What struck me as odd at that auction was when it was clear that there were at least 2 or 3 interested parties for a property, that some would back down if they were outbid by $1000 or even $500. In some cases I could see where it would make sense if the margins were going to be slim anyway. But when the properties is listed at $224,900 and the high bid is at $170,000, is it really going to matter if you go up another $1,000 to get it? I guess everyone has their magic high bid that they are willing to put out there. Everyone has their limit in the end...
Search the Denver MLS directly for properties and homes at http://www.coloradodreamhomes.info/ and access a huge real estate resource at http://www.coloradodreamhomes.net/
So I bagged my first real estate auction today. Witnessed about 90 properties go in about 2 hours. Crazy stuff. For the savvy investor, I would definitely be going to these. You just cut to the chase and get it done in all of 3 minutes on average! I had this home under contract 3 days ago for 310K and it just went today for 287,500. Not a substantial drop, but considering that it could comp out at over 400K if it was fixed up the right way, someone is going to make some money here.
There are a few more videos I took today at ColoradoDreamHomes.net. Search the Denver MLS directly for properties and homes at ColoradoDreamHomes.net
Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise. We've had our share or weak data and news, but it will probably continue or could even get worse.
We recently had a poor unemployment report. A bleak Jobs Report greatly boosts the odds of not only a first-quarter recession, but perhaps a worse economic downturn than many economists fear. The Federal Reserve may respond to this increasing trend in job losses with additional interest rate cuts when they next meet to determine monetary policy on April 30 and June 25. As we've seen in the past though, such rate cuts do not translate into lower long-term rates for mortgages, so there is no better time than right now to refinance an existing mortgage or to structure a new one. It would be a great time to look at your current financing, or to take out a new loan to buy a home right now!
For more info on loans and interest rates, go to http://www.ColoradoDreamHomes.net
I list and sell bank owned properties. Most of the time I find that when the bank has finally taken possession, that the homes have long been empty. WHAT A WASTE! Why didn't they try to sell them?
The best advice I can give you is call a Realtor NOW! Assuming you are also talking to your lender and doing all you can, and assuming that ultimately you won't be able to save yourself, you need to stop everything, get off of the denial train, and take action. Your house can sell, even if you have to negotiate a short sale with your lender. It is doable. List your house immediately, because it could take longer than you think.
Is it worth having a foreclosure on your record for the next 10 years? NO. NEVER in a million years. I have shown homes recently and gotten calls from people in the last few months that just had either a bankruptcy or a foreclosure in the last year (that they never told me about of course,) and they actually expect to be able to buy another home! No worries, just sign here and its yours! These people need to get a clue about what they have done to their credit records and what they have done to increase their living expenses for the rest of their lives pretty much. If you don't have a Realtor, GET ONE. Everyone needs a trusted real estate advisor.
Search the Denver MLS directly for properties and homes at http://www.ColoradoDreamHomes.net
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