Just Got a Hot Tip

[Enfuego]

Actually, I didn't but my mom called me and told me they have to put the house up for short sale. Damn thing is located about 30 minutes from Phoenix in a very nice neighborhood. They, like many others, paid way too much at around 320K and now it will be on the market for 143K. She told me to put an offer in and she'll rent it from me for the next 4 years at least until she can retire. I've stayed there many times and it's a very nice 4 bedroom pad with in ground pool and all the works.

My question to some of you real estate dudes is when do you predict the market will go up? Can I have your opinion?

 

[HacheMan]

Are you considering taking it off of your parents' hands Fuego instead of just renting it?

 

[Enfuego]

Are you considering taking it off of your parents' hands Fuego instead of just renting it?

Yeah, me buying it and renting it to them. They'll be in for at least 4 years.

They've already lived there for years now.

 

[Presto]

Don't know a lot about real estate. Here is an article I read earlier today. It says the bottom won't be here anytime soon.

"Prime loan default rates have jumped from 0.5 percent to 4.5 percent in the last year, he said."

"The figures are worse in bubble markets such as Las Vegas, where 61.4 percent of buyers in the last five years are underwater, according to Moody's Economy.com."

http://www.lvrj.com/business/47992801.html

 

[Enfuego]

Don't know a lot about real estate. Here is an article I read earlier today. It says the bottom won't be here anytime soon.

"Prime loan default rates have jumped from 0.5 percent to 4.5 percent in the last year, he said."

"The figures are worse in bubble markets such as Las Vegas, where 61.4 percent of buyers in the last five years are underwater, according to Moody's Economy.com."

http://www.lvrj.com/business/47992801.html

Solid article. Thanks for sharing.

 

[bigtendominator]

No expert by any means, but personally, I don't see it coming back to the levels it once was for at least another 10-20 years.

It has been overvalued in CA since the mid 90's and as they saying goes, "as California goes, so does the rest of the nation" and that proved to be true once again.

Having lived in Los Angeles, my friends and I have always been amazed as to how people could afford houses out there, well, now we know, they really couldn't.

Good luck to your folks, but Phoenix is going to take some serious time for their housing market to recover.

 

[Enfuego]

No expert by any means, but personally, I don't see it coming back to the levels it once was for at least another 10-20 years.

It has been overvalued in CA since the mid 90's and as they saying goes, "as California goes, so does the rest of the nation" and that proved to be true once again.

Having lived in Los Angeles, my friends and I have always been amazed as to how people could afford houses out there, well, now we know, they really couldn't.

Good luck to your folks, but Phoenix is going to take some serious time for their housing market to recover.

And I'm ok with it taking some time but I just wonder how long and I guess that's the million dollar question.

I already own a place in N. Carolina and I rent it out and I'm in no hurry at all to sell it.

 

[EasyMoney]

I don't think they would let you buy the house anyways. I don't know how things work in Arizona but I bought my house in a short sale here in Florida and I had to sign paperwork saying that I wasn't related to or even knew the previous owners.

 

[Enfuego]

I don't think they would let you buy the house anyways. I don't know how things work in Arizona but I bought my house in a short sale here in Florida and I had to sign paperwork saying that I wasn't related to or even knew the previous owners.

Well, that's one of the questions I do have and you may be correct.

 

[BAGIANT]

I would venture to say, by the time the four year rental is up, the house just might be about the same as they paid for it.

 

[Enfuego]

I would venture to say, by the time the four year rental is up, the house just might be about the same as they paid for it.

Which would be a roughly 150K profit. Not bad and a low risk in my opinion.

 

[5teamparlay]

Did he get to buy the house??


prolly worked out good if he did.

 

[flashmo]

Actually, the properties in Phoenix proper have recovered nicely. My house, which is in Central Phoenix, is back up to where it was before. It's the ones in the outlaying areas, like the one described here that have't recovered as fast

 

[MullerRose]

I am no real estate expert. But I do hope you get answers to your questions. I am sensitive to topics like this because I was once homeless :neenee: