Why will no one sell me a home?

[quakerboy]

We have looked at dozens, possibly hundreds. We have put in offers. We have aggressively pursued 3. One we know we were the highest offer. Another we made it clear that we would top the other offers.

Nada. The last one told us 2 weeks ago that the bank had changed loan officers, and the new officer would not be dealing with the property for 30-60 days. The house just went up as pending. Turns out they were lying out their teeth.

What the hell. And how, if foreclosures are skyrocketing, we are #2 in unemployment, and the economy sucks, are all the properties so expensive and still selling? Some before we can even go out to look at them, no less.

I'm starting to think that its not meant to be.

[ohheckyeah]

1. Are they all foreclosures or short sales?

I've heard that banks are really hard to deal with.

It sounds like there might be a lot of speculators in your area.

[quakerboy]

2. Apparently

2 of the 3 were short sales.

Its been odd learning about how the banks handle these things. They are scamming big time. They sell a few, and hold the rest. They lose money in fact, but it allows them to hold things at the higher price on the books until the next quarter.

[LeftyMom]

3. That's what's happening with my Dad. Here a lot of people are buying cheap properties for rentals.

To be fair, so is he. If he plays his cards right a fairly small investment should provide him with a reasonable amount of monthly income for when he retires, and he'll be able to leave both of his kids a house rather than us having to sell/split proceeds/fight over $.

I keep telling him you only have to win one. Though I'm beginning to think he may need a more aggressive agent.

[lib2DaBone]

28. I had rental property.... I'd rather cut my wrists than do it again...

[LeftyMom]

30. He's going to delegate it all to me, I'm sure.

I used to manage rental property professionally. :scared:

Just one SFH should be no big deal, considering how many I've done before. I can do all the forms in my sleep, I'm on a first name with all the local evictions people, etc.

[flvegan]

4. Lenders taking title via foreclosure are the stupidest sellers on the (REO) market.

If they knew shit about retaining value and cash flow, they'd not foreclose in at least 60% of cases.

You're dealing with morons, sorry to say.

[quakerboy]

6. I havnt worked with any foreclosures

I'm just saying... You would think that since Foreclosures are reportedly so frikin high, houses would be reaching something like affordable, and would be somewhat available.

[flvegan]

8. Short sales are what you might call "foreclosure light"

They're pending foreclosures that lenders are trying to cut losses on. Same market, same stupid lenders.

[quakerboy]

12. true enough

I know with the short sales we are playing a different game, but it still bites when they seem to do things as stupidly as possible.

The first one we offered on sucked. We put in a lowish offer to get on the table, and were ready to go higher with some negotiation. Not a short sale, some foundation selling off a property. Our realtor forgot to tell us they had other offers in the same day, and had announced they would be taking the highest offer delivered that day.

[flvegan]

16. I hate to say it, but get used to it.

Lenders haven't a clue as to the real estate market. Every tidbit of information they get, all the feedback, all the advice is third party. Most of it is worthless.

I wish you luck. There are deals to be had, and for those with cash there's money to be made, but the lenders are all just straight up inept, and everything is a fight.

[quakerboy]

22. Bah.

humbug. Thanks for the pep talk. Heh.

I'm starting to think maybe it would be worth trying a few cash offers. I don't have much, so they would be pretty low, possibly ridiculously low, but offering my preapprovals are getting me nowhere.

[ohheckyeah]

5. Are you only interested in the foreclosures?

How about a For Sale by Owner? Maybe someone who is in a bind will give you a good deal.

We bought our house at the end of the feeding frenzy going on about 5 years ago. We looked at probably 100 houses and bid on two before this one. The guy we bought this one from was in jail and we got it for $7,000 less than it appraised for.

[quakerboy]

9. Im interested in anything

that can meet some basic criteria, eg price, parking, space, etc. I only mention foreclosures because I would have thought they would push the prices down. I havnt actually looked at any foreclosures yet, so far as I am aware.

How do I find FSBO stuff? CL has failed to bring me anything useful. The FSBO website has 0 listings for my area.

[ohheckyeah]

24. There are a number of FSBO sites.

Also there might be a section in your newspaper for FSBO sales.

Good luck! I know how discouraging a house search can be. When we reached the year mark I didn't think it was going to happen for us and then there it was....the exact thing we were looking for. It had everything on my list and it was a good price. Hang in and I believe you will find what you want and need when the time is right.

Also, make a list of what you want in a house. WRITE IT DOWN and keep the list. I was amazed when I looked back at mine that this house exceeded my expectations.

[mnhtnbb]

26. To find FSBO's, drive the streets and neighborhoods that are of interest to you.

Look on Craigslist.

[handmade34]

7. too bad you're not in Vermont or Michigan

I would love to sell a house... it pretty bad out there, sorry you are having a tough time...

[quakerboy]

10. Seriously

I keep seeing postings around the country for houses nicer than what I am looking at for 1/4 to 1/2 the price. I'm in Oregon. How do we end up with higher prices than some places in California?

[handmade34]

17. my job takes me all over the U.S.

...I am in Los Angeles right now, was in Portland Oregon a couple of months ago, will be in South Dakota later this summer... I have been in every state the past few years. I map for Gov't studies and I go into neighborhoods and see it all! The market is nuts!!! I have a small pre-fab and 4 acres in Vermont and an old farmhouse and 5 acres in Michigan. Can't live in either one of them... because of my job. They are let out to people in need of housing and hopefully someday the market will be stablized enough so they can be sold... Good Luck to you...

[krispos42]

29. Californians looking to flee California?

Or perhaps you're in an "elite" suburb? Your target town may be desirable even with the market down.



Check the local paper for foreclosures, perhaps. The local rag here is about 18 pages... and in last week's edition 11 of those pages were public foreclosure notices.



Perhaps the county shefiff/tax assessor has auctions on foreclosed properties? You might be able to bid on something nice.

Hope this helps.

[Broken_Hero]

11. I got one to sell you

are you interested in living in Stilwill, Oklahoma?....three bedroom house, acre and a half, your own creek/deep hole....


Been trying to sell it for a year and a half...

[quakerboy]

14. Unfortunantly my jobs are here

And they are both stable and worthwhile. Either of which I would be hard pressed to give up with this economy.

That and my rent here is pretty cheap, with a good landlord. Thats the redeeming quality of not finding a place. We are saving money like crazy right now. I am giving stronger and stronger consideration to saving a few more years, and paying off student loans, instead of buying. But that 8k tax refund was pretty tempting, especially if we could get a place with a payment anything close to our current rent.

[Broken_Hero]

18. I'm willing to sell for 50k

:D

I know what you mean though, my wife and I could move from here(SW Missouri) if we wanted to, but the horror show which is real estate/home selling scares me(meaning trying to sell the home we are in for at least what we owe).

The house in Stilwell, we have dumped 20k into fixing it, and here we sit...18months after its been ready, and no buyers, nothing...nada zilch...We got it marked for 60k, but hell, I'm willing to go to 50k just to pay off debt we incurred on the thing.

Good luck in finding a home, besides Oregon is a very beautiful place(I wouldn't leave if I didn't have too!), I'm a misplaced Alaska stuck in the Midwest, I miss the PacNW greatly. )

[quakerboy]

21. Son of a

Thats like my dream price. If you can uproot that sucker and drop it somewhere I can reasonably commute to work from, you have a deal.

I dunno. If I had land, I would not sell it right now if I had any other option.

[Broken_Hero]

23. I wish I could uproot it for you,

:D

The house in stilwell isn't ours, my wife and I were helping one of her relatives out financially, and she decided to sell the house, and we put a lot of money into it, hoping to sell it off within 8 months or so, get our $ back, and have enough for her to be financially stable...but it hasn't happened yet.

[datasuspect]

13. hit the county auction

get them cheaper.

[quakerboy]

15. Cash

I have some, but I doubt enough to just straight up buy a house. And I have been warned that the auction homes can come with certain debts attached.

[datasuspect]

19. other liens?

probably in some cases, plus you have to buy them as-is.

[quakerboy]

20. Yup. thats all a bit scary

that plus the cash thing make me less than motivated to persue that avenue. I probably should research it more, but doing a web search on foreclosure or auctions gets you a billion sites that want to sell you a membership. Not my cup of tea. I wish things were just a bit more straightforward.

[mnhtnbb]

25. You might want to change realtors. Ask around. Find out who

has the best track record of putting clients into homes.

[quakerboy]

32. we started with the "good realitor"

The one with the great record, numbers, etc. She screwed us on a home we wanted, and at our price range it was clear we did not fall within the top 95% of her priorities.

Now we are with a friend who does realty part time. He is responsive and I can trust what he says, which is a nice change.

[Moondog]

27. Try to find an estate sale.

None of the silliness of trying to deal with a short sale, or lender in possession foreclosure.

If an estate is selling it, this usually means the heirs want money, not the property, and the seller is motivated. Given current conditions, you can probably get a decent place at a decent price.

[ohheckyeah]

31. I found my house

with Realtor.com. I had a real estate agent but I just happened to check realtor.com on a snowy winter day and even though there was no photo yet I clicked on the link to the property we now own. We had gotten lost in this area once before so I recognized the street and my husband drove out to see what it was. As it happened it was a house we had seen when we got lost and thought it was really cute but it wasn't for sale. He called me and told me to get out there with the realtor and we put in an offer that afternoon and it was accepted that night. It was a good price and we had been burned before trying to lowball so we offered full price and asked them to pay closing. It was quick and easy.

[stewartcolbert08]

33. I will sell you mine right now!!!!!!!!!!!!!!!!

It has a new roof and everything!! :hi: