All Forum Posts by: Tracy Harmon

I do BPOs, and from what I've seen, the market is going to continue to drop for another 18-24 months. The demand for housing was and still is being artificially inflated because lenders were loaning money to people who had no business getting those loans. There are still some good deals out there, check REOs, some of the lenders are getting pretty desperate. In general though, I personally won't be putting a penny into real estate for a while until the market settles a bit.

A lot of realtors are still in denial about plummeting home values. Doing BPOs I see some interesting things. One house I looked at recently while doing comps had been sold by a lender to another lender in Sept for $639k and is currently on the market for $439k. I'd feel free to offer just about any offer, the worst thing they can say is no.

Here in CA, a mobile home can be either personal property or real estate, depending on the type of foundation it's on. If it is attached to a permanent foundation, then it becomes real estate. If it is not attached to a permanent foundation, then it's still personal property.