I want to cut myself

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Stuff It_IHB

Stuff It_IHB

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I am considering catching a falling knife. I am not suicidal so I want the knife to be blunted. There is a property that has just become bank owned.



Is it worth contacting the bank and purchasing it directly from the bank before it goes on the market, is it even possible, and how do I achieve this?
 
[quote author="Stuff It" date=1226457920]I am considering catching a falling knife. I am not suicidal so I want the knife to be blunted. There is a property that has just become bank owned.



Is it worth contacting the bank and purchasing it directly from the bank before it goes on the market, is it even possible, and how do I achieve this?</blockquote>
DONT DO IT...WAIT!!!
 
Contact the bank. Find the person who has this property assigned to them in Special Assets Group or whatever they call that department these days.



Take that person to lunch. Often.



Ultimately, this is where the deals are going to be. Today, however, is not that day. The hangover from the Kool Aid party is just barely getting started.
 
Good luck .. banks don't seem to be very willing to deal right now. Every deal is just another confirmed loss .. and they're still in denial.
 
<blockquote>Today, however, is not that day. The hangover from the Kool Aid party is just barely getting started. </blockquote>


What he said...



[quote author="ogredave" date=1226463953]Good luck .. banks don't seem to be very willing to deal right now. Every deal is just another confirmed loss .. and they're still in denial.</blockquote>


and what he said...
 
[quote author="ogredave" date=1226463953]Every deal is just another confirmed loss .. and they're still in denial.</blockquote>


Well, it isn't like banks are normal businesses with investors, profits, etc - at this point, they're all effectively nationalized. So it isn't like the average banker has any more motive to clear the books than the average employee at the DMV.
 
Stuff It:



I am just curious what is it about this particular property that is drawing you to it. Is it the price? Some specifics inside the home? Or something else? Is it something that would be unlikely to come on the market again a year from now? Maybe more info would help. Now you've got me curious about this house.
 
[quote author="ogredave" date=1226463953]Good luck .. banks don't seem to be very willing to deal right now. Every deal is just another confirmed loss .. and they're still in denial.</blockquote>


I beg to differ on this one. It seems that certain banks are willing to deal. They especially seem to be the ones with fewer foreclosures. I can come up with multiple possible reasons:



1. They don't mind taking a modest hit to their books now, vs a larger one later. They are profitable companies who are not trying to hide things.

2. They have enough staff to handle the smaller volume of foreclosures. There isn't much of a backlog at these firms.

3. It is another reflection of good management.



In Calabasas and Malibu where I have been looking for a long time, the same two banks have at most two foreclosure listings at a time. And they get rid of them really fast. Reasonable prices.



Their competitors must absolutely hate them. They bring the comps down quickly. I don't mind their strategy. It appears to go something like this. Look at recent comps. Subtract 2% per month since the deal closed. Take another 20-25% off. Put it up for sale. Get multiple offers within a week. Take the highest, if that doesn't work, move to the next one in a few days.
 
[quote author="SoCal78" date=1226466100]Stuff It:



I am just curious what is it about this particular property that is drawing you to it. Is it the price? Some specifics inside the home? Or something else? Is it something that would be unlikely to come on the market again a year from now? Maybe more info would help. Now you've got me curious about this house.</blockquote>


I am very picky when it comes to the house. I don't care too much about the condition of the inside since this can be corrected assuming the price takes that into consideration. What I care about is the community, location and the architecture of the house.



When I lived in London I overlooked the river and the apartment had beautiful arched windows. I don't expect a view in Irvine but I would like something a bit more interesting than the normal box.



This house has the location and though the architecture isn't fantastic it is a bit better than the norm.



More than likely a similar house will come on the market next year though due to its area it is unlikely to be REO (but never say never). Family and school are the other reason to move into a house
 
While I agree in a sense w/Malibu, that's the exception, not the rule .. I've tried in Costa Mesa / Irvine. Total waste of time, very frustrating.
 
Ok, I don't get it. Even IR has said some properties are moving towards rental parity.



If he found a property thats close, why not go for it? I think some people would rather buy before the bottom and get their pick, opposed to waiting for the best deal even though it may not be what they want.
 
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