This is dull

There are still 25 minutes to go before today’s broker open house list is final but so far, it looks like the fall season has ended. Just eleven listings, which include several rentals, a pile of retreads and one short sale in an undesirable (to me) area of town. Those owners are way underwater, there’s a $900,000 gap between what they’re asking and what they owe the bank (about a 35% difference) and short sales are so tenuous, time consuming and so likely to fail that, for this location, I’m not interested in even driving there to view it, let alone try to sell it.

If a client does express interest, I’ll advise them to  wait for its title to pass to the bank via foreclosure and we can deal with a different, easier-to-get-along-with department. The employees handling short sales are a pretty incompetent bunch.

4 Comments

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4 responses to “This is dull

  1. Cos Cobber

    This is totally anecdotal and lacking statistical evidence, but I was just browsing some of my dream second home markets here in the northeast and I am finding a serious price reductions. Capitulation is setting in. Housing is moving closer to reflect what the local economy can support based on decent local incomes rather than lofty city incomes. The early baby boomers with two and three homes are starting to shed with x,y and millennials not ready to make the same over investment. Looking longer down the road, as America grows more ethnically diverse, I wonder how that will play out for some of the more ‘white’ second home markets like northern New England 20 years from now.

  2. Chief Scrotum

    Cos-I think you’re seeing the realization that the hoped for buyers just disappeared with UBS/RBS etc folding. And that the newly unemployed banksters cant afford $25Gs taxes/year without a mid 6 figure income. Actually, my guess is that the banksters are all about to become “motivated” sellers and are about to find out what a bidless market looks and feels like.

    Greenwich may not feel it 100%, but the Ridgefields of the world will.

  3. Cos Cobber

    Chief, not that I disagree with you, but my comments about the second home market were really directed at the Hudson Valley and ski towns in northern new england.

  4. Why?

    Why do you think it is better for the property to pass title back to bank? What is the best way to contact the bank after an owner walks out on a house they can not afford? A neighbor could not pay 6 mo of mortgage and is leaving. Where do you come up with a price once you pass on the short sale idea? Can a bank be insulted with a very low price? How muh time is there to negociate after a person walks away from the house they can not afford?