you got it guys.
It's a weird market all right. I had great showings on my house for six months, very positive showings, but people just didn't make offers, all were waiting. I got tired of my house not being my own and took it off.
People have been making land offers OTOH, for 2/3 of asking. I guess they find people who are desperate. We weren't interested. It is still possible to insult a seller with a lowball offer. I know some people who are seriously looking, but all at foreclosed properties. That seems to be the problem. People want deals, not nicely kept properties. I guess some foreclosed properties were just walked away from, but I would never buy a property that was taken from people who cared for it. Don't people worry about what a person can do to wreck a house before they leave it when they have a real good reason to hope the bank loses its ass on the property? I would, but maybe I just have an evil imagination.
Anyway, I am sad for people who can't sell a house that ought to be salable so that they can make life changes. I wanted to move closer to my disabled grandson, but it just didn't happen. I definitely feel for you guys. I agree, one day is too soon.
I have canceled escrows before, but only after inspecting and finding stuff that killed the deal.
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It is the buyer's loss -- great house (I mean REALLY great) and seller's that are really willing to work with them. If you know anyone that wants a fantastic 2/1 in Leilani for under 150K, please tell them about it.
John Dirgo, R, BIC, EcoBroker, ABR, e-PRO
Aloha Coast Realty, LLC
808-987-9243 cell
http://www.alohacoastrealty.com
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"... People have been making land offers OTOH, for 2/3 of asking. ..."
I thought that was pretty much standard for land......
Puna: Our roosters crow first
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Kathy - I think you are correct. Buyers at the moment want deals, not nicely kept properties.
We were joking last week saying that maybe if we ran a bulldozer through the yard a couple of times, punched some holes in the walls,and trashed the place it would sell. Strange.
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i was wondering what OTOH stood for?
is this the house #223468?
peace
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quote:
Originally posted by Genxor
We were joking last week saying that maybe if we ran a bulldozer through the yard a couple of times, punched some holes in the walls,and trashed the place it would sell. Strange.
Let's call it a "vulture's market".
Rusty, I believe OTOH is shorthand for "On the other hand"
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Tim
A superior man is modest in his speech, but exceeds in his actions--Confucius
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In defense of buyers, I think people are looking for good deals for three main reasons: because the prices are continuing to fall and no one knows where the bottom is, because people are not feeling secure about their incomes right now, and because many first time buyers are looking for places where they can get some "sweat equity". When even people with "secure" jobs like teachers are losing income due to furloughs it is hard to commit to a big mortgage. The market is different now, it is unreasonable to expect people to pay the higher prices of a few years ago when prices were inflated.
I know it is a hard place to be when you are trying to sell in this market, but calling people vultures is a little harsh. The real vultures were the banks, appraisers, and loan brokers who inflated prices in Puna to unrealistic levels for properties that are downhill from an active volcano, in a community with no economic base to provide jobs.
Carol
Carol
Every time you feel yourself getting pulled into other people's nonsense, repeat these words: Not my circus, not my monkeys.
Polish Proverb
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Didn't expect such a heavy response. The implication is that I painted every potential buyer with the same brush. Not so. Just pointing out that "vultures" will benefit greatly in this market. (So will other non-vulture buyers who have cash and/or a steady income.)
Carol, I agree with your points (except the implication about me painting all buyers with a single vulture brush), and share your criticism of the banks, appraisers and loan brokers. But I don't think anyone can deny that there ARE vultures out, and that they are benefiting from the loss and pain of others. But I'm not here to ruffle feathers, so I humbly retract my "vulture market" comment.
Can we lighten up now?
Tim
A superior man is modest in his speech, but exceeds in his actions--Confucius
yep, Rusty that's right.
EightFingers, I don't know of any 2/3 rule for vacant land. We priced our lot competitively with the comps. CURRENT market. Before making a super lowball offer, determine whether the asking price is good or inflated. If it's well priced, then a lowball offer may not even generate a counter.
There were a few people we just told to come back if they ever got serious. But the truth is that once someone made such a bad offer they were on our list as someone with whom we don't want to be in a transaction.
Even in this market it's possible to insult the seller, so don't do it if you want that particular piece of land. If you want any piece of land that you can get a deal on, then go around and fish until you get a bite.
Caveat - our land is in Hilo. If special rules of marketing apply to Puna, I don't know.
As for buying foreclosed properties, well, you have no recourse when things go bad down the line, so better hope it's a real good deal. My advice is find out whether the owner who lost his/her home has any significant Scorpio influence in the natal chart. If so, keep on walking ... [  ]
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