Posted by John Sterling on October 02, 2003 at 10:53:55:
Yes it is very funny, back in the late 1980’s I was a real estate appraiser for a broker who was selling HUD or FHA/VA REO’s. Well I would have a hard time getting the appraisal to come in at the bid price, almost always 1 or 2 % over FMV.
Anyway, I will keep chasing as I know it is just a numbers game. 
John
Seattle R.E. is La La land - Posted by Johnsterling
Posted by Johnsterling on October 01, 2003 at 12:10:22:
Drove out to a 1993 FHA foreclosure just outside the Seattle area. The possible deal was just what I want and what I look for, basically one deed on the property from 1993 and never been in foreclosure before. The property tax assessed for $195K and the cost to cure is $107K. After looking at the house I figured it was in need of major rehab overall and might appraise “as-is” for say $170K or maybe $175K.
The house is 1 month from the sale and the sale today is still on. Anyway, the owner answers the door and just lloks around the door frame…she is very friendly and I believe what she is saying. After a few years of selling you slowly start to understand and hear what is really being said when the other person is just telling you a story or telling the truth.
So I am thinking I would pay $115K for the house, that’s it! NO wrong answer, we are in “la la” land. The seller has it in escrow and it should close very soon for $170K!
Sellers in Seattle or la la land can get 95 cents on the dollar in foreclosure for doing nothing but answering the door and listening to an offer! She might be ahead in the end since there is no real estate commission to pay! ha-ha…maybe I could sell a seminar on how you can let your house go into foreclosure in seattle and get top dollar for your home by saving the Realtor commission!
Truth is always stranger then fiction
John
Re: Seattle R.E. is La La land - Posted by John V, FL
Posted by John V, FL on October 03, 2003 at 11:59:52:
It is kind of ridiculous that homeowners in distress have 50 or more investors desperate to do a deal with them and the deadbeat holds all the cards. In a couple of years you’ll be finding today’s new pool of investors as many of the distressed sellers you can buy from cheap in an environment of minimal competition as in the early to mid 90’s… Many overleveraged or tired landlords will be holding the bag. It’s a numbers game that works both ways and in many large metro areas it works against the investors these days. You are fortunate to understand this and won’t be burned.
Bellingham no better - Posted by tom
Posted by tom on October 02, 2003 at 08:45:51:
three straight years of 20%+ gains, RE in all the papers, as well as National Mags, everyone knows RE is hot, hot, hot. sure is easy to beat your head against the wall these days (as a buyer)…keep looking, keep your energy up, something will happen for the better, it always does to those who put in the energy.
tom
Ain’t that the truth - Posted by Dianna in Seattle
Posted by Dianna in Seattle on October 02, 2003 at 02:18:34:
…after watching many, many, many properties go at auction for ABOVE FMV, I’ve changed my target audience. I can’t believe what “Street & Gang” have going on in King County.
More power to the “investor” who is willing to pay FMV for a house they haven’t inspected.
Things are cyclical, right? In a few years, there should be a lot of tired “newbie/default landlords” or people will start buying stocks again.
Keep your fingers crossed. Also, look for retail deals. There’s more margin in those!
Dianna in Seattle