Found this CL home in pre-foreclosure. Owner purhased on 7/15/05 for $369,000. Now they are trying to sell for $15k below purchase price. They should be ok, because, well, Real Estate NEVER GOES DOWN!!! BTW the contact listed below was not the purchaser in 2005??:
Pre Foreclosure Sale! Seller Extremly Motivated to Sell! Selling for $15,000 less than they paid for it in 2005! Beautiful, Spacious, near-Brand New 4BR, 2BA, 2442 SQ.FT.HOME. Outstanding curb appeal, 3-car garage, fabulous Master Bedroom with walk in closet, Great neighborhood for family. Great Schools. Southwest Bakersfield, 10615 Mount Pleasant Drive, Bakersfield 93311. Call Luis J. "Lu Jack" Martinez at 951-255-1795 or 818-804-5515 for additional details and to set up a viewing.
http://bakersfield.craigslist.org/rfs/236781983.html
Sunday, November 19, 2006
SELLER HIGHLY MOTIVATED!!
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11 comments:
I love it! The truly is just the beginning.
15k under is nothing. I had to go 35k under my purchase price of 385k in 05 before I could get a buyer. Develper & agents lied through there teeth about the next phase of the development so instead of new phase acroos from my place I had urban blight and ghetto amenites. Live is too short, dumped and much happier now.
My guess is they will lose much more than $15k.
crispy&cole
C&C -
Saw your post at Ben's about the commercial prop bubble. I saw that Equity Office article on the front page of the Journal this morning. For quite some time now commercial has been selling at a 5-6 cap. Insane. In the east bay area I still see lots of vacant space, not to mention all the square footage currently occupied by the REIC. Shopping centers with 2 RE offices, a mortgage co., and title co. Home furnishing and accessories stores galore. In other words, we have way too much space occupied by tenants with rather direct dependency on the housing boom. Adjusted for inflation commercial property returns are downright pathetic. When I was in college we were told caps should be close to or above 10% . Too much money floating around right now. Will be interesting to see if this can continue much longer.
Just released the Q2:2006 Modesto report (Q3 will be out in within weeks). http://homepricehistory.blogspot.com/
that flipper will go into forclosure for sure. poor soul,no room to price drop
Motivation? Let's be clear. Motivation is sellers bringing a check to the closing. Motivation is arranging a closing early enough to get the papers in to the County before close of business. Motivation is arranging for the kids to still use the house address until the end of the semester.
The world is not going to end but there are going to be pockets of unimaginable tragedy. And don't go soft. You are doing no one any favors.
There are going to be implosions undreamt. Perfectly good mortgage origination businesses closed when the secondary market demands they buy back bad paper. School districts taken over by the State when they pre-spend developer money that doesn't appear. The Mexican border experiencing closures in both directions due to floods of economic refugees and flees of economic criminals. Hnestly, people aren't thinking this through. This won't be 2005 at 80%. The world is not linear like that.
How long will this guy stay motivated? I mean before he becomes desperate. We should track the number of days that it takes before he becomes desperate. I wonder what desperate looks like? What's the differnce between desperate and motivates?
Very scary homes in this area and size were getting loans for 400-430
just 9 mo ago. I feel sick, this is going to be ulgy..........
Anon Tue Nov 21, 06:44:22 PM PST -
You are correct. The neighbor just "stole" $50k- $100k from 100 residents in the area. The new comps will also depress HELOC ATM usage in a negative way.
No need to worry - just ask a local realtor and this will be great come Spring 2007. LOL!
Crispy&Cole
This guy nails it!
Give me 5 minutes and I’ll convince you that you should sell your house immediately and invest your life-savings in gold or a Swiss bank-account.
Okay?
For some time now we’ve been hearing about the so-called housing bubble and what effect it could have on your net worth and future. Well, the numbers are finally in and you can decide for yourself whether its time to sell now or try to ride out the storm.
In 2000 the total value of homes in the US was $11.4 trillion. Today that number has shot up to $20.3 trillion; nearly double.
At the same time, mortgage-debt in 2000 was a trifling $4.8 trillion (about half) while in 2006 it skyrocketed to a whopping $9.3 trillion.
So, how do we explain these enormous increases in value? After all, wasn’t the housing boom just the natural outcome of “supply and demand”?
No it wasn’t. That’s an unfortunate myth that should be interred with the withered remains of Milton “free-market” Friedman.
If we really want to know what’s going on...
Read the entire post at
mercedgoingquickly.blogspot.com
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