All Forum Posts by: Sorin T

Ben,
West side is somewhat better. East Cleveland is what rivals Detroit. As far as A ranked homes... careful what you wish for, everyone knows they don't cash flow :).
Best of luck!

Careful what you purchase there, make sure you see it first. I used to work in that area and I wouldn't touch some of those houses for free, or even if I get payed for it. Much like Detroit's warzones. And I don't see those bouncing back soon either. Just my $0.02

Interesting article on the US market, bubble prices and the reason, further adjustments, etc. Scary part is, according to the article, we're still in for a 20-23% correction. How would the current frail market tolerate that?

http://seekingalpha.com/article/245203-the-truth-about-the-u-s-housing-market

For some, it's simply a way to reconfirm their manhood, when NASCAR is off season.

And before anyone gets riled up about this, of course there are exceptions to this rule... (see Cheney).

Cheerful holidays, everyone!

Jimmy,
A high bid isn't necessarily a winning bid until the bank approves it, but I'm sure you already know that. However, I've seen some bids approved thru WX2 that I could not believe it. For example, assessor value 700K sold for 383K, and 290K sold for 154K. And the properties needed some updating (first) or a good cleaning (second) but weren't trashed by any means, in very good condition. So I'd consider those good deals. I also saw a 59K bid fail on a 200K property but I expected that. And the market here isn't nearly as bad as some NV, AZ, FL or similar markets that have been severely beaten.
In the end, it's all up to the bank, it depends for how long they had the property on the market before the auction, what the market is like, etc. Still I've seen better (lower) prices and more success with these guys than any of the other ones. I'd bid with them with no hesitation, as opposed to REDC where they're not even worth my time.
To note, I've been going to/watching their auctions for about 4 yrs now. For what it's worth.

Hi Jimmy,
I purchased 2 properties from WilliamsX2. They've been very decent to deal with, not at all a sham. Prices (bids accepted) are mostly better than you'd get it anywhere else. But maybe that's just in my area.

REDC, I have a very poor opinion of them. Never bought anything from them but attended several auctions. Prices are inflated (I suspect thru shill bidding) and most properties return to the market afterwards.

Last, Hudson and Marshall, I consider them to be somewhere in between. Haven't heard that many people complaining about them either.

But still in my book, WX2 is tops. As I'm currently looking for a residence for myself, I wish they'd have something in my area that meets my needs because I know I'll get a good price. Just my $.02

Greed is GOOD! - Gordon Gekko.

Or, was it Ayn Rand?

OK folks, I need some creative suggestions here.
Scenario: I found this house I want to purchase as O/O. House is REO in need of repairs: needs carpet, appliances, some plumbing and electrical work, some exterior touch ups. Conservative estimates 50K repairs, ARV 600K, house is listed for 400K.

Now, I have the finances available to put 20% down for a conventional loan and to complete the repairs, and I am well qualified for a conventional loan. Yet the listing agent insists that property is not suitable for ANY kind of financing (conventional or 203K) because of its condition and they would strongly advise the seller to reject any offer other than cash. However, I am confident I can make this deal work with conventional financing and the reserves I have to fix the place, in order to move into it but how can I convince the seller, or more important, how can I overcome the seller agent's resistance to accept my offer? My agent believes they're trying to delay any other offers in order to try to push through offers coming from their own agents, but nowadays people able to come up with 400K cash offers are few and far between. So, what can I do on my end to push this through? Any other suggestions? Thanks for reading

So we agreed, "mice with fully functioning human brains" is the stroke of a genius. Since we got that out of the way, I can understand MSM's envy towards her...

Now, if we could only get her to acquire a degree, hold a job, pay taxes and a mortgage, then she'd be just like YOU (meaning, NOT a witch).

"mice with fully functioning human brains" sounds more like Frankenstein to me rather than genetic manipulation.

But, no doubt, she IS smart...