Short Sales

[debk]

Hmmm...I like the 1st idea 

What do people do on vacation?  Drink.   I'm not sure where you'd open it because you'd have to make sure there is a lot of tourist foot traffic at the location.

  So do M and my son. M doesn't drink at all and hasn't for over 4 yrs, but has plenty of experience of sitting in "fun-type" tiki bars in Florida. Son's done bartending since he got out of the Navy, and prior to the Navy and 5 yrs in the Navy...he has  experience too.

I don't know how long it's been since you've been there....but we found some fun "hole in the wall" bars along the coast. Old houses that had been converted in to ultra simple food, and lots of alcohol restaurant/bars. More outdoor seating than interior. They were more fun than the "Boardwalk" places, just cause they were locals, or people who were doing rentals, rather than "tourists".

We rented a condo, and the condo complex had a bar/outdoor restaurant next to the pool and the ocean. This couple rented the space from the condo HOA and they were kickin' ass on making money. They had real simple food, easy grill food like hot dogs, hamburgers, grilled cheese, a couple of sandwiches, snickysnack stuff and drinks. Just a little tiki walk-up bar with about 10 barstools,  next to the pool. No bathroom to maintain, that was in the clubhouse on the other side. This is the week we were there, so it was off season. But the lady that ran it, said she has to hire help during the season. Off season, she was only there from like 10-4.

I like the provisioning idea for me. RB likes the pool idea. I'm not sure how many people would hire "two old broads" to do their pool maintenance. 

[Hawkgirl]

Pool Maintenance is the least desirable from the choices you listed.  What if someone drops a turd in the pool??  Carrying chemicals is probably not easy...

Customer service is probably already your forte' so I like any of your ideas...

[debk]

Pool Maintenance is the least desirable from the choices you listed.  What if someone drops a turd in the pool??  Carrying chemicals is probably not easy...

Customer service is probably already your forte' so I like any of your ideas...

She wants to do something outside.

On the other hand, I remember how much we used to pay a pool company to just open and close ours until we started doing it ourselves. We've been doing it ourselves for several years, ever since we paid to pool company to come open it end of May only to have to empty the whole thing a month later, because of an algae growth they couldn't get rid of, and they acid washed it, and we refilled it. They treated it and it came back. Cost a flipping fortune!! Since we've been doing it ourselves....knock on wood....we haven't had a problem.

[Randy]

I have a Brother playing the waiting game on a short sale. He was hoping to get it done before the end of this month to qualify for the tax credit. They failed that deadline. Now he's been told that there's been an extension till September to get a closing done to qualify. He's at the point he doesn't care one way or the other if he gets it or not. He told me the other day if he doesn't he'll just sit tight until the ending of the shuttle program retanks the housing market here next year.

[debk]

I have a Brother playing the waiting game on a short sale. He was hoping to get it done before the end of this month to qualify for the tax credit. They failed that deadline. Now he's been told that there's been an extension till September to get a closing done to qualify. He's at the point he doesn't care one way or the other if he gets it or not. He told me the other day if he doesn't he'll just sit tight until the ending of the shuttle program retanks the housing market here next year.

Unless he's military....he had to be under contract by April 30. The extension is only for closing a contract signed prior to April 30.

I'm really surprised, Congress didn't extend the housing stimulus program. Most houses that were closing were getting the stimulus. Be interesting to see what the market does, without the credit.

[BEG]

I have a Brother playing the waiting game on a short sale. He was hoping to get it done before the end of this month to qualify for the tax credit. They failed that deadline. Now he's been told that there's been an extension till September to get a closing done to qualify. He's at the point he doesn't care one way or the other if he gets it or not. He told me the other day if he doesn't he'll just sit tight until the ending of the shuttle program retanks the housing market here next year.

Our new neighbors bid on the house next door sight unseen.  They had tried to get several other houses through short sales and each one fell through.  The previous owners left several months before these new neighbors moved in (they moved in over memorial day weekend).  I don't know how long they were in the process of losing the house but I heard through the grapevine that they were having trouble paying their mortgage several months before they moved out.  How long does the process normally take from when you stop paying your mortgage to when the bank will usually accept a short sale?  My brother's widow didn't pay her mortgage for well over a year before the bank foreclosed.  Why did it take so long?  She was in the house for about 18 months after he died and didn't make one single payment.

One thing that bothers the hell out of me is that soon after we moved in the previous owner bought a brand new BMW (he also had someone come to his house once a week to wash his car).  He obviously was shaky financially when he bought it and then only a few months later lost his house.  Why do people think they can spend $50k or more on a car when they can't make their house payment?  I know his mother (she has her daughters kids because she isn't able to take care of them) through my youngest daughters school and she told me that she co-signed for the house when he bought it.  So not only did this guy screw his credit, he screwed his Mom's too.  

[Randy]

Unless he's military....he had to be under contract by April 30. The extension is only for closing a contract signed prior to April 30.

I'm really surprised, Congress didn't extend the housing stimulus program. Most houses that were closing were getting the stimulus. Be interesting to see what the market does, without the credit.

He's been under contract since the middle of March so he qualifies. It's a really nice house and he's offered the full asking price on it. It had been reduced 5K into his price range a day or so before he jumped on it which is why his agent showed it to him. They have it listed as under contract on the MLS and have quit showing it pending his offer working it's way through the bank. His is the first and only offer that was made so it's not a bank approved price but both agents think he's got a good shot at it.

BEG I've heard rumors of 6-12 missed payments before they'll consider a Short Sale and 2+ years before a foreclosure here. Even when they are REO not all are hitting the market. There are quite a few houses with the little orange inspection stickers in the front window with absolutely no activity on the market. I've been watching the under 125K real estate market here pretty closely the last 30 months or so and get surprised all the time by that sticker.

[debk]

He's been under contract since the middle of March so he qualifies. It's a really nice house and he's offered the full asking price on it. It had been reduced 5K into his price range a day or so before he jumped on it which is why his agent showed it to him. They have it listed as under contract on the MLS and have quit showing it pending his offer working it's way through the bank. His is the first and only offer that was made so it's not a bank approved price but both agents think he's got a good shot at it.

BEG I've heard rumors of 6-12 missed payments before they'll consider a Short Sale and 2+ years before a foreclosure here. Even when they are REO not all are hitting the market. There are quite a few houses with the little orange inspection stickers in the front window with absolutely no activity on the market. I've been watching the under 125K real estate market here pretty closely the last 30 months or so and get surprised all the time by that sticker.

The little orange stickers(here) are usually from a company called Safeguard....which is a national company.

They are a property management company for vacant foreclosed properties. It is possible for both a real estate agent and Safeguard to monitor the same property. The agent will be handling the listing and maintaining the property and Safeguard will randomly monitor it to make sure the agent is doing their job. Safeguard also does trashout's/lawn care on properties, but are directly hired by the lender, not the agent. When we are assigned a property that hasn't been trashed out, it's our responsiblity to get it done and also to have the yard maintained.

Theoretically, a foreclosed property is not to be placed on the market until the seller(lender) can provide a "clear title" to the property. This can sometimes take forever( 6 mos or more). [I have "babysat" one property for 2 years, and won't do it anymore. It's not worth it financially to me.] It can sometimes be a mess to clear the title, particularly if there are liens/judgements on the property, and it is up to the lender to get it cleared. Occasionally, they will hit the market, get under contract, and then can't be closed until the title gets cleared. That makes buyers and the agents reaallllly mad!

Bankruptcy can also delay the property going on the market. The bankruptcy rules are quite varied from state to state and different lenders treat them differently. If the property has been vacated, the lender has to maintain the property or risk losing it to the city/county. 

[Hawkgirl]

I'm getting cold feet.  I always do this.  I look at my house and think why should I leave this.  I custom painted the entire house...it was just re-built (from the chinese drywall fiasco).  New appliances, new lighting fixtures and ceiling fans...I custom ordered all new window treatments.

But it's a two story (which I hate), it's a townhouse and not a single family house.  I have to do a pro and con list.  I hate the idea of moving...but with this market, it would be a sin to not buy right now...it would offset some of the loss of this current house which I bought at the height of the market.  Then I'd have to rent it and hope to get good tenants.

If the bank comes back with a ridiculous offer, I won't go through with it.  If the bank accepts my offer...then I'll have to decide whether I really want to move...or lose my earnest money.


Sighhhhh

[Lacarnut]

Hopin' for you!!!!

We went down there 2 years ago with Runnin' Buddy and her husband. Loved it. They are pretty sure that they will go there. He's already semi-retired, and she can't retire for a couple more years. Neither one of us can go anywhere until the value goes back up on our houses here, which we hope will be sometime in 3-5 years. Which will time out about right. We HOPE!

We always thought we would retire in Key West, until we sold the condo down there. It has become out-of-sight expensive, and for a variety of reasons.....we've pretty much decided against it.

St Croix is not as popular as St Thomas, nor as easy to get to, and stuff is still affordable there....affordable being a relative term. We'd still work there...and are contemplating what our choices are. We all have the type of personalities that we would go crazy in a relatively short amount of time, sitting around all day. We'd be into the "sauce" by noon, if we did!

I am considering buying a winter vacation place. Was thinking about Belize but St Croix sounds better without all the visa and drivers lic. change hassles.

Do you have any real estate connections there. I am looking for a small condo or apartment on or close to the beach for around $100k. Any help would be appreciated.

Thanks 

[debk]

I am considering buying a winter vacation place. Was thinking about Belize but St Croix sounds better without all the visa and drivers lic. change hassles.

Do you have any real estate connections there. I am looking for a small condo or apartment on or close to the beach for around $100k. Any help would be appreciated.

Thanks 

Sent you a pm...

[RobJohnson]

The listing agent said he only submits one offer at a time.  Also I am putting down 25% and I have a pre-approval.  Also, my bank is the same bank that has their mortgage.  I hope that works in my favor.

Here are some photos

Nice house. I love the front yard and the view from the back, here in Nevada we don't see much grass but we do have palms.

Great thread.

I have been putting in offers on homes during the past month. I've stayed away from short sales and my offers have been on bank owned properties. I have a pending counter offer in on a 25 year old 2300 square foot home with a very private back yard. It's close to the high school and across the street is a championship golf course. I have two others I will make offers on if I don't get this house. The advantage of this large house is that I could move my mother in with me. She is 69 and the health issues come more often. The house is big enough we would never see each other!

 I've had a friend buy a small house on a 1 acre corner lot for an amount so low he put it on a credit card while he waits for a house in another state to sell....800 square foot for 20k...the bank started out at 50...in 2004 it sold for 80...