Right in the Thick of It
This blog posts from Brevard County, Florida, where we are in the thick of the price gains over the last year.
Should I be ready to pounce or should have I pounced (as a buyer) last year when my eyes were bulging out at the then current prices?
posted by Sunny @ 8:12 AM
19 comments
19 Comments:
Buying last year or earlier might have been a good idea, but I think the price increases have run their course, even in Brevard. The 2nd quarter figures do not reflect the current increase in time-on-market numbers. I think you're better off staying on the sidelines, at this point. Even if prices didn't drop, I think future increases will be much, much smaller percentages than in the past. If you're into foreclosures or pre-foreclosure sale prices, they should be increaseing over the next two years, for a variety of reasons.
How exactly does this preforeclosure stuff work?
back in 2001 I was interested in a house in foreclosure,found and contacted the out of state bank holding the mortgage and was told I had to wait for the listing.
Well needless to say , it was sold to an insider as soon as the sign went up.
Any indeas on how I can be an "insider" this time?
Insiders are just people who know people. If you are good at politics, start back slapping and hand shaking all the brokers and bankers in your area. They almost always want a piece of the action too, so show your appreciation.
Or hit the street and talk directly to the owners of pre-foreclosed homes. If you can get them to trust you as opposed to the dozen of slimeballs that have already talked to them, you may have a chance.
Sorry for the edge, its just my opinion.
10:01 -- makes sense.
10:37 -- there is another way you might look at this. If the price bust turns out to be as bad as some people predict, then buying preforeclosures or foreclosures this year or next may not be a great move, even though the prices seem, relatively, to be good. It's the "relatively" part that can bite you.
I was all set to start looking and realized that rent costs are so low, there is no point. At least, not any time soon.
thanks Sunny,
and no need to apologize for the edge, I think most folks that are even slightly paying attention these days has that egde too.
As far as the politics go, well, I am rather involved in our local politics -trying to stop the decimation of our SoFla area wetlands by developers,so am probably not well regarded by the local sleazeball bankers!
I am not really clear on what a "preforeclosure " is though.
Is that documented procedure? and therefore trackable somehow?
Chip, I also agree with you.I have been renting and will continue to do so until I find something that I can afford with a conventional mtg and 20% down. as a single income person that may well be a long way out...
The timeline of a foreclosure:
1. Borrower misses his payments.
2. Lender files a "Lis Pendens" on the public records notifying the world of a foreclosure proceeding on the property.
3. Borrower continues not to pay mortgage payments, extra interest, late fees and penalties.
4. Lender receives a "default judgment" because borrower fails to answer the foreclosure suit because his only defense is "payment" which he has not done and is not able to do. This the actual "foreclosure".
5. Upon motion of Lender, foreclosure sale is scheduled with a court order and a "Notice of Sale" is published to the world in a newspaper.
6. Sale occurs at scheduled time where the public may bid on the property.
"Pre-foreclosure" is a property that is in steps 1 and 2 above.
"Foreclosure" is a property that is sold at step #6.
"REO" properties are properties that have gone through 1 to 6 AND now the bank owns them and they are selling through their buddy broker.
Foreclosures are cooked and done, and as Chip says, will not be a good deal for quite some time.
wow.
thanks for the great tutorial Sarah!
Now I know that I was trying to buy a REO property.
Back on the sidelines for me!
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Hello Sunny,
Just wanted to say I enjoyed the information you have on your blog Right in the Thick of It . It was not quite exactly what I was looking for which was foreclosure sales but your stuff was very useful. Thanks again for the helpful read
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