I'm calling it.

williewilliejuan said:
Definitely slowing down. A couple of small to midsize lenders went under in the past couple of weeks with more to come. Lots of layoffs hitting the wires as well.
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what happens when a lender goes under, what happens to the loans they had out? what happens to federally backed loans they had out? or can they go under when the federal government is backing loans (FHA/VA etc)
 
NU_FTW said:
what happens when a lender goes under, what happens to the loans they had out? what happens to federally backed loans they had out? or can they go under when the federal government is backing loans (FHA/VA etc)
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Most are probably already sold. The majority of loans sell within 30-60 days. In that case, whoever is servicing the loans will end up with rep and warrant responsibility. Anything not sold as of the date of closure will be sold to the highest bidder along with the rest of their assets.
 
williewilliejuan said:
Most are probably already sold. The majority of loans sell within 30-60 days. In that case, whoever is servicing the loans will end up with rep and warrant responsibility. Anything not sold as of the date of closure will be sold to the highest bidder along with the rest of their assets.
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are the original terms of the loans still locked in for the borrowers?
 
NU_FTW said:
are the original terms of the loans still locked in for the borrowers?
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Yes. The borrower would keep their original terms. Depending on how their loans were sold, they may not even know that their lender went under. Worst case, they’d have a servicing transfer.
 
williewilliejuan said:
Yes. The borrower would keep their original terms. Depending on how their loans were sold, they may not even know that their lender went under. Worst case, they’d have a servicing transfer.
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cool cool cool, i didnt own a house during the last debacle and my only concern was the unknown (which i asked you cuz you're in the biz)
 
williewilliejuan said:
Definitely slowing down. A couple of small to midsize lenders went under in the past couple of weeks with more to come. Lots of layoffs hitting the wires as well.
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Every agent I have seen lately is asking me if Im busy. That is always a bad sign. They know that if Im busy, things are moving. If im slow, chances are, things in general are slow.

Another indication that things are swinging the other way in values, is everyone is waiting to schedule thwir inspections until their appraisals come in, or I get last minute cancellations/postponements due to appraisals coming in low. Its happened at least once a week for the last month. I had one week, 3 weeks ago, where I had 4 cancelations due to appraisals being low. Sellers too proud to budge, and buyers just walking away.
 
Peter Gozintite said:
Every agent I have seen lately is asking me if Im busy. That is always a bad sign. They know that if Im busy, things are moving. If im slow, chances are, things in general are slow.

Another indication that things are swinging the other way in values, is everyone is waiting to schedule thwir inspections until their appraisals come in, or I get last minute cancellations/postponements due to appraisals coming in low. Its happened at least once a week for the last month. I had one week, 3 weeks ago, where I had 4 cancelations due to appraisals being low. Sellers too proud to budge, and buyers just walking away.
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I know it sucks for you but it had to cool down. It was ridiculous
 
Peter Gozintite said:
Every agent I have seen lately is asking me if Im busy. That is always a bad sign. They know that if Im busy, things are moving. If im slow, chances are, things in general are slow.

Another indication that things are swinging the other way in values, is everyone is waiting to schedule thwir inspections until their appraisals come in, or I get last minute cancellations/postponements due to appraisals coming in low. Its happened at least once a week for the last month. I had one week, 3 weeks ago, where I had 4 cancelations due to appraisals being low. Sellers too proud to budge, and buyers just walking away.
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We’re definitely seeing low appraisals, but I’m seeing weird shit as well. Had a loan come across my desk today that was new construction. They were taking landscaping off the contract but not changing the price because it was costing the builder more than expected to build the house. Not sure if they had a cost plus contract, but I don’t recall ever seeing that.
 
Peter Gozintite said:
Every agent I have seen lately is asking me if Im busy. That is always a bad sign. They know that if Im busy, things are moving. If im slow, chances are, things in general are slow.

Another indication that things are swinging the other way in values, is everyone is waiting to schedule thwir inspections until their appraisals come in, or I get last minute cancellations/postponements due to appraisals coming in low. Its happened at least once a week for the last month. I had one week, 3 weeks ago, where I had 4 cancelations due to appraisals being low. Sellers too proud to budge, and buyers just walking away.
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we've been lookin for a place on the lake,
and while home sales to individuals has slowed a bit,
the outside investors are still drivin the market here,
payin crazy prices to convert to the airbnbs -
places that should be sellin for 500-700
are goin for 1.0 to 1.2 -
 
For the first time in several years houses are starting to sell for less than 200 per/sqft in las Vegas. Not all of them, but definitely some. Saw a 3200 Sqft house sell for 535,000.00. In a good area, and in decent shape. Its happening.
 
Peter Gozintite said:
For the first time in several years houses are starting to sell for less than 200 per/sqft in las Vegas. Not all of them, but definitely some. Saw a 3200 Sqft house sell for 535,000.00. In a good area, and in decent shape. Its happening.
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We’ve had a few come on the market and then pull back off after 60 days without selling. One in my neighborhood just went under contract, but they had to reduce the listing price a couple of times. One of my daughter’s friends is trying to sell (well, her mom is) and they’ve been on the market about four months now with no offer. It’s getting squishy out there.
 
RobBase (c) said:
Yup. Leveled out as expected.

The key to surviving most stuff is to just wait it out while everybody else reacts.
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At this point I hope it drops like a lead balloon. I want to snatch up a few properties on the cheap and become more of a property manager of my own shit, and thats about it.
 
HammerDown said:
With all the money you're making, why not?
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This company that I recently started working with has no fucks to give about it. Their business model is brilliant, and they are keeping me busy, and I KNOW that my competition is not busy right now.

I have never seen so many Open House signs in this valley before. I am starting to see multiple real estate signs on neighborhood streets all over. Wasnt that long ago there was no need for even yard signs. Post the house for sale, multiple offers sight unseen, and sell.

I also wasnt doing any vacant houses for the longest time, and now about 75 percent have been vacant.
 
Peter Gozintite said:
This company that I recently started working with has no fucks to give about it. Their business model is brilliant, and they are keeping me busy, and I KNOW that my competition is not busy right now.

I have never seen so many Open House signs in this valley before. I am starting to see multiple real estate signs on neighborhood streets all over. Wasnt that long ago there was no need for even yard signs. Post the house for sale, multiple offers sight unseen, and sell.

I also wasnt doing any vacant houses for the longest time, and now about 75 percent have been vacant.
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Are people leaving Vegas? Why so many Open Houses?
 
Peter Gozintite said:
For the first time in several years houses are starting to sell for less than 200 per/sqft in las Vegas. Not all of them, but definitely some. Saw a 3200 Sqft house sell for 535,000.00. In a good area, and in decent shape. Its happening.
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Interesting.....


Investment potential.
 
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