[007 license to sell]

Actually this is a schizophrenic market, I have seen REO's take a lessor offer if it's a cash deal over a higher bidder than a buyer with a pre-approved loan. I have seen as many as 40 offers on a property and my client won the bid and it was only $5,000.00 over she was a cash buyer.

I have personally have had a REO sale take 6 months to close due to the preferred lender of the REO turndown the loan because of the property not because of the buyer, so we had to go back to my clients bank and get the loan approved, and by the way the REO bank was my clients bank.

It is a different realestate world right now there is lots of inventory, and prices are at all time low.

You have to pack your patience, buying a home is different regarding loans, the types of sellers meaning banks and title companies that are overwhelmed. You have to educate yourself daily as the market changes almost daily so you can know as much or more than your realtor so you can make an informed decision when you purchase. Analysts say don't look at a home as a piggy bank any more or that your going to flip it in a couple of years. Look at is as place you want to live or vacation in and enjoy it for many years.

There will be more inventory dump on the market, according to today's paper there is a estimated 700 homes going into foreclosure daily in the Vegas area so if you do the math it's not over.

[gtbguy]

Originally Posted by 007 license to sell

Actually this is a schizophrenic market, I have seen REO's take a lessor offer if it's a cash deal over a higher bidder than a buyer with a pre-approved loan. I have seen as many as 40 offers on a property and my client won the bid and it was only $5,000.00 over she was a cash buyer.

I have personally have had a REO sale take 6 months to close due to the preferred lender of the REO turndown the loan because of the property not because of the buyer, so we had to go back to my clients bank and get the loan approved, and by the way the REO bank was my clients bank.

It is a different realestate world right now there is lots of inventory, and prices are at all time low.

You have to pack your patience, buying a home is different regarding loans, the types of sellers meaning banks and title companies that are overwhelmed. You have to educate yourself daily as the market changes almost daily so you can know as much or more than your realtor so you can make an informed decision when you purchase. Analysts say don't look at a home as a piggy bank any more or that your going to flip it in a couple of years. Look at is as place you want to live or vacation in and enjoy it for many years.

There will be more inventory dump on the market, according to today's paper there is a estimated 700 homes going into foreclosure daily in the Vegas area so if you do the math it's not over.

I'm having a helluva time buying something below list being a cash buyer. I am making offers on properties in the $150K-200K and offering 10% - 15% off list. I won't give up but the hunt is always fun.

[olecapt]

Originally Posted by gtbguy

I'm having a helluva time buying something below list being a cash buyer. I am making offers on properties in the $150K-200K and offering 10% - 15% off list. I won't give up but the hunt is always fun.

That market is dominated by FHA/VA and conventional loans offering list and over. I don't think there is much action except on distressed properties below list. This of course is the REO segment. If you get off into the non-distressed you may well be able to do things at 10% off. Than again that price line is 20% or so higher than the REOs.

[RCCCB]

Originally Posted by gtbguy

I'm having a helluva time buying something below list being a cash buyer. I am making offers on properties in the $150K-200K and offering 10% - 15% off list. I won't give up but the hunt is always fun.

And in addition there is this as well.

Worse than subprime? Other mortgages imploding slowly - Politics AP - MiamiHerald.com (http://www.miamiherald.com/news/politics/AP/story/1103684.html - broken link)

[Daddys///M3]

Originally Posted by RCCCB

And in addition there is this as well.

Worse than subprime? Other mortgages imploding slowly - Politics AP - MiamiHerald.com (http://www.miamiherald.com/news/politics/AP/story/1103684.html - broken link)

I've addressed this in two different threads. As a matter of fact in post #110 of this thread I posted a link to the NY Fed website. Click on the Alt-A excel spreadsheet icon. It breaks down the Alt-A numbers by state. There is also this post, about 7 down from yours in the same thread that actually breaks down the numbers for you so you don't have to even go to the NY Fed site. 6947 Option ARMS in the state of Nevada. Real Estate is local and you simply cannot look at national numbers as a barometer on something as specific as default numbers due to a certain type of mortgage product.

[olecapt]

Hey Daddy did you actually find option arm numbers somewhere?

I have the spread sheets buty they seem to deal only with ARMs.

[Daddys///M3]

Originally Posted by olecapt

Hey Daddy did you actually find option arm numbers somewhere?

I have the spread sheets buty they seem to deal only with ARMs.

Look under negative amortization on the NY Fed spreadsheet. Currently under 7000 Option ARMs in the entire state of NV. Maybe about 70% of those were originated in SoNV, but that is a guess.

[gtbguy]

Originally Posted by RCCCB

And in addition there is this as well.

Worse than subprime? Other mortgages imploding slowly - Politics AP - MiamiHerald.com (http://www.miamiherald.com/news/politics/AP/story/1103684.html - broken link)

Like I said I will report my findings here. We'll see if the banks start to realize all these reports and look closely at cash deals. While I am waiting for a deal in Vegas, I'm in Maui now and will make low ball offers on some ocean front condos. Gotta love the hunt!

[olecapt]

Originally Posted by Daddys///M3

Look under negative amortization on the NY Fed spreadsheet. Currently under 7000 Option ARMs in the entire state of NV. Maybe about 70% of those were originated in SoNV, but that is a guess.

Well at least all the bad option ARMs.

Thanks.

[ocean2026]

Gtbguy- instead of bragging about Maui and all you're going to buy, maybe you should actually read the posts and try and understand them. Olecapt-- 0007-- daddys and I may all not agree with each other 100% but each of us have contributed facts and info. Buying at 15% below listing is foolish if you don't understand the market and if LV shows another 25% decline this year, you will be just another of the 62% of the buyers in the past 5 years who are below water.

New figures released today show personal income in Nevada dropped substantially in the first quarter of 2009- although Nevada was not among the 5 worst states. There is a map of this in the Detroit News business today.

You might also find that some of us who don't brag have signicantly more resources than you.