.

 

These inherent delays in the purchase process could affect your loan terms. Loan rates can be locked in for a specific period, but eventually these locks do expire.  Some lenders will allow you loan lock extensions for a price, of course.

 

While your offer is in the process of being approved, the bank can consider other offers, market the property for sale to attract other buyers at a higher price, etc.  While you are waiting, other offers could trump your offer.

 

Additional there is always a risk that the home could go to a foreclosure sale before you have completed the Short Sale process.  Even with offers significantly higher than the listings price the seller’s bank will request an appraisal of the property, and if the bank believes it can make more money by taking the property through a foreclosure proceeding rather than a short sale then the bank will reject your offer.

 

Short Sales are usually listed at a significant discount to comparable sales in the area because the listing agents want the bidding to begin. The listing price can mean nothing other than the bidding base.  A comparative market analysis of the property gives insight into the true value.  To get your offer accepted, it will need to be near the true market value.

 

They are still a pain, but there is a lot of property on the market now that are short sale property so you need to understand the process.

 

Of course, all this is just my opinion.

 

Silver Contributor
Ed_in_SoCal
Posts: 417
Registered: ‎03-24-2010

Re: Is a OC Recovery Underway?

Hey, then I'm the perfect short sale buyer!!!  Except I could handle waiting, but all the crap with owners just faking short sales so they can stay in the house longer without paying and/or banks looking to get a few dollars more and throwing out the deal you made with them.  With the OC inventory is starting to get better and prices a bit more reasonable, not sure there's a need to do the short sale dance.

Silver Contributor
Groundhog
Posts: 536
Registered: ‎12-26-2010
0

Re: Is a OC Recovery Underway?


Ed_in_SoCal wrote:

Hey, then I'm the perfect short sale buyer!!!  Except I could handle waiting, but all the crap with owners just faking short sales so they can stay in the house longer without paying and/or banks looking to get a few dollars more and throwing out the deal you made with them.  With the OC inventory is starting to get better and prices a bit more reasonable, not sure there's a need to do the short sale dance.


Right on Ed.................The short sale dance is an unnecessary sukka game of BS, IMHO.

 

Buy a standard sale for a competitive price, or nothing.

 

Groundhog opinion,

 

OGR

 


 

Silver Trusted Contributor
RE_Guy
Posts: 982
Registered: ‎12-08-2008
0

Re: Is a OC Recovery Underway?

Groundhog -

 

What do you think about the recent study (east coast university -- I think Harvard) that drinking  beer actually improves your intelligence?  You can probe anything -- including trends in real estate.

 

Of course, all this is just my opinion.

Silver Trusted Contributor
RE_Guy
Posts: 982
Registered: ‎12-08-2008
0

Re: Is a OC Recovery Underway?

"prove anything" -- sorry, old age brain cell loss

Silver Contributor
Groundhog
Posts: 536
Registered: ‎12-26-2010
0

Re: Is a OC Recovery Underway?

[ Edited ]

RE_Guy wrote:

Groundhog -

 

What do you think about the recent study (east coast university -- I think Harvard) that drinking  beer actually improves your intelligence?  You can probe anything -- including trends in real estate.

 

Of course, all this is just my opinion.


Heya RE-Guy,

 

Drink more beer, that is my position on the matter. It would definitely improve the perception of the OC RE Market recovery.

 

I believe the study to which you refer was able to correctly identify the so called "Buffalo Theory" of intelligence improvement by means of more beer drinking.

 

Everyone knows drinking alcohol kills brain cells, right? However what has been discovered is that in a herd of buffalo, the slow witted, weak and crippled on the edge of the herd die off first. The more perceptive and intelligent individuals always cluster in the center of the herd, thereby achieve survival, safety and comfort with less effort or risk.

 

Likewise it has been proven accordingly that drinking booze, especially beer, improves intellect by killing off the stupid cells on the edge of the brain cell herd first, thus improving smarts by multiplying the relative majority of intelligent survivors in the center of the Cerebrum.

 

Therefore, the more beer one drinks the smarter one becomes! This study is a milestone breakthrough for dudes everywhere!

 

It has been noted however there appears to be no intellectual effect on the other gender group, as they are already far more intelligent than we dudes are.

 

It's too late for me RE-Guy, I'm already beyond stupid. But I am exercising both my elbows as much as possible in a serious effort to Get Smart........ (Maxwell Smart?).

 

Save yourself now while you still can...............Drink more beer!!!!!!!!!!!

 

Groundhog opinion,  :smileyhappy:

 

OGR

 

 


 

Redfin Market Manager
PaulReid
Posts: 503
Registered: ‎03-12-2010

Re: Is a OC Recovery Underway?


RE_Guy wrote:

Groundhog -

 

What do you think about the recent study (east coast university -- I think Harvard) that drinking  beer actually improves your intelligence?  You can probe anything -- including trends in real estate.

 

Of course, all this is just my opinion.


Speaking of recovery...

 

Perhaps the folks conducting the study made their determination after consuming a few brewskies themselves.

Paul Reid | Inland Empire Market Manager