serge 904 Posted September 25, 2012 Share Posted September 25, 2012 Being in the mortgage business this situation doesnt happen here. I was in Florida few months ago as we were doing research for a seminar that i will run..Its very common in the States. I have been doing mortgages for about 12 years now and I have never had one of my clients foreclose. I have only run into a handful of situations where I have seen foreclosures. Very nice house..Congrats Link to post Share on other sites
ajs510 122 Posted September 25, 2012 Share Posted September 25, 2012 I toured a foreclosure when I was in the process of buying a house...it was one of the most depressing moments of my life. The place was just an absolute shambles, holes in the walls, scuff marks on everything, stains on every single carpet...it was a $225,000 house that was listed at $170k because it was a foreclosure and in such rough shape. It looked like the previous owners did everything they could to vandalize the property on the way out and screw their bank over without getting sued. Just sad what people will resort to. Link to post Share on other sites
serge 904 Posted September 25, 2012 Share Posted September 25, 2012 I toured a foreclosure when I was in the process of buying a house...it was one of the most depressing moments of my life. The place was just an absolute shambles, holes in the walls, scuff marks on everything, stains on every single carpet...it was a $225,000 house that was listed at $170k because it was a foreclosure and in such rough shape. It looked like the previous owners did everything they could to vandalize the property on the way out and screw their bank over without getting sued. Just sad what people will resort to. I dont blame the people. I blame the greedy bastards on wall street and the sleazy mortgage lenders that allowed for those people to get into the problems. Link to post Share on other sites
ajs510 122 Posted September 25, 2012 Share Posted September 25, 2012 I dont blame the people. I blame the greedy bastards on wall street and the sleazy mortgage lenders that allowed for those people to get into the problems. I blame the people because there's a certain dignity that's expected, even in the face of something bad happening to you. I can vouch for the fact that it's MUCH harder to get a mortgage now than it was 5-6 years ago. Incredible difference. Link to post Share on other sites
serge 904 Posted September 25, 2012 Share Posted September 25, 2012 I blame the people because there's a certain dignity that's expected, even in the face of something bad happening to you. I can vouch for the fact that it's MUCH harder to get a mortgage now than it was 5-6 years ago. Incredible difference. That is true..I know I wouldnt do that , because it seems just inhumane. Same holds true in Canada. There are no slam dunk approvals anymore. They have made stuff a lot harder for us. Lower amortization, stringent income qualification rules, tougher laws on Self Employed. Link to post Share on other sites
dEv~ 19 Posted September 25, 2012 Share Posted September 25, 2012 thanks guys. Thankfully this wasn't a foreclosure yet but rather a short sale. Basically the seller missed a few payments for whatever reason and at that point they went about it the right way. A foreclosure is pretty devastating on their credit but a short sale is a bit better. It's a shame the banks have dragged it to this point though because if I was to walk away this would then become a foreclosure. The house would probably sit vacant for 6+ months at least and who knows what effect the winter would have on it. It is a shame that the banks hold everything up for people trying to do the right thing. I understand that they have to protect themselves with mortgages but I'd have to imagine I'm the type of person they are looking to give a mortgage to. I think a lot of people would be shocked at the number of vacant properties in their areas that the banks are just holding onto. If they were to list them all it would crash the housing market. Link to post Share on other sites
ajs510 122 Posted September 26, 2012 Share Posted September 26, 2012 I understand that they have to protect themselves with mortgages but I'd have to imagine I'm the type of person they are looking to give a mortgage to. That's what I thought too, and was amazed at how long, drawn out, and frustrating of a process it was. I had to provide them with bank statements four different times, and the last three times were only after I tried to explain to them in children's terms that they already had the exact information they were looking for right in front of them. Used to be very easy, now it's very hard, and eventually it will relax to somewhere in the middle. Link to post Share on other sites
mrdannyg 274 Posted September 26, 2012 Share Posted September 26, 2012 Beautiful house Dev. Amazing that the Banks would take so long when they're dying to get these assets off their books. As serge said, there's nothing like that here in Canada (except mortgages are harder to get). The plus side is that I've seen amazing houses like yours for sale in reasonable sized cities and nice neighbourhoods at ridiculous prices - $100k-$150k, for a house that would cost 3-4x that if you live in a suburb 45 minutes out of town in a Canadian city. Link to post Share on other sites
serge 904 Posted September 26, 2012 Share Posted September 26, 2012 Beautiful house Dev. Amazing that the Banks would take so long when they're dying to get these assets off their books. As serge said, there's nothing like that here in Canada (except mortgages are harder to get). The plus side is that I've seen amazing houses like yours for sale in reasonable sized cities and nice neighbourhoods at ridiculous prices - $100k-$150k, for a house that would cost 3-4x that if you live in a suburb 45 minutes out of town in a Canadian city. Toronto real estate market is still ridicolous. Condos are still going up at alarming rates, and they are being sold right away. $300000 barely gets you 650 sq ft downtown in a nice condo. Some places are charging sometimes $40-$50k for a parking spot...YUP a parking spot. Ridicolousness Link to post Share on other sites
ajs510 122 Posted September 26, 2012 Share Posted September 26, 2012 Beautiful house Dev. Amazing that the Banks would take so long when they're dying to get these assets off their books. They're not though, that's the point. The banks got bailed out of their problems, so they have the ability to just hold onto those properties and liquidate them on profitable terms as those terms come up. They're in no need or rush to sell. Link to post Share on other sites
dEv~ 19 Posted September 27, 2012 Share Posted September 27, 2012 Yeah I've been watching a lot of HGTV. There's a lot of Canadian shows (Love it or List it, Property Brothers, Holmes) and the prices are ridiculous. I'll stick with Pittsburgh. I'd say the odds are against me at this point for closing this week. From the point we got approval we didn't think there was a prayer to close. Now though we see the light at the end of the tunnel. I've gotten my hopes up to hopefully avoid paying an extra couple hundred bucks. As I said earlier at the end of the day it's just money but it's money going directly to the bank that has held all this up. Fingers still crossed. Link to post Share on other sites
mrdannyg 274 Posted September 27, 2012 Share Posted September 27, 2012 They're not though, that's the point. The banks got bailed out of their problems, so they have the ability to just hold onto those properties and liquidate them on profitable terms as those terms come up. They're in no need or rush to sell. Banks got bailed out, but the problems didn't go away. The assets are written down, but still have value, and are earning nothing. The sooner they get non-earning assets off their balance sheet, the better. Then again, if they can significantly improve their return by squeezing and extra, say, $5K on an asset they'd already written done to almost nothing, I guess they'll do that. Link to post Share on other sites
Babying 613 Posted September 28, 2012 Share Posted September 28, 2012 Toronto real estate market is still ridicolous. Condos are still going up at alarming rates, and they are being sold right away. $300000 barely gets you 650 sq ft downtown in a nice condo. Some places are charging sometimes $40-$50k for a parking spot...YUP a parking spot. Ridicolousness As per my sister (yes she is a real estate agent) the Toronto Condo market is very slow. My parents are trying to sell their Condo (lowest price in the building) and in a week only 8 showings. Dev, very nice house, congrats. Link to post Share on other sites
FCP Bob 1,320 Posted September 29, 2012 Share Posted September 29, 2012 Toronto real estate market is still ridicolous. Condos are still going up at alarming rates, and they are being sold right away. $300000 barely gets you 650 sq ft downtown in a nice condo. Some places are charging sometimes $40-$50k for a parking spot...YUP a parking spot. Ridicolousness http://news.nationalpost.com/2012/09/28/for-sale-125-sq-ft-downtown-toronto-parking-space-just-49000/?utm_source=dlvr.it&utm_medium=twitter Link to post Share on other sites
Zach6668 513 Posted September 29, 2012 Share Posted September 29, 2012 Parking spots in my building go for around 30k. Link to post Share on other sites
digitalmonkey 929 Posted September 29, 2012 Share Posted September 29, 2012 Land, water and information storage/security is the future. Link to post Share on other sites
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