For Those Of You In The Meltdown Areas
Alright, I live in an area (WI) where home prices never really went up the last 5 years. At least no more than normal. Now, I keep hearing about all these deals around the country, and its the same old same old here, with prices down a couple percent maybe.
For those of you in these crashing areas, are cheap properties just falling in your lap? Can you just go on the mls and find property after property that is 50% less than a year ago? I am just curious how easy it is to find deals for some of you.
check most real estate listings they are full of short sales the majority of homeowners are upside down on their mortgages.
It is so very incredibly easy!
Tell me what you are looking for so we can both make some money. What are you looking to do with the property? Is it going to be your residence, you plan to rent it out, or what.
Let me know and get back to me.
To answer billfaith without any late night noise... the answer is the properties are listed in MLS, in private ads (craigslist, etc.) and by word of mouth ("pocket listings" by investors, brokers, etc.)
Many of these "cheap" properties are only cheap relative to their hyper-inflated prices of 18-24 months ago. Most are not really a "deal" IMO....
In My beautiful area of the country (Las Vegas), we are at the epicenter of the "meltdown". yeah, sure, there are plenty of properties that are 50% lower than 2007 prices, however they are still overpriced for the market. The real deals are getting picked up for 30% of the loan balance. I think breakeven for builders out here is around $80-90/sf, you can pick up properties for all day long for $65-70/sf and can steal properties for $50/sf.
The agent that is assigned to this deal owns his own real estate agency. He is both the broker and the realtor for this deal. [ Edited by 3treats on Date 03/09/2009 ]
I’m with Smithj2
I do believe our state, MO, requires all offers be given to the seller within a reasonable time unless they have been given written instructions not to accept offers below a price. Can your friend not go to your local or state Realtor board and ask about this. Can your friend not go to another realtor and make their offer. Surely there is a way around. How many bad apples does it take to turn everyone against the others?
Will you post that number for Countrywide? Thanks!