Comments for 1to4plex.com http://www.1to4plex.com Thu, 07 Jan 2010 05:49:29 +0000 hourly 1 http://wordpress.org/?v=3.0.5 Comment on First Time Homebuyers Going to Extremes Part Two: Getting Lucky at an REDC Auction by admin http://www.1to4plex.com/2009/09/first-time-homebuyers-going-to-extremes-part-two-getting-lucky-at-an-redc-auction/comment-page-1/#comment-202 admin Thu, 07 Jan 2010 05:49:29 +0000 http://1to4plex.com/?p=679#comment-202 Merci for your comment, Fabien! I agree. Ebay is another example of how ordinary garage sale-type items can often be auctioned for more than their actual value. You can get lucky at a real estate auction, but getting a deal is anything but guaranteed. Now, if you are a cash buyer, there is a lot less competition going directly to a trust deed sale -- I know people who have gotten great deals there, but cash is required. For the ordinary buyer, one way to play the present market is to focus on short sales. Many people won't bother with them -- which means there is less competition. Merci for your comment, Fabien!
I agree. Ebay is another example of how ordinary garage sale-type items can often be auctioned for more than their actual value. You can get lucky at a real estate auction, but getting a deal is anything but guaranteed. Now, if you are a cash buyer, there is a lot less competition going directly to a trust deed sale — I know people who have gotten great deals there, but cash is required.
For the ordinary buyer, one way to play the present market is to focus on short sales. Many people won’t bother with them — which means there is less competition.

]]> Comment on First Time Homebuyers Going to Extremes Part Two: Getting Lucky at an REDC Auction by Fabien http://www.1to4plex.com/2009/09/first-time-homebuyers-going-to-extremes-part-two-getting-lucky-at-an-redc-auction/comment-page-1/#comment-200 Fabien Tue, 05 Jan 2010 17:57:31 +0000 http://1to4plex.com/?p=679#comment-200 Thanks for posting this story Flo, very insightful about the REO auction process. I've been to several jewelry and car auctions in the past, but have yet to attend a real estate auction. In my experience, the exact same dynamic seems to happen all the time. If the auction gets somewhat feverish (and it's been the case every time...), desirable items end up being sold at retail price, or even above that. It is somewhat disappointing to see that auctions do not provide the great deals people claim they do. I'd say that for all the stress you experience with them, the only advantage is the quickness of the process. I remember an auto auction I attended in Compton, CA 2 years ago. Among other vehicles, a 1992 Lexus LS was shown and even though it was in good shape for its age, the auctioneer did such a great job at hyping it up that the winning bidder got it for almost $1000 above what dealers in the vicinity sold the same car for. It was baffling. It seems your best bet is to attend auctions where very few people show up, or when the auctioneer is too tired to hype stuff up. Fat chance in today's LA real estate market. Thanks for posting this story Flo, very insightful about the REO auction process. I’ve been to several jewelry and car auctions in the past, but have yet to attend a real estate auction.

In my experience, the exact same dynamic seems to happen all the time. If the auction gets somewhat feverish (and it’s been the case every time…), desirable items end up being sold at retail price, or even above that. It is somewhat disappointing to see that auctions do not provide the great deals people claim they do. I’d say that for all the stress you experience with them, the only advantage is the quickness of the process.

I remember an auto auction I attended in Compton, CA 2 years ago. Among other vehicles, a 1992 Lexus LS was shown and even though it was in good shape for its age, the auctioneer did such a great job at hyping it up that the winning bidder got it for almost $1000 above what dealers in the vicinity sold the same car for. It was baffling.

It seems your best bet is to attend auctions where very few people show up, or when the auctioneer is too tired to hype stuff up. Fat chance in today’s LA real estate market.

]]> Comment on Roadblock to FHA financing by admin http://www.1to4plex.com/2009/09/roadblock-to-fha-financing/comment-page-1/#comment-166 admin Sat, 21 Nov 2009 05:28:40 +0000 http://1to4plex.com/?p=687#comment-166 I understand that FHA will accept self-employed borrowers with tax return documentation. Best to check with your mortgage lender for the exact requirements. Good luck! I understand that FHA will accept self-employed borrowers with tax return documentation. Best to check with your mortgage lender for the exact requirements. Good luck!

]]> Comment on Roadblock to FHA financing by JR of Sun City Real Estate http://www.1to4plex.com/2009/09/roadblock-to-fha-financing/comment-page-1/#comment-165 JR of Sun City Real Estate Sat, 21 Nov 2009 03:50:56 +0000 http://1to4plex.com/?p=687#comment-165 I heard that ine rule of FHA is that you should have a verified income? What if I'm a self employe person? I heard that ine rule of FHA is that you should have a verified income? What if I’m a self employe person?

]]> Comment on BiggerPockets.com by Joshua Dorkin http://www.1to4plex.com/2009/11/biggerpockets-com/comment-page-1/#comment-141 Joshua Dorkin Tue, 10 Nov 2009 05:54:17 +0000 http://1to4plex.com/?p=752#comment-141 Thanks for your kind words, Flo. I very much appreciate the sentiment! It is great having you as part of the team; you're off to a great start as a contributor! Thanks for your kind words, Flo. I very much appreciate the sentiment! It is great having you as part of the team; you’re off to a great start as a contributor!

]]> Comment on The “Shadow” knows. by Tom DuKet http://www.1to4plex.com/2009/09/the-shadow-knows/comment-page-1/#comment-127 Tom DuKet Mon, 05 Oct 2009 16:04:46 +0000 http://1to4plex.com/?p=696#comment-127 Well said Flo. Well said Flo.

]]> Comment on Prices down 12% — But Inventory Plunges 75% in the Northwest San Fernando Valley! by The “Shadow” knows. | 1to4plex.com http://www.1to4plex.com/2009/07/prices-down-12-but-inventory-plunges-75-in-the-northwest-san-fernando-valley/comment-page-1/#comment-126 The “Shadow” knows. | 1to4plex.com Wed, 30 Sep 2009 03:01:09 +0000 http://1to4plex.com/?p=586#comment-126 [...] in July, I mentioned the growing phenomenon of the so-called “shadow” inventory, which are the properties [...] [...] in July, I mentioned the growing phenomenon of the so-called “shadow” inventory, which are the properties [...]

]]> Comment on Where Cash is King, First Time Homebuyers are Going To Extremes by sfvrealestate http://www.1to4plex.com/2009/09/where-cash-is-king-first-time-homebuyers-are-going-to-extremes/comment-page-1/#comment-74 sfvrealestate Fri, 11 Sep 2009 23:55:29 +0000 http://1to4plex.com/?p=675#comment-74 Excellent post! Naturally, I have found the same thing. However, sometimes even cash isn't king. I have a client who has bid all cash on 3 separate foreclosed townhomes and lost each time to somebody else who is also bidding all cash. (I think the foreclosure agents have lots of buyers in their pockets...) Excellent post! Naturally, I have found the same thing. However, sometimes even cash isn’t king. I have a client who has bid all cash on 3 separate foreclosed townhomes and lost each time to somebody else who is also bidding all cash. (I think the foreclosure agents have lots of buyers in their pockets…)

]]> Comment on The “Wisdom” of Crowds by Nina James http://www.1to4plex.com/2009/07/the-wisdom-of-crowds/comment-page-1/#comment-25 Nina James Wed, 29 Jul 2009 17:06:09 +0000 http://1to4plex.com/?p=579#comment-25 Great blog, Flo! Great blog, Flo!

]]> Comment on Bank Owned Properties – “REO” by Prices Down, Inventory Up in San Fernando Valley Real Estate | 1to4plex.com http://www.1to4plex.com/foreclosures/different-kinds-of-distressed-properties/bank-owned-properties-reo/comment-page-1/#comment-24 Prices Down, Inventory Up in San Fernando Valley Real Estate | 1to4plex.com Wed, 29 Jul 2009 07:02:55 +0000 http://1to4plex.com/?page_id=185#comment-24 [...] Bank Owned Properties – “REO” [...] [...] Bank Owned Properties – “REO” [...]

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