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Monday, October 18, 2010
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25 comments:
Washington Examiner: Foreclosure crackdown may prompt short sales:
Real estate agents expect more lenders to sell homes in Maryland at a loss instead of foreclosing if the state's Court of Appeals approves a new rule giving courts more power in the foreclosure process.
With the potential crackdown on foreclosures -- a response to a national investigation into unfair foreclosure practices that includes hundreds of falsified documents in Maryland -- banks may be more amenable to "short sales" to avoid a drawn-out foreclosure proceeding.
NoVa's not a judicial state, but wonder if this could soften up short sales here as well?
newbie-
My guess is yes. The banks also have a lot of people that are usually working on processing foreclosures, these people may also have time to work on short sales while the foreclosure process is being looked at.
Wall Street analysts generally are taking a similar view, saying the halts in foreclosure sales are likely to cause little financial impact on banks in the long run. "Sorry, no free houses," wrote Glenn Schorr, an analyst with Nomura Securities International, in a research report to clients Friday.
Now if that ain't a perfect example of "Whistling past the graveyard" I don't know what is...
Homeowners in Limbo - WSJ
Interesting development...
C
i don't close follow outer Alexandria but every now and then i run a scan down that way.
my interest is DC and arlington, but
with the foreclosure moratorium a truckload of inventory has been pulled off the shelf.
So i was bored.
And I enjoy posting these because
some people get all angry that the market hasn't collapsed.
i like the huntington area but my domestic companion doesn't. she won't even look at them.Pity there is good value down there.
I agree, "No Free Houses".
However that said, banks that have busted chain of title are in a tough spot.
The solution to me is Take all the non-performing notes, roll them over to a federal entity, and re register them there, and let the entity pay the banks 70% of face.
the feds can waive alot of property rules using sovereign immunity and get these performing again and fix the titles.
the banks will have to take their losses.
pat-
I agree I don't know exactly how everything will work out, but people will not get free houses and banks/ mbs holders will take loses based on the loans where documents are missing.
http://franklymls.com/DC7411981
appraised at 435K,
sitts at 385K, massive cut
to $225K sparks bidding war and sells
at 291K.
about 35% off appraised taxes.
pat,
I am normally opposed in principle to the govt getting their hands in private affairs, I think your proposal would be the only quick and fair fix to the whole thing.
We got a call from our agent today and they have accepted the terms of our offer if we will move the settlement date to the end of November which is fine with us. I should have something to sign by the end of today. I guess now I need to ask for recommendations for a home inspector, pool inspector, etc if anyone has any. I know it has been asked before so I will try to search the blog via google once I get home.
Jeremy-
Congrats and good luck with the process.
Congratulations, Jeremy, and a shout out to Tabitha, who posted on the other thread. Hope all is well!
Congrats Jeremy! I'm sure your realtor can furnish multiple referrals on the inspections you need. Did you see the pool before it was closed for the season? The reason I ask is that opening and closing a pool could run around 2,000. They have to clean out the anit freeze before they can start up the pump and depending on how low they keep it over the winter add a lot of water. What I'm getting at is this, it might be cheaper just to take a chance on having to replace the pump! If you saw it and their isn't any damage to the walls or floor..you are fine.
Arkey,
No, it was covered the whole time this home has been on the market. I talked with a realtor at another open house that lives in the neighborhood - and she tells me that the owner told her they bought a beach house and haven't used their pool in 3 years. However, the pump/filter seemed like it was running when we were there, so maybe it hadn't been winterized yet? I don't know anything about pools. I just assumed whoever we hire to inspect it would take the cover off and be able to tell us how long the surfaces have left and approximate replacement costs (kind of like a roof). Supposedly the pool pump is one of the items that has been replaced "since 2005", but I don't know how long they last or anything. So much research to do...
Jeremy, three years is a long time to be left untreated. I wish I was there so I could look at it for you. Definitely take the cover off but its going to be so dirty that I doubt you'll be able to determine much. Ask the age of the pool and find out if its liner or gunite it makes difference. Algae will stain a liner and it will cost around 12,000 to replace a liner, a gunite/concrete can be drained and acid washed. If you have any questions, please feel free to ask, even we need our own thread and ask what winterization if they did it or not because you guys had a terrible winter and you might have broken water lines or busted tile.
Pat - If your better half won't consider Huntington, have you two taken a side trip into nearby Belle Haven? So charming and a really great small town feel but considerably out of my price range. If you are more downmarket like me walk around Bucknell Manor (just south) and the Belle View area on the Potomac just south of the Belle Country Club (but beware - this area is a flood zone). Classic Belle Haven is up a very steep hill just to the east of the Country Club. People I know who live in this area rave about it.
Congratulations Jeremy. I can personally recommend Fairfax Home Inspections. It's a family run business. They issue a very comprehensive report with photos. They aren't as slick as some but the inspectors I have used seem pretty pragmatic, down to earth and tolerant of a bunch of questions. They cover most of NoVA and price the inspections based on house size and list price.
http://www.fairfaxhomeinspectionsinc.com/
Errr...
Slight correction to my last post.
Belle Haven is west of the Country Club, Pat. Sorry. If you go east, you'll need scuba gear.
Jeremy,
I'm so happy to hear that everything is working out so far - I hope it continues to go well.
I have always been happy with the home inspectors recommended by my agent.
C thanks for the tip but she and I are both city folks, we like south arlington because we walk to the farmers market or the coffee shop or the groecery store (Whenver it is rebuilt), but, we aren't real happy with the burbs where we need to drive to things.
http://franklymls.com/AR7415787
taxed at 284K, didn't sell last year for 230K, sells this year for 300K
Thanks Arkey. I don't know that it was untreated for 3 years, just some second hand info that the owner "didn't use it" for 3 years. I asked our agent to see if she could get any info about the pool and its open/winterized status, etc from the listing agent. I'm also currently searching online to find a good company for pool inspections rather than going with a home inspector that happens to also inspect pools. We finally got the house we want at the price we want, so I'm really hoping this pool doesn't turn into a deal breaker.
c,
Thanks for the recommendation. I liked the sample report with pictures on your company's web site. I did find it funny that their FAQ page had the same word-for-word info as another company recommended to us by our realtor.
fairfax home inspections inc
vs.
Reliable Home Services Inc
I'm guessing whoever makes websites for these companies probably just steals content from other company's pages.
Jeremy, its probably fine. Not using and not treating are different things! I thought it had been covered for 3 years. If they had it winterized that should eliminate the most expensive repair..finding/fixing broken water lines..pumps are simple machines. I've never had one break where 10/15 bucks didn't fix it.,,presure caps and such. I've had DE and sand filters. A pool can be so green it looks like soup and clean up with treatment. I've never had to acid wash. Do buy a aqua box or similar type cleaning system. They are worth there weight in gold. I'm sure its gunite/concrete and they have a long shelve life just a heads up to keep the pool water level below the tile water line so water doesn't freese behind the tile and bust it lose. Buy a little sump pump and drain through the filter. Even if it wasn't treated for 3 years if the pool is sound, you aren't looking at a lot of money. the 12,000 is a worse case vinyl liner where the walls/floor were damaged, pipes, pump and replacement water. I used Mike to open/close and make minor repairs but he is in Fl. for the winter and doesn't take new customers. I do think you can buy pool insurance or have a rider on a home warrenty but I don't think they cover much for what they cost. A new pump and heater will cost less than what they want.
Jeremy
I'm guessing the website material and report generating software are provided by ASHI - American Society of Home Inspectors.
They have a website where you can search for an inspector but usually you will do best by word of mouth.
During the housing bubble frenzy consumers were warned against using home inspectors recommended by realtors but the worst abuses seem to have been cleared up. Do remember though that realtors prefer to steer buyers to inspectors who are less likely to be "deal killers." As a buyer, I like these guys, but they tend to be more expensive than their rivals and much more booked up. And no, I wouldn't put Fairfax Inspections in this category, though I did walk out on two houses after their reports.
inspect rec - John Vaughn he has saved us big bucks. We've used him about 3 times. He's the current VP of the Mid-Atlantic Chapter of the American Society of Home Inspectors so he knows his stuff!
http://www.athomeinspections.com/
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