Comments on: California Bank Repos Sell Like Hot Cakes http://www.allrepo.com/blog/repo-homes/california-bank-repos-sell-like-cakes Information about Repos. Fri, 27 Nov 2009 19:53:38 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: River County CA repo homes at affordable rates | All Repo http://www.allrepo.com/blog/repo-homes/california-bank-repos-sell-like-cakes/comment-page-1#comment-203 River County CA repo homes at affordable rates | All Repo Fri, 11 Sep 2009 19:29:10 +0000 http://www.allrepo.com/blog/?p=39#comment-203 [...] as the River County CA repo homes are vend off at mere fraction then that of the traditional real estate market [...] [...] as the River County CA repo homes are vend off at mere fraction then that of the traditional real estate market [...]

]]> By: No reason to rush into a home http://www.allrepo.com/blog/repo-homes/california-bank-repos-sell-like-cakes/comment-page-1#comment-201 No reason to rush into a home Sat, 08 Aug 2009 17:08:37 +0000 http://www.allrepo.com/blog/?p=39#comment-201 My listings on low end Bank owned homes in LA are selling quick, but before we get too giddy lets look at the facts. First of all we have that $8,000 credit that is expected to expire in late November that has created a sense of urgency for first time buyer (actually a first time buyer is anybody who hasn't owned a home as their principle residence for 3 years..so that widens the buyer pool. Secondly, markets always have increased activity in spring and summer. Thirdly, Most of the sales are to 1st time buyers and investors who pay cash and 25-50 cents on the dollar from highs. I would be more optimistic but I know I will be selling foreclosures for these banks 3 years and possibly 5 to 6 years from now if 1991 is any indication. I remember buying a condo for $70k in West LA in 1996 and selling it in 2007 for $300,000. The point is there were still foreclosures in 1996/1997. So with foreclosures still rising and my belief the govt will extend this 8K credit for at least another year and possibly raise it to 10k as they see the crisis worsening, not getting better ( a TON of inventory coming up) I think you don't have to rush into anything and in fact you will get a better buy if you wait. Think about this. If you Pay $200,000 for a foreclosure that looks great now because it last sold for $390,000 and you get the 8k credit ....your into it for $192,000... great huh? But even if the Govt does not extend the program I think that same can be bought for $180,000 in a year or so... and if the givernmet extends the program and raises it to $10K credit?...well you do the math..........either way I think your better off waiting...this doesn't help my business I know but it won't hurt it either as there will always be buyers at the right price..which seems to be stable now but will fall further imho... Good luck My listings on low end Bank owned homes in LA are selling quick, but before we get too giddy lets look at the facts. First of all we have that $8,000 credit that is expected to expire in late November that has created a sense of urgency for first time buyer (actually a first time buyer is anybody who hasn’t owned a home as their principle residence for 3 years..so that widens the buyer pool. Secondly, markets always have increased activity in spring and summer. Thirdly, Most of the sales are to 1st time buyers and investors who pay cash and 25-50 cents on the dollar from highs.

I would be more optimistic but I know I will be selling foreclosures for these banks 3 years and possibly 5 to 6 years from now if 1991 is any indication. I remember buying a condo for $70k in West LA in 1996 and selling it in 2007 for $300,000. The point is there were still foreclosures in 1996/1997. So with foreclosures still rising and my belief the govt will extend this 8K credit for at least another year and possibly raise it to 10k as they see the crisis worsening, not getting better ( a TON of inventory coming up) I think you don’t have to rush into anything and in fact you will get a better buy if you wait. Think about this. If you Pay $200,000 for a foreclosure that looks great now because it last sold for $390,000 and you get the 8k credit ….your into it for $192,000… great huh? But even if the Govt does not extend the program I think that same can be bought for $180,000 in a year or so… and if the givernmet extends the program and raises it to $10K credit?…well you do the math……….either way I think your better off waiting…this doesn’t help my business I know but it won’t hurt it either as there will always be buyers at the right price..which seems to be stable now but will fall further imho… Good luck

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