Once assigned an REO from B of A/Countrywide, the first task is to determine occupancy. Let's go by for a preliminary look of 1070 Buena Vista in downtown Carlsbad, about 100 yards west of the I-5 freeway:
Selling the BV REO 1
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Year: 2009
CRE Trouble
hat tip to BB for sending along this article, from the FT: http://www.ft.com/cms/s/0/4040006c-a2f9-11de-ba74-00144feabdc0.html?nclick_check=1 The Federal Reserve is reviewing banks’ exposure to commercial real estate, the troubled sector whose slide poses a risk to...
Home Maintenance Costs
A decent bit of advice for homebuyers in this N.Y. Times article, 7 tips for first-timers: http://www.nytimes.com/2009/09/12/your-money/mortgages/12money.html "Mr. Stearns estimates that owners of a newer home that do some work for themselves but contract major work...
Here Come The Gargoyles
Susie asked about the $8,000 tax credit, and CR was ablaze with 300+ comments yesterday after this article appeared in the N. Y. Times: http://www.nytimes.com/2009/09/16/business/16home.html?_r=1 Joseph and Chassity Myers are among the two million buyers eligible for...
More Stupid Stuff Video
More from the cutting room floor - where it probably should have stayed. The beginning shot is of a brand new house in Vista that has sat vacant all year, looking for $3,700/month. You can bet its owner thinks the economy is really bad!
Intense Competition
In yesterday's video you heard about the agent who said he had written 70 offers on behalf of a well-qualified buyer, many at $10,000 to $50,000 above list price, and he still hadn't sold her a house. To see how frustrated I should be, I checked my Y-T-D stats: 131...
Tsunami Off To Slow Start
All that matters to most buyers is the flow of new REO listings - has the flood started? San Diego County, Attached and Detached REOs: Week Of # REO New Listings # REOs Marked PEND # REOs Closed Closed $/sf 6/29-7/4 206 189 224 $161/sf 7/5-11 229 236 230 $166/sf...
Investor Blues
1,400sf of heaven, built in 1960 and last sold in October 2005 for $430,000, and yes of course financed 100%, plus a cash-out refinance in 2006, resulting in negative skin in game. Sold for $148,000 in 11/99: The market can't be any hotter than it is right now, can...
Doublebubbleinfo
Hat tip to Rick for sending this along, from Yahoo Finance: http://finance.yahoo.com/news/Risktaking-is-back-for-banks-apf-3400806176.html?x=0&.v=1 NEW YORK (AP) -- A year after the financial system nearly collapsed, the nation's biggest banks are bigger and...
Impact of Housing Crash
While this article highlights individual stories of how some people are dealing with the downturn, the quotes in this excerpt below were most interesting - from latimes.com: http://www.latimes.com/business/la-fi-cover13-2009sep13,0,7125080,full.story Not everyone is...
