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I am (NOT) Buying a Home?!?!?!


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2009 Aug 25, 5:43am   9,294 views  58 comments

by Huntington Moneyworth III, Esq   ➕follow (1)   💰tip   ignore  

I knew this day would come eventually.

Two things happened this weekend that I did not expect:

1) I met an honest Realtor. A genuinely good person. Recommended we LOWER our offer.

2) Found a home priced 45% off peak with everything we want for a fair price. Needs minor fixing up (less than a grand of work).

We should find out this week if the offer is accepted (short sale, bank is finally unloading, bank won't lose money on our offer, offer within bank appraisal range). No other offers.

If the bank does not accept our offer or plays hardball, our Realtor advised we wait for several more houses coming on the market in the coming days. Four foreclosures in the pipeline in the same neighborhood.

I will let everyone know. If/when we close, I'll ask Patrick if I can change my screen name to SoCal Owner.

#housing

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30   Huntington Moneyworth III, Esq   2009 Aug 26, 4:11am  

Misstrial - I'll never look down on my Patrick.net-ers. The community here saved me hundreds of thousands of dollars. Who knows what my path might have looked like if I had not found Patrick in 2006. I'll stick around; I enjoy like minded people and I still will never trust a real estate agent.

permanent-marker and others - Posting the zipcode or city helps you do what? Steal my identity? Steal my sale? You don't have to believe me if you don't want to. I don't care.

I've been interested in buying a house for four years now. I've made offers at various times over the past few years as many longtime readers will remember. My gut told me to refuse counter-offers. My gut was right. We made an offer on a house a year ago that was rejected. It finally sold last month for over $50k less than our offer.

The problem with the market has never been a lack of buyers. It has been a lack of reasonable sellers. Flippy McFlipperton chose to go bankrupt rather than take a loss. Now we have a flood of inventory hitting the market because of the sheeple mentallity. It is finally becoming conventional wisdom that house prices will continue to fall. This may mean it is time to buy.

31   pkowen   2009 Aug 26, 4:40am  

Tomrisk says

Misstrial says


Hi Tomrisk:
A short summary - zillow.com to enter address you are interested in to Zestimate & Charts - take a look at the Zestimate Information and Value Range field. Anything more than a $20k Value Range difference means that the home price is up-to-question as in this example of where I used to live:
http://www.zillow.com/homedetails/charts/51503112_zpid,5years_chartDuration
Knowing that the price or value range has a wide variation leave things open to interpretation and thus giving you some negotiation room.
hth
~Misstrial

I c wat u saying.
But one good thing is they really cheer me up. At least, my newly purchased property on early this year, I already made $100k on Zillow dollars, that’s what they show on their zestimate.

Whoo-hoo! $100k in Zillow dollars?! Better run to the bank and get a HELOC.

32   Tomrisk   2009 Aug 26, 4:48am  

HELOC is much much harder to get this day..

33   permanent_marker   2009 Aug 26, 4:59am  

@Socal REnter

"permanent-marker and others - Posting the zipcode or city helps you do what? Steal my identity? Steal my sale? You don’t have to believe me if you don’t want to. I don’t care"

Dude, you got it wrong. I am just curious to know which cities have come down to some-basics that Patrick.netters are buying. that is all.
If you are skittish about letting out too many details before the sale closes, I understand. Please let us know afterwards.

34   Huntington Moneyworth III, Esq   2009 Aug 26, 8:03am  

Permanent-marker and Bap33 - No offense taken and none intended. After the sale closes I will give you folks the details.

35   Tomrisk   2009 Aug 27, 12:50pm  

Don't believe your eyes?

36   Austinhousingbubble   2009 Aug 27, 1:13pm  

Zestimates are horseshit.

The only thing to go by on that website is the ten year sales history chart.

37   ch_tah2   2009 Aug 27, 1:16pm  

Tom, what does that information prove?
1) People could have gotten good deals, well below the Zestimate. Conclusion: Zestimates are worthless.
2) If you are claiming that this data shows increases in the area, well, those increases are around 15% for the middle 3 listings. Are you honestly claiming that prices have risen 15% in that area over the past year? This also proves Zestimates are worthless as they do not reflect reality.
Your data merely proves that Zestimates and Zillow dollars are worth less than a roll of toilet paper.

38   Tomrisk   2009 Aug 27, 1:38pm  

Peace.

39   WillyWanker   2009 Aug 27, 1:50pm  

drfelle says

Congratulations! (gritting my teeth in jealousy.)
I can’t seem to get in at or below what I pay in rent. (and I’m living right on the beach in SOCAL!)

San Clemente?

40   Tomrisk   2009 Aug 27, 1:55pm  

How about this: High Crime Area in East Bay

Feel better!

42   elliemae   2009 Aug 28, 12:10am  

drfelle says

WillyWanker says


San Clemente?

Ha! Close enough…. I.B. It’s very underrated which keeps rent very low.

Well, I think you ought to tell us your address so we can stop by & have a drink hanging out on the ocean... I'll post my address, and allow ya'll to hang out on my porch and stare at the dirt...

43   pkowen   2009 Aug 28, 3:01am  

Tomrisk says

HELOC is much much harder to get this day..

Well, duh!

44   Huntington Moneyworth III, Esq   2009 Sep 22, 12:57am  

Well, as promised, here is the update on my "home purchase".

Despite everything being good to go and the bank accepting our offer, the home fell into foreclosure. It seems the bank failed to extend the "sale date" for us to close on the house. Unbeknownest to all the house is now going to auction and the homeowner has the right to squat in the house for 90 days rent free!

Yes, very strange and bizarre. The Seller is completely screwed, we are out of a good deal on a house, and the bank is losing a crap load of money. Lawyers are involved, etc. You would think someone at the bank would lose their job over this but the only excuse I've heard is that "the bank is just too overwhelmed by the number of foreclosures that they can't process anything fast enough".

So there you have it! Our wonderful banking system that was too big to fail is now too big to get anything fucking done!

45   permanent_marker   2009 Sep 22, 3:59am  

awwww SOCAL, too bad buddy.
So are you still pursuing the 'same home' or you have moved on?

46   chrisborden   2009 Sep 22, 4:07am  

SoCal renter, I wouldn't shed any crocodile tears for the seller if I were you. He could have found a way to make it work had he wanted to. Sounds like greed is involved on some level (but not yours, definitely). Sorry it didn't work out, but as you said, win, win. Maybe it just wasn't meant to be.

47   stocksjustgoup   2009 Sep 22, 5:43am  

Buy it at auction for $100,000 less.

48   Huntington Moneyworth III, Esq   2009 Sep 22, 5:47am  

I'm reaching out to reporters to see if I can get any local papers to pick up our story. The latest - the banking person needed to finalize was (and still is) on vacation... so nothing was done. Times up! Thanks for playing.

Now I have to decide if I want to find someone to front me the cash to buy this house on the courthouse steps in three months, buy something else, or wait longer. Too bad Uncle Sugar's $8k is setting to time out December 1st.

SoCal RENTER lives on!

49   nosf41   2009 Sep 22, 6:56am  

SoCal Renter says

I’m reaching out to reporters to see if I can get any local papers to pick up our story. The latest - the banking person needed to finalize was (and still is) on vacation… so nothing was done. Times up! Thanks for playing.
Now I have to decide if I want to find someone to front me the cash to buy this house on the courthouse steps in three months, buy something else, or wait longer. Too bad Uncle Sugar’s $8k is setting to time out December 1st.
SoCal RENTER lives on!

If you counted on $8k tax break - don't worry. NAR will be lobbying hard to extend and likely increase the tax credit amount. The unsuccessful attempt to buy the house could work out in your favor.

50   Bap33   2009 Sep 22, 7:21am  

@SoCal,
I too have had the same short-sale run-around game played on me and would be happy to foreward to you my 6 months of emails between me and the REbadperson so you could see just how similar our experiences are. Even the vacationing assett manager. I feel the whole thing was done by the REbadperson to gain the non-buyer the ability to squat a few more rent-free months. I say this because the listing went out right before the first NOD went out in Feb .. and no activity again until the next series of NOD's went out in June. That tells me that the REbadperson was just using me to stall the forclosure process. Atleast, that was/is how it felt.

RE: vacationing assett manager: I was told last week by an honest-er REgoodperson that there is no assett manager for any home before it is REO. My REgoodperson said that before a home is foreclosed and REO you will just get a bank worker in a particular loan department with each call into the bank, and it is rare that you will ever get the same person to answer twice. Any loan/bank/REpro people out there in Pat-land that can clarify?

51   Huntington Moneyworth III, Esq   2009 Sep 22, 10:09am  

@Bap33 - My realtor has been frustrated because the bank has a specific negotiator to work out short sales. That was (supposedly) the one difference with this Short Sale and this bank.

We have tried one last ditch effort with the lawyers so fingers crossed ...

In any event, I've gotten responses from local reporters regarding our story. Tomorrow I'm going to be calling my Congressman all day. The bank has not heard the last of me!

52   elliemae   2009 Sep 22, 12:32pm  

SoCal:
If not this house, the next one will be just as right. I have some new neighbors who offered and lost the bid. Then the bank contacted them, asked to resubmit; they lowered the bid. Bank refused... and so on. They were pissy (the bank), so the buyers actually told them that they'd be dropping the price $1,000 per day of any further delay.

They got the house for $10k less than their original lowest offer.

53   investor90   2009 Sep 22, 1:38pm  

Good luck!

54   Brazos   2009 Sep 22, 4:49pm  

Which bank was it?

55   Huntington Moneyworth III, Esq   2009 Sep 23, 3:51am  

Lawyers to the rescue?

The deal is BACK ON! More updates as this wild ride continues...

56   Huntington Moneyworth III, Esq   2009 Nov 12, 3:50am  

Blast from the past: We thought this was dead a month ago.

Bank finally sent us a written offer. Someone at the bank finally cruched the numbers and figured out that the loss sellling to us was less than the loss fighting a bankrupt man in court.

We will take a look at it again. What to do, what to do? The Realtor is concerned it will no longer make appraisal since prices in the area have fallen so much since our original offer.

57   CrazyMan   2009 Nov 12, 3:59am  

Offer 100K less and tell them to take it or leave it

58   Done!   2009 Nov 12, 4:04am  

Yup time to lowball.
If now was a good time to buy, then you would have a)bought the house, b)they would have sold it.

I'm waiting until a deal is a phucking deal again.

I have no patients for Ida the Indian giver, and Rene the reneger.
Those two seem to be the only ones left employed at the bank and the RE office.

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