i keep looking at houses in different parts of the country mainly southern Utah and New Mexico, and i see GREAT DEALS..... when compared to Vancouver!!! but nothing is being given away like you keep hearing about.
but take StGeorge Utah, i could buy a lot for say 80K where here the same lot ( that includes a ton more RAIN at no charge) would be 300-400k obviously location makes a HUGE differance.
a 450-500 k finished house in St George is the same as a 1 - 1.2 million house here so to me its a DEAL!!
i often wonder what the 50k forclosure house is like and what is the neighbour "HOOD" like??

Better yet, where did you get 70MM?????? :_paranoid

That's not true, I've sold a butt load of REO's over the past 5 years. You can even buy at the auctions with financing now. CASH is always king. BUT, the net to the bank in a short sale/reo is normally their primary concern. As long as the property is financable. Short sales are strickly a net game. They could care less if it's cash or financed. It's a debt negotiation and it's all about the bottom line to the lien holder's.

The deals almost always go cash and the lower end market can be investor heavy. I agree with that.

Here in the Bay Area every single REO I have seen has said "Cash offers only" on the MLS listing

It must be a very good market. One other variable is financing older property. Financing has become very difficult to obtain on properties with dificiencies. The oldest house I've sold this year was built in 1978 and they wouldn't finance it with 20% down unless it had a hot water heater. I always say, it went from a pinkie swear to a pain in the ass!

Well -- er um.......


Long story - and wasn't trying to brag or spill in this thread... but "investing" is what I do... I'm retired - but I still have to invest.

So the company we just sold to EMC.... just leased two floors in this building for 10 years -- and then they (Starbucks) put it up for sale... so three of us are planning a run to buy it. This just came on the market like last week... so now I'm scrambling trying to put together the due diligence etc and I've been "appointed" (by the other two) to be the "lead" (in other words - do all the work) on this deal. We'll see -- we'll want to steal it to make it all work to our advantage but we think it would be a good buy - long term. Its brand spanking new - was mostly vacant until this lease deal - and will be a nice waterfront view building when they tear down the viaduct.

Thread jack over -- returning to the OP..... I was just trying to say that regardless of what you're trying to buy - large or small - you've got to have all your ducks in a row... it's ALL about the quality of the buyer now which is 180* from what it was (which got us in this mess).

well if having their ducks in a row was a competition?? ( and lets be honest, it is ) you my friend would probably be in the lead at this point.
:thumbsup:

I went through a similar deal, the bank countered back for 30k over asking. But what my agent told me is we should have agreed to there price because they will only be able to sell it for what it appraisal is. Nothing more.

There is nothing short about a short sale they take forever. Finally after 4 month of waiting the said house in now in escrow.

We're hoping (there's that word again) that the bank won't be so bold as to try that. In this case, there's a solid, recent comp that they are aware of (they used it to set their listing price), so they should know roughly where the BPO will come in. But there I go again, assuming that people think and act rationally.

Your agent is probably right though, in that situation I guess we would just accept and then let the appraisal set them straight on their counter offer.

good info here

http://www.marketwatch.com/story/hou...9?pagenumber=2