All Forum Posts by: Jim Stevenson

wheatie, that sucks!

like i said, i'm new.

i've never done a ss. how much is it going to cost me to buy from the bank? nobody involved but me and the homeowner.

i don't understand it either. i think i misread your post.

you made an offer of x and they said we need y. the figure you needed was z, which is the net amount to the bank plus transaction costs.

bank's transaction cost plus their net amout is what they're telling you to offer to do the deal.

i'm new at the ss process, but it seems to me that if you've gotten the bank to go so far as to show you theirs, i don't think it would be too much more to ask what their transaction costs on this would be?

in everyone i've talked to and in everything i've read, which isn't too terribly much, i've yet to hear of a bank beginning the offer process.

i say potential because i've only got the homeowner's on board so far.

first of all, i'm in memphis, tn. market here is a little beaten up but not too bad in this price range.

house today priced to sell in 90 days or less is going to be in the 360-370k range, approx 10% less than what they paid for it. loan balance is 364k. arm reset in october '07 and there is also a health hardship involved. have no idea about rehab costs yet but the house is only 8 or 9 yrs old so prolly not too extensive.

i need to put together a packet for a local mortgage company and am curious to know what sort of offer to put in on the house assuming 10k of rehab costs and a conservative fmv of 360k after 10k of rehab.

using 70% tells me that my target price should be 252k. if i were to offer, the bank were to accept, i put 10k into it, and am able to sell it at 360k, i'd make about 80k after closing. can this be right. will a bank actually accept this offer.

has anyone ever bucked the percentages and basically tried to save the bank there foreclosure and closing costs? that's prolly about 70k. basically, what i'm saying is that right now it makes sense to me to buy houses like this for less profit than 80k. i'd be more than happy w/ 40-50k.

i hate banks so i'd love to gouge them as much as possible but i don't hate them enough to keep me from only making 40k. have i lost my mind or am i missing something?

maybe she has more than $300k. paying 1158/month for an asset that in 5-7 yrs is likely going to be worth 450k + doesn't sound like such a bad deal to me. if she could find 50 of these deals, really quickly off the top of my head, that's paying less than 4mm for something worth 20mm in 5 yrs. so if she has mm's in the bank and doesn't mind taking some risk...prolly still not the best deal she can find. sorry lisa. this deal's better than the stock market but not the best you can do in RE.

i care. how am i or others supposed to read your posts?

if i ask you how the recession is affecting the slaughter in the housing market, i really have no idea what i'm asking because i don't know what a recession means to you. also, have you redefined the word slaughter? does that word have a special meaning to you as well? if you are going to redefine key words in your posts could you please use your definitions in place of the words?

2001 recession? based on what? you've made that up. please just make up a word for the state or condition of the economy for the past 7 yrs. recession has already been defined.

do you sit in on the fed meetings?

since '03, the market has experienced a negative recession.

what inflation? other than the historically low inflation, i'm not sure which inflation you're referring to.

what do real wages have to do w/ market growth?

how does stability of the market have anything to do w/ its growth, negative or otherwise?

please give me an example of how consumption vs. production decreased relative market levels.

this country's savings statistics have been, relative to other industrialized nations, abysmal at best since the 80's and probably before. that obviously triggered that nasty day in '87, but the market corrected that prob so it no longer exists.

how many many mfg jobs were lost in the 3 years before that. 7 yrs?

the solution to this problem is very simple and specific: we need 8 million people willing to work for a $1 a day in unimaginably bad conditions w/ no benefits and absolutely no rights and no birth control so they can breed more workers in just 5 years and 9 months.

i think we could end the mfg job arguement altogether and send them all to other countries. we just won't make anything in this country anymore. just think, if we're not making anything it would be a no brainer to adopt kee-YO-toe and we could once again be a beacon of light to the rest of the world as the greenest country evah.

unless you've got some revised gdp #'s for 3rd and 4th qtr '07 that nobody else has, we're not at zero growth, much less negative growth. growth has slowed does not equal a recession. a recession is a decline in GDP for two or more consecutive quarters.

words mean things. it's why we use them. it's how we communicate. "who case" is the sort of argument that people use who cannot argue for their ideas or opinions effectively. kinda like the libs who do nothing but chant "i hate bush" but offer nothing in the way of ideas to improve this country's lot.

but you gotta love all the folks out there that will watch the news and buy into the hype. recession, recession, recession...ad nauseum. or, we're gonna lose, we're gonna lose...i guess we just lost and it's all over cause it's definitely out of the news cycle now.

Hello everyone, my name is Jim Stevenson. Not only a newbie to this site, but REI as well. I've bought a couple of fixer uppers to flip, got one done successfully and the other I am renting, unfortunately. I own some recreational hunting land and recently got out of a condo purchase agreement in Colorado. I've read a bunch here already, a lot of it made sense, some did not. Hopefully I'll catch on pretty quick. Look forward to reading more and probably asking quite a few questions. BTW, I do know how to use the search function so I'll try and research before pulling the trigger.[/img]