I expect the occasional blizzard. Wildfires are a fact of life around here. There is the annual plague of locusts (Mormon crickets) in the North Valleys, and we even have out own earthquake cluster in Mogul. I deal with it all. But now typhoons, too? Iowa is looking better and better all the time.
The WSJ and Zillow are reporting that Foreclosures Grow in Housing Market’s Top Tiers. I have been expecting to see this in the Reno market, but honestly have not seen the price of foreclosed homes trending up yet. Roughly speaking, our tiers are below $150,000, $150-$300,000, and above $300,000.
First American CoreLogic has a new free service called ePropertyWatch. It will supposedly notify you if there is any change in the lien status of your home. It also sends you a monthly report of sales and foreclosure information around your home. Although you have to certify that you are the property owner, I would certainly consider stretching the truth a bit if you are renting a home and want to be kept informed. This service is actually set up as a marketing tool for Realtors, who can register their clients to receive the monthly reports including custom graphics and a headshot! Register your home first!
Sonic Real Estate has a new web site with some nifty search features – "Conditions of Sale", "Status", or my favorite, "Added". This lets you search for today’s new listings, 3 days, 1 week, etc. This comes in really handy on heavy listing days when Mitch Argon’s site only tracks latest 25 lowest price listings.
Time to tie down the patio furniture. Enjoy the show!
tired of waiting
After waiting for a VERY long time my wife and I are 1 week away from closing on our condo!
MLS# 80018346
please feel free to tear our purchase apart ! 🙂
tired of waiting
I won’t disclose what we paid, but I will say that we paid LESS than 140k
😉
skeptical
Tired,
Let’s just assume you paid $135k. We’ll also assume a good material condition. Listing shows over 1700 sqft. Take away the $8k govt giveaway and you paid ~$75/sq ft.
Not bad if you ask me. Also, your payment is probably less than what you’d pay to rent. Sounds like HOA includes all the amenities one would need. All good as long as HOA fees/taxes not too high.
So, not easy to “tear it apart.” Congrats.
popcorn
Hey Guy, any reason that the MLS search function on this site is so generic? Why aren’t you upgrading it to include functions the users think are important, like DOM and new listing searches? It’s sad to see the MLS search on the leading Reno real estate site becoming so third world.
CommercialLender
T.O.W.,
Congrats, I too ran the numbers and am envious of what looks like a good deal. Way, way below reproduction costs, on the surface it cash flows nicely, you are being paid for sound financial decisions of waiting, waiting, waiting along with being prudent, you get [presumably] a tax credit, et.al. Great job on an asset your wife and you clearly will enjoy.
However, may I encourage you to share more after the sale closes, please? May-haps we can learn from your buying process, due diligence, dealings with the bank, lender-credit hassles or lack thereof, decision matrix, and finally how exactly does one land a super deal from a bank in today’s crazy market. Pray tell. Was this a month’s-long agony process?
I assume 5.25% rate (conservative), 30 am, $135K with 20% down (though qualifies certainly for 97% HUD loan) equates to a pmt of P&I of $600/mo, add $175/mo tax/insur. OK, in my book that’s a hell of a lot lower than this unit would rent for….you made off well, depending on HOAs. Please share more for us to chew on.
****
Johnny / Derrick / whomever,
You also said you are buying this month. Your comments here to date on this blog have been insulting/informative/jibberish/laughable/thoughtful, depending on the day. Can you share anything we can glean any good info or data from?
skeptical
CL,
Agreed. I’m all for lurking on these pages, as I’ve learned a ton from doing so. Had a very experienced RE agent tell me a few weeks back that I was the most informed client she’s come across.
I told her it must be because I read the RRB.
So, pay the piper Derrick and Tired. Provide a little payback for the countless thousands you saved by reading this blog.
Give us the dirt.
tired of waiting
This blog has saved my wife and I THOUSANDS of dollars!
I’m sure that sounds like a bad commercial but its true. The wealth of information that I have learned from this blog has proved invaluable. I thank each and everyone that helps make this blog the valuable resource it is.
Thank You.
about the process:
The condo itself took 7 weeks just to get a response from the lender (BOFA). We made our offer a little under 140k, thinking we had nothing to lose.
The process that BOFA used was interesting, They basically do it in a 3 step phase.
1. We were assigned to a first phase negotiator who orders the appraisal and reviews the documents, He/she do not communicate with the buyers other than to let us know any additional documents they require.
2. Once the review is complete, we were assigned to a second phase negotiator. This negotiator communicated directly with us. His job was to review the offer, the HUD, and the appraisal to see if it lands within the investors parameters. Our appraisal came in at 35k more than our offer. The bank had been burned by 2 previous buyers walking away after waiting for quite some time. Usually if the appraisal comes in much higher than the offer the negotiator will come back with a counter offer.
The fact that the property had already fallen through twice before I think somehow improved our chances, even though the appraisal came in much higher.
Anyways, Once an acceptable agreement is made, it is submitted to the investors for approval. Once approved it was turned to a third phase, or closing, negotiator.
We received the approval letter and moved on like a normal sale!
In the end the entire process will have taken us close to 3 months. I’m not sure how other banks go about short sales, but that is how BOFA does.
I hope this information helps. If there is anything else I can answer please feel free to ask.
🙂
tired of waiting
commercial Lender-
We have been saving up to buy our own place for quite some time, so we made an all cash offer. Wether or not that had any bearing on the bank replying to our offer on the last day of the contract?
I have no idea?
🙂
tired of waiting
This is condo is the same floor plan as ours, and just went into contract for 175 according to my realtor.
MLS# 90011559
On a side note. If there is anyone out there looking for a house/condo but feel short sales are a headache or waste of time, I seriously suggest you reconsider.
often the wait can be well worth it.
Doug B. Cooper
T.O.W,
What are the HOA fees on the condo you purchased?
tired of waiting
HOA fee’s are $160/month.
believe it or not they were $180/month and DECLINED to $160/month.
billddrummer
Great job, Waiting!
Congratulations, and thanks for sharing your experience.
Perhaps I’ll be able to join the ranks of owners someday.
For now, I will rent.
southworth
Tired,
Congrats on your new condo, and I admire your persevering. Three months sounds good to us. We submitted a short sale offer on August 8, BOFA involved, and we have yet to hear anything going on 10 weeks. We’ve found another property (non-distressed), and we’re about to walk on the short sale property, although we like it better than the newly-found one.
RRB Fan
Congratulations to ToW … its sounds like you have a super deal! And the place looks very, very nice.
I’m in process on a short sale myself where the previous deal feel through. I put in an offer that was a little less than 20% off the listing price. After the bank (Wells Fargo) got their broker’s opinion of value (I don’t think they did a full appraisal) they came back and for almost 20% more than the property was listed for. This would make their price the most expensive of anything sold in the neighborhood — truly amazing! I though the bank must have been in drugs. Anyway, my agent submitted a counter at about 10% less than the listing price and dispute the banks statement that their price was firm, it looks like they will take my offer to the investors. Who know what will emerge from the black hole!
RMarks
ToW – how long was it between the time the first negotiator was assigned and the 2nd? I have a short sale pending with BoA and the phase 1 negotiator was assigned on Sept. 24.
I’m curious to know how quickly the process will go now that the first negotiator was assigned.
And congrats on your purchase!
tired of waiting
Rmarks
It all depends I think. The fact my short sale had 2 previous buyers that walked at higher price, I think helped move my offer along a little faster.
It took 3+ weeks between the time the first negotiator and 2nd. From what I gather this is the longest part of the entire process, since the 1st phase negotiator has a stack of offers a mile high.
be prepared to wait at least 1 month.
best of luck to you.. let me know how it goes?!
Laurie
All i have to say is i hope the short sale process goes better for others.Here in las vegas we started in June and thought how lucky no other bidders it was set for auction well all most 6months later we are now at The phase 3 closing negotiator .It took the lenders 4 months to take our offer then we had to have another appraisal because of the time that past then it came in 5000 less so back to the lenders to ok that price and as of today phase 3 i only hope that is good .So much luck to others with the short sale process
skeptical
Laurie,
Thank you for sharing regarding your LV short sale. Please do follow up and let us know how it goes. Media making it seem like short sales are smoother, quicker, and much more common now than last year.
Perhaps not?
Laurie
Update on the las vegas short sale The bank did approve our final offer on Dec 18th they gave us till Dec 31st to close .After waiting 2 1/2 months for there answer they gave us a short time to close needless to say we was not sure with the holidays .We did it one day early thanks to the home loan officers and others that got it done .I have heard the same from the media how short sales are smoother .I think every one is different i honestly think there will not be one that is the same with all the changes I hope others do not have to play the waiting game as long as well did
skeptical
Tired of Waiting,
You received alot of laudatory comments and encouragement by a few folks (including myself) regarding your condo purchase from last Oct. Considering you paid “all cash” I guess you are not underwater.
That said, after the initial euphoria has worn off, how do you feel now about your purchase? Would you have been better off renting? Are comps around you holding up?
Just curious, if you care to comment…