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House for Sale / Housing Market - 10/21/2010 9:23:35 PM   
cloudboy


Posts: 7306
Joined: 12/14/2005
Status: offline
Anyone here have their home on the market? If so, how's it going?

My house has been on the market for about 11 weeks. The real estate agent said we priced it to sell right out of the gate. Absent any offers, I dropped the price by $20K (over 10%), and its still radio silence out there.

As a hedge, I stuck the house on craigslist for rent, and I've found a robust rental market. Now I'm screening tenants who want to rent the house, and what I'm finding are folks with bad credit ratings and borderline incomes. I suppose I've found the would be buyers from days past.

Between the foreclosures hitting the market, high unemployment, and sellers unable to sell their homes -- I see sustained trouble for the economy and the housing market.

Things that might help the situation: (1) Immigration reform to grant legal status to hard workers; (2) cutting defense spending to help reallocate needed dollars to the civilian economy; and (3) loan modification programs are all falling flat.

From what I've seen -- unemployment, student loans, and a lack of health coverage have simply decimated working class in the US. If there was more stability in this sector, I think we'd see more consitent consumer spending in the economy as whole.
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RE: House for Sale / Housing Market - 10/21/2010 9:29:30 PM   
DarkSteven


Posts: 28072
Joined: 5/2/2008
Status: offline 		The problem is that the housing prices reflected a bubble.  It will be ugly as the bubble deflates.

Rather than loan modification programs, I'd like to see criminal fraud prosecution for those who perpetrated the scam on the US in the first place.  If someone's not creditworthy, they shouldn't have been granted the loan in the first place, and loan modification can't fix that.


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RE: House for Sale / Housing Market - 10/22/2010 4:51:27 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		the market is not too good.

If I wanted to sell- I dont know if I would list.  Houses can get a reputation if for sale too long.

11 weeks is not long.   Chicago market is a mess.  I have 2 relatives that cant sell so- chalk it up as under water.

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RE: House for Sale / Housing Market - 10/22/2010 6:23:17 AM   
DomImus


Posts: 2004
Joined: 3/17/2009
Status: offline 		House prices have fallen like a rock and interest rates are at their lowest in 40-50 years. Sounds to me like the banks simply aren't in the mood to lend to anyone except those who don't need the loans. I bought a new car back in August. I have immaculate credit and my own bank still declined a loan. Honda gave me 0.9% but they have to be more lenient or they cannot sell cars. A few years ago anyone could get a loan. Now the pendulum has swung the other way. It will balance out again eventually.



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RE: House for Sale / Housing Market - 10/22/2010 6:33:35 AM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		Be thankful this isnt you!

COBB COUNTY, Ga. -- A Cobb County couple says their house has been hijacked by a woman who was supposed to help them sell it.

Hanna and Devin Pintozzi hired Buckhead staging company Creative Show Homes to help market their upscale Smyrna house. Their contract included a live-in resident manager to make the home look more appealing to agents and buyers while the couple lives elsewhere. The couple said resident manager Katrina “Honest” Jimmerson has barricaded herself inside.

On Thursday, Channel 2’s Diana Davis visited the $350,000 home that has been up for sale since March.

The doors were locked. The blinds were drawn. The couple’s house key didn’t work, and the realtor lock box key was missing.

“We can’t go in the home. We don’t know what she is doing in the home right now. The company did not give us any information about her before she moved in,” Devin said.

Creative Show Homes brochures describe resident managers as often young executives or families, but Jimmerson has a rap sheet. She was recently arrested on unrelated charges.

The couple approached law enforcement officials about the issue, but the Cobb County Sheriff said it’s up to the staging company to evict Jimmerson, because the couple signed a contract.

The couple said the staging company has been just as unprofessional and irresponsible as the woman locked inside.

“They haven’t answered to any of our needs. They didn’t inform us that this was even a problem … What if I had been out of state?” Hanna asked.

Creative Show Homes owner Don Clarke said he understands the couple’s concern. He promised that Jimmerson will be removed from the house before Nov. 5.

The couple said the staging company claims they got a court order on Jimmerson but have yet to show any paperwork.

The Pintozzis cut off the water supply to the house, but Jimmerson was able to convince a work crew to turn it back on.

“It’s heartbreaking, completely heart breaking,” Hanna said.

http://www.wsbtv.com/news/25469973/detail.html

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RE: House for Sale / Housing Market - 10/22/2010 6:54:46 AM   
barelynangel


Posts: 6233
Status: offline 		All the company has to do is fire her or void their contract with her.  Then she is no longer an employee or has a contract in place.  To me, she then would be illegally trespassing and the police can go in and arrest her or they should read their contract because there may be a void clause in there which means they can void the contract with the company and any employees left in the house would then be illegally trespassing.  This article is a very good article with regard to reading any and all contracts before you sign them. 

This doesn't sound like your basic landlord tenant issue but a contract issue and so get rid of the contracts and then it becomes a criminal matter of illegal possession or trespassing.

That water company better be careful they could find themselves embroiled in a legal suit, especially if they turned it back on in the OWNER's name.

angel

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RE: House for Sale / Housing Market - 10/22/2010 6:58:43 AM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		Doesnt seem like the contract company wants to do either. My bet is they are addressing this with their own lawyers to find out their own liability before doing anything. CYA, ya know? As far as the water company, IF they turned it back on in my name, they would play hell getting me to pay that bill.

This article just goes to show just how crazy the market has become.

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

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RE: House for Sale / Housing Market - 10/22/2010 8:31:40 AM   
Hillwilliam


Posts: 19394
Joined: 8/27/2008
Status: offline 		Real Estate broker here. This area hasn't seen much (if any) depreciation and there are very few foreclosures but the media has people scared to do anything.

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RE: House for Sale / Housing Market - 10/22/2010 9:19:41 AM   
DomImus


Posts: 2004
Joined: 3/17/2009
Status: offline 		It's their home. Break a window and go in already. Hell, I'd break the door down. It's not that expensive to repair or replace. That's probably within ten miles from me. I'll do it for them and any ammunition I need to expend is on the house (no pun intended).


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RE: House for Sale / Housing Market - 10/22/2010 11:38:08 AM   
popeye1250


Posts: 18104
Joined: 1/27/2006
From: New Hampshire
Status: offline
quote:

ORIGINAL: cloudboy


Anyone here have their home on the market? If so, how's it going?

My house has been on the market for about 11 weeks. The real estate agent said we priced it to sell right out of the gate. Absent any offers, I dropped the price by $20K (over 10%), and its still radio silence out there.

As a hedge, I stuck the house on craigslist for rent, and I've found a robust rental market. Now I'm screening tenants who want to rent the house, and what I'm finding are folks with bad credit ratings and borderline incomes. I suppose I've found the would be buyers from days past.

Between the foreclosures hitting the market, high unemployment, and sellers unable to sell their homes -- I see sustained trouble for the economy and the housing market.

Things that might help the situation: (1) Immigration reform to grant legal status to hard workers; (2) cutting defense spending to help reallocate needed dollars to the civilian economy; and (3) loan modification programs are all falling flat.

From what I've seen -- unemployment, student loans, and a lack of health coverage have simply decimated working class in the US. If there was more stability in this sector, I think we'd see more consitent consumer spending in the economy as whole.


Cloudboy, #1 would just create more problems, then, all working class would be making $10-$15 an hour!
People who make $10-$15 an hour don't buy houses. That's "subsistance level" pay.
To solve this problem we need to get out of all those "outsourcing" deals disguised as "free-trade."
If the average pay for working people was $30-$50 an hour you'd have no problem selling your house.
Instead, big corporations want to lower average hourly wages as low as they can . And after "working class" people they go after "middle class" and then......
Dr. Michael Savage calls it "Trickle up Poverty." That's the title of his new book that's number 2 on the best seller lists.
We can't have a good economy without a vibrant working and middle class!
Look at all the countries who effectively have no middle class. It's not a pretty picture!

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RE: House for Sale / Housing Market - 10/22/2010 5:26:45 PM   
thornhappy


Posts: 8596
Joined: 12/16/2006
Status: offline
quote:

ORIGINAL: DomImus
House prices have fallen like a rock and interest rates are at their lowest in 40-50 years. Sounds to me like the banks simply aren't in the mood to lend to anyone except those who don't need the loans. I bought a new car back in August. I have immaculate credit and my own bank still declined a loan. Honda gave me 0.9% but they have to be more lenient or they cannot sell cars. A few years ago anyone could get a loan. Now the pendulum has swung the other way. It will balance out again eventually.

I had good luck here... 2.9% around April through Huntington.

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RE: House for Sale / Housing Market - 10/22/2010 6:44:54 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline
quote:

ORIGINAL: DomImus

It's their home. Break a window and go in already. Hell, I'd break the door down. It's not that expensive to repair or replace. That's probably within ten miles from me. I'll do it for them and any ammunition I need to expend is on the house (no pun intended).




That would be my plan.    

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RE: House for Sale / Housing Market - 10/22/2010 7:10:15 PM   
Hippiekinkster


Posts: 5512
Joined: 11/20/2007
From: Liechtenstein
Status: offline 		What the Pintozzis are going through isn't covered under Title 44 of the Georgia Code.

They might be able to get the water turned off. It's a gray area; the argument could be made that the insane woman is a tenant, and turning utilities off to force an action is illegal under GA law, IIRC (it's been approximately 3 years since I've read the relevant chapter, annotated.) Smyrna's just a few miles away from me.

Creative likely has some serious liability due to their failure to screen their employee.

That's a freaky story. And now it's beer-thirty.

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RE: House for Sale / Housing Market - 10/22/2010 7:42:48 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		Sounds like theft to me.   theft of services.

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Profile   Post #: 14
RE: House for Sale / Housing Market - 10/22/2010 9:12:47 PM   
cloudboy


Posts: 7306
Joined: 12/14/2005
Status: offline 		(1) Without getting into the bubble, loan modifications would keep homes off the market which would help to stabilize it.

(2) Legalizing hard workers, and I know this is a loose term, would add some energy and juice to our economy. The fact is the US needs an influx of young workers who are motivated to get our economy working and to militate against the aging demographics of our native population.

(3) I agree that the media has people psyched out of the market; but there is also a strong headwind out there to prevent the sale of one's own home, which is the stepping stone to buying another.

(4) Most economists are concerned about how to drive the demand in our economy, and reallocating more money into the civilian economy would help. Defense spending is too much of a dead end with zero infrastructure benefits.

(5) Would still love to hear the personal experiences of any sellers out there who have their house on the market, or who recently sold a home.

< Message edited by cloudboy -- 10/22/2010 9:13:51 PM >

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