Posted by: Timothy Ellis (The Tim)

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market.

50 responses to “Nearly Half of New Listings Pending in Two Weeks”

  1. Dweezil

    Large drop in inventory, high YOY price increase, and large drop in days-on-market.
    Is there any reason to think this is unsustainable and that there might be a large change/correction coming? Or is crazy the new normal?

    I previously imagined that some shadow-inventory would be the catalyst for some changes, but now believe that banks can trickle them out forever and deny in large changes.

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  2. toad37

    That is an amazing number.. wow!

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  3. softwarengineer

    RE: Dweezil @ 1

    There is an End to the Fun

    Holding on to properties forever is not practical or wise….you can board ‘em up, but vagrants sneak in anyway…leaving them with the old owner squatting rent free isn’t wise either, they generally get tore apart fast….

    Kicking the can to keep inventory low and prices high means one thing for sure….the cans rust and degrade fast…..soon a bull dozer is cost effective….

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  4. SG

    Hey @Tim, @SWE, I am growing tired of SWE and a couple of other claiming about this mythical shadow inventory that the banks are holding on to only to unleash them upon us when we are least expecting them to.

    The great NTS stats that Tim pulls up are no where near alarming. The only data I can imagine that could forecast an impending wave of inventory is the number of people who are behind on their mortgage payments or the percentage of underwater loans.

    With rising home prices and employment numbers, I don’t expect the number of loans that are behind to deteriorate any further barring any huge economic calamity.

    One other chart that would be really useful is the required increase in home prices to bring down the number of underwater mortgages to 20%, 10%, 5%, 0%. I believe the percentage of underwater mortgages is around 25% currently.

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  5. David Losh

    I think the rising prices, and quick sales will bring a lot of sellers off the fence. There was an article today about rising inventory: http://www.cnbc.com/id/100577800

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  6. softwarengineer

    SG, Ya Got Proof Behind Your RE Organization Allegations?

    And don’t give me some hot air report from Yun….or his cohorts….

    Here’s mine:

    “….But the extent to which lenders keep their stock of REOs — industry parlance for “real estate owned” properties — off the market may be much larger than most people think.

    As many as 90 percent of REOs are withheld from sale, according to estimates recently provided to AOL Real Estate by two analytics firms. It’s a testament to lenders’ fears that flooding the market with foreclosed homes could wreak havoc on their balance sheets and present a danger to the housing market as a whole….”

    http://realestate.aol.com/blog/2012/07/13/shadow-reo-as-much-as-90-percent-of-foreclosed-properties-are-h/

    I read in the RE websites like 276 held repos by banks in Seattle area….reference proof missing….

    One thing we both can agree on, “underwater” loans in the Seattle area have cut the feet off “mobility” in Seattle RE and severely hamperred inventory too…..

    Haven’t heard a lot about short sales lately….probably because they’re decreasing in 2013:

    “…
    While the market share for short sales and foreclosures dropped slightly in the last month, many banks and lenders were holding out on the escrow payments from short sales in anticipation of the tax break’s expiration.

    Read more: http://www.seattlepi.com/business/press-releases/article/REMI-Advises-Short-Sellers-to-Stay-On-the-Market-4196321.php#ixzz2OCLV0ZtU

    IMO, folks are shy of the short sale implications on their “credit rating” [which no one talks about], “knocking ‘em out of the game” and making them ineligible for RE loans they want after the short sale….

    BTW, ya get a tax break “maybe” but ya better ask TRW what a possible short sale does to your credit rating.

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  7. Ira Sacharoff

    RE: SG @ 4
    Last I read the number of underwater mortgages in these parts is around 20%.
    But about the shadow inventory:
    I think there are some people delinquent in their mortgages, where foreclosure proceedings have not been initiated. The place across the street from mine was owned and lived in by a real estate agent, who bought in 2006. A lot of real estate agents bought their own BS.. She abandoned the place, and it was listed as a short sale. It didn’t sell. The listing expired, it was not foreclosed on, and it remains empty. I don’t think it’s that unusual, and just as many sellers are waiting for higher prices before they put their houses up for sale, there’s no reason to think banks aren’t doing the same thing.

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  8. eric
  9. mike

    RE: SG @ 4 – I generally agree with this. Areas that are only 10% off peak *probably* do not have a great number of delinquent loans. What would be the point of letting borrowers hang around rent free if the house can be sold for close to or all of the outstanding balance?

    I’m more concerned with the neighborhoods that are still significantly off peak, where loans are $100K+ underwater – those are the areas where waiting it out has the biggest impact. These also happen to be areas that saw the most marginal “drive till you qualify” buyers near the peak. For some reason, SWE seems to equate these spots with the Seattle market as a whole, while ignoring the growing number places where mobility isn’t tied down by massive amounts of negative equity.

    Whatever the case, there doesn’t appear to be a catalyst for a rapid increase in inventory, not after everything that has been done to stop the flow since 2009. Could it happen? Yes, but the probability is low for that particular outcome.

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  10. Dev

    Can it be called as another bubble? Percent of first time buyers is a small fraction of total buyers. And it is hard to see how long these investors hold on these quick closes. As a first time buyer, what I see is asking prices are ridiculously high. Many sellers are asking even inflation adjusted 2007 prices. This is CRAZY!

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  11. toad37

    RE: Ira Sacharoff @ 7

    Good stuff Ira… makes me think that if so many are waiting for prices to rise, may not happen. We’ll see. Maybe Seattle area is special? :-)

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  12. toad37

    RE: Dev @ 10

    +1 for Skanky Bernanke.

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  13. mike

    RE: Dev @ 10 – Where did you see the breakdown of first time buyers?

    Here’s my take – the crop of potential move up buyers that were first time buyers in 2004-2008 is significantly reduced due to lack of equity. That would seem to indicate the current market is being driven by downsizers, investors and … first time buyers.

    I’d like to see some breakdowns, but i can tell you when I was shopping last year the open houses were dominated by people in their 20′s and 30′s for houses priced under $500K. Sure, there were the older neighbors that would drop by to shoot the breeze, but it’s the ones crawling over every inch of the house then moving on to 5 others that really seemed to be ‘shopping’. I’d run into the same couples at several houses over the course of a sunday afternoon. Now, were they first time buyers? I don’t know for sure but most of the people I know in that age group either own a home they can’t sell or they rent.

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  14. Plymster

    RE: Dev @ 10

    And it is hard to see how long these investors hold on these quick closes.

    According to an article in The Testosterone Pit:

    “On the west side of Phoenix, where investors have concentrated their purchases of single-family homes, rents dropped by $100 a month last year—a stunning 10%!”…

    …Occupancy rates of single-family rental homes are already low— 53% for Colony Capital.”

    Institutional investors have been promised pie in the sky returns on RE investments. As soon as these fail to hit the claimed returns, investors will stop buying. When returns are negative, investors will flee like mad lemmings, and there will be a flood of unwanted “investment” properties hitting the market.

    For that matter, some exogenous event (ie: currency crisis in Cyprus spreading to Spain and Italy) could force investors to liquidate some of their RE investments, turning bidding wars for massively illiquid investment homes into fire sales. Investors can’t paper over their money-losing home acquisitions the way banks can (with freshly printed cash from Bernanke).

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  15. mike

    RE: Plymster @ 14 – Most of the large institutional investors are buying relatively new homes in quantity – some brand new homes. They’re also buying where average prices are $150K or less. To me, this phenomenon is interesting but not likely to have much affect on Seattle or the immediate suburbs. I’m definitely seeing evidence that some of the home sales in North Seattle are to investors, but most seem to be fixing them up for sale while only a minority are coming back as rentals.

    We did see a lot of that during the bubble, but investors back in 2005 were a lot more leveraged. They were using IO adjustable rate loans with little money down. AFAIK, investment property loans with less than 25% down are unusual now.

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  16. Mike

    RE: mike @ 15 – Couldn’t agree more. Seattle really is two markets, the very expensive core for the people who can afford to avoid traffic and the rest.

    I think it is possible that investors are driving meaningful purchases in the areas north of Everet, south of Federal Way with some lower level of purchases on houses in the metro area proper. I just can’t see how these fly by night institutional landlords would be driving a material chunck of the sales of $500k+ homes in the metro core areas. With those homes you run too much risk of crappy tenents that damage the “charm” of the house and cost you upkeep expenses.

    Also if you go find a new (is there any other type?) listing in Wallingford and go to the openI can guarantee you that there will be a LOT of individual buyers crawling all over the place. Hell go look at it on a Friday evening and it will probably look like there is an open with so many agents taking people through. Nothing is being built in the metro areas besides ugly townhomes and 2br or smaller apartments and yet Amazon and Google and others keep putting all of the jobs in the state in this tiny area. The market is 100% nuts right now, but there are enough bodies looking at each listing I have to doubt how quickly this will flame out unless there is a shocking amount of new inventory that magically appears in the areas that are actually desired.

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  17. patient

    It’s bubble time for sure, even the talk is the same. No worries people It will rise double digit forever and Seattle is special and the east side is still the promised land of the pink pony. We will all just party on fresh Bernanke dollars FOREVER. Or maybe not? It’s at least a good show just as it was the last time.

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  18. whatsmyname

    RE: patient @ 17 – I guess that means another eight years wait for those that won’t buy when prices are going up, and also won’t buy when prices are going down. Rent to grow rich, brother.

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  19. Ron

    The unemployment rate right now for people in technology in seattle is under 3% and jobs drive prices, right? Everyone I know who got whacked in the down-turn is back to work and on the mend. The local economy is moving, tourists are here for a lot of reasons and finally, the sun is about to arrive. I cannot believe the amount of construction – and demand, in my neighborhood. We survived 8 years of GW who ran this country into the ditch. Unrepresented…but I know his fans don’t value data and prefer to avoid discussing how Clinton left him a thriving economy, lower levels of debt, and relative social peace. Everything cycles and fortunately the trend is no longer down. You people who want to start multimillion dollar wars attacking other countries then turn around and cut health care and social security for those of us who need it are nuts. good luck in the next election. Work harder. maybe you can bring Sarah Palin to Seattle next time around…she is brilliant…the repub brain trust.

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  20. patient

    RE: whatsmyname @ 18
    Hehe, maybe but eight years might not be long enough to get to a healthy sustainable state. We are currently just moving from one artificial, unbalanced, unhealthy and unsustainable state to another. I’m just enjoying the show and have stopped investing any feelings into it. There are better things to focus on.

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  21. Mike

    RE: patient @ 17 – if we see 2 years of double digit appreciation on new homes in low end areas with plenty of vacant land, I’m inclined to agree. Until then, the price momement in the last year looks more like a noisy inflection point.

    Construction is still ramping up after years of stagnation. Once builders start meeting demand, we’ll have a better idea where equilibrium is.

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  22. whatsmyname

    By patient @ 20:


    We are currently just moving from one artificial, unbalanced, unhealthy and unsustainable state to another.

    I believe that you have just summed up the history of human civilization.
    Kudos’. I will plan to quote you.

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  23. bittyboy

    “Unfortunately?” How dour and asymmetric… sounds pretty darn fortunate if you’re trying to sell a place!

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  24. corndogs

    RE: Ron @ 19 – Wow Ron, sounds like you must be the Democrat brain trust… Is your mind really so simple as to think that the entire effect of government policies on the economy are determined by the party of the President of the United States during the time he is in office? Why not pick the controlling parties of the House and Senate?… if you do that you’ll find that the Republicans presided over the boom of the 90s and Nancy Pelosi and Harry Reid have presided over this recession that started when they took control of the House and Senate… think a little harder Ronnie!

    If you want to see the end game of a society run by Democrats, take a look at where California is headed look at Illinois, drill down to city level check out Detroit…. promising people everything they want and offering universal healthcare and huge retirement packages is great until the private sector can no longer support the whole mess and the plug gets pulled.

    How do you explain Chicago and Detroit Ronnie? Was it GWs fault?…

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  25. corndogs

    RE: patient @ 17 – “It’s at least a good show just as it was the last time.”

    What’s a good show is tuning in here to watch the angst of those who zigged when they should have zagged…. See you in 8 years…

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  26. S-Crow

    RE: Ira Sacharoff @ 7 – Ira~ “a lot of real estate agents “purchased” their own B.S during the go go days.” – I had to hit the red thumbs down on that. Blasphemy. 10 yard penalty on that with a possible ejection if you say that again. You can’t have all “green” on your comments (ie, that’s like all green lights on a Christmas Tree; need some red too.)

    PS. I’ve got four inches of snow on my deck this morning. nuts! I think my son’s Baseball game just might be cancelled today. Still snowing hard out in Snohomish area..

    =)

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  27. patient

    RE: Corndogs @ 25
    If watching people in agony is what floats our boat I’m sure you will have much to keep you laughing. There something for e erroneous in this show.

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  28. doug

    RE: Dweezil @ 1
    I have a hard time believing San Francisco or anywhere in California should be more valuable than Seattle. That was then this is now. Seattle is the greatest city in the country and the most beautiful. But real estate really is and always has been about location location location anyone who bought in marysville auburn etc. did not read the real estate guide. The mass exodus arrives daily here and I would expect Seattle real estate to go off the charts this spring.

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  29. Macro Investor

    By whatsmyname @ 22:

    By patient @ 20:

    We are currently just moving from one artificial, unbalanced, unhealthy and unsustainable state to another.

    I believe that you have just summed up the history of human civilization.
    Kudos’. I will plan to quote you.

    A classic quote and perfect reply.

    Most people stampeding to buy now are destroying their financial futures. It’s the end of a 100 year bubble in credit. There’s no point in agonizing over that or arguing with people who are willfully in denial of what’s obviously happening. In 10 or 20 years they’ll look around and notice their neighborhoods have declined, along with their home values.

    I myself came here 25 years ago. I see very few neighborhoods that are as nice as they were then. Instead, there are massive traffic jams, broken infrastructure and nice areas being taken over by poor areas. I find myself searching for the next “emerald” city. This one has had it. That’s also the history of civilization — we move into a new, nice place… use it up and turn it into a junk yard.

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  30. Macro Investor

    By SG @ 4:

    Hey @Tim, @SWE, I am growing tired of SWE and a couple of other claiming about this mythical shadow inventory that the banks are holding on to only to unleash them upon us when we are least expecting them to.

    If you think that’s mythical, then you can certainly do your own research, instead of crying for Tim to do it for you. Go to foreclosure radar. Count the shadow inventory and compare it to listings on redfin. I’ll admit it’s been a few months, but last time I did that there were 3 shadow homes for each listed home. 300%.

    If you’re too lazy to verify it yourself, lay off anyone making claims that interfere with your real estate sales commissions.

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  31. David Losh

    By Macro Investor @ 29:

    By whatsmyname @ 22:
    By patient @ 20:

    We are currently just moving from one artificial, unbalanced, unhealthy and unsustainable state to another.

    I believe that you have just summed up the history of human civilization.
    Kudos’. I will plan to quote you.

    A classic quote and perfect reply.

    Most people stampeding to buy now are destroying their financial futures. It’s the end of a 100 year bubble in credit. There’s no point in agonizing over that or arguing with people who are willfully in denial of what’s obviously happening. In 10 or 20 years they’ll look around and notice their neighborhoods have declined, along with their home values.

    I think most people ignore the credit bubble, and how much they are pushed into credit purchases, like now, with housing. It’s still debt. You may off set that debt with an inflated home price, but money is cash, and equity. I depends on what you get in return for all the interest you pay.

    Neighborhoods are in decline for the amount of work properties need. I see more, and more ratty houses with few people spending the money to maintain them. There is of course always that rush to “fix” a place up before you sell, but then it sits.

    The game is what it is, but I would have thought more people would be wiser after a global economic collapse, and not be rushing into a market place that is so massively manipulated by credit.

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  32. Captain Kirk

    We live in Sammamish and look at new construction and go to open houses for fun, and I don’t think you can call what’s happening today anything other than a frenzied aftershock bubble. How long it will last depends on supply and interest rates. Multiple realtors have estimated our home will sell for 100k more than it’s actually appraised at, and all offers now void reneging on appraisal value. It’s absolutely nuts!

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  33. Howard

    By Captain Kirk @ 32:

    We live in Sammamish and look at new construction and go to open houses for fun, and I don’t think you can call what’s happening today anything other than a frenzied aftershock bubble. How long it will last depends on supply and interest rates. Multiple realtors have estimated our home will sell for 100k more than it’s actually appraised at, and all offers now void reneging on appraisal value. It’s absolutely nuts!

    I am no expert, but an appraisal clause is worthless. If the buyer can’t obtain financing because the property doesn’t appraise, what is the point? Unless the 10% down buyer can come up with the 10% over appraised value….

    We haven’t gone and looked in weeks. Too discouraging to get in line at showings with the other 10 buyers the night the house goes on the market. I should turn off my Redfin notifications as well.

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  34. whatsmyname

    By Howard @ 33:

    I am no expert, but an appraisal clause is worthless. If the buyer can’t obtain financing because the property doesn’t appraise, what is the point?

    The point is that the appraisal clause is not worthless to the seller. He knows that either you can fund the difference and close at the agreed price, or that when he puts it back on the market your earnest money will be in his bank account.

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  35. JW

    By whatsmyname @ 34:

    By Howard @ 33:
    I am no expert, but an appraisal clause is worthless. If the buyer can’t obtain financing because the property doesn’t appraise, what is the point?

    The point is that the appraisal clause is not worthless to the seller. He knows that either you can fund the difference and close at the agreed price, or that when he puts it back on the market your earnest money will be in his bank account.

    This is crazy. Just thinking of some of the SF bay area places going for ridiculous amounts over asking price. Course, a lot of those folks are all cash or bringing a lot of equity to the table. I’m no expert either… I hope all the tech jobs don’t turn us into a bay area RE market.

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  36. ARDELL

    RE: Howard @ 33

    The variance is more likely around 5%. Generally what happens is the 25% down buyer would end up as 20% down. The 20% down buyer would end up as 15% down. The 10% down buyer would have to qualify at 5% down…or come up with the cash difference.

    The seller is simply saying that you can put $100,000 down on the $500,000 purchase, but the seller is not guaranteeing that the remaining $400,000 will be considered as 80% LTV by your lender. The seller has no say in which lender you use. If your lender says the house is worth $475,000 (5% less than sold price) and you agreed with the seller to pay $500,000, then the lender may still give you $400,000 to complete the sale with your $100,000.

    It’s not necessarily a case where you no longer qualify to get $400,000 from the lender because the lender calls it $475k vs $500k. That $400k loan is now 84% of value and your $100k is 16% of value. You may in fact qualify for an 84% LTV loan from the same lender. You will simply have to pay PMI on the 4% lent that is over the 80% LTV, or come up with the cash difference. Your choice and between you and your lender.

    When you think about it, given the seller does not choose the lender, why should the seller guarantee what your lender will call your $100,000 down?

    This is why in multiple offers 30% down trumps 20% down and most all offers trump a VA financed buyer. The ability to remove the must appraise clause is a way for a minimum down buyer with some extra cash to compete with cash offers or substantial downpayment offers.

    The seller does not want a 2nd round of price negotiation after appraisal if he had 3 or more offers the first week on market. Removing the must appraise clause is one of the only ways for a lower down payment buyer to compete with cash or substantially cash offers. It was an answer to the frustration of financed buyers losing out to cash buyers.

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  37. David Losh

    RE: ARDELL @ 36RE: whatsmyname @ 34

    The buyer can’t agree to something in a Brokerage agreement that isn’t defined, like the amount of money they would need to bring to closing. You can’t have an open-ended agreement, and call it enforceable.

    I understand the mechanism, and it will be a way to get sellers off the fence, but the buyer’s agent is open to some risk in this strategy.

    Look it, it was one thing to waive an inspection, then it was the escalator clause, and now it’s waiving the appraised value. How far will Real Estate Brokerages go before the buying, and selling process is a complete joke?

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  38. Plymster

    RE: David Losh @ 37 – That’s the best use of the exclamatory “Look it” that I’ve seen in some time.

    And I agree. Why even bother to involve RE “Professionals” if they’re just going to chronically shove their clients into dangerous financial situations.

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  39. Brittany

    So it would seem like the wisest move at this point would be to give up my rental, put my stuff in storage and find a nice house to squat in, right? Then my monthly rent would only be the cost of the storage unit. Well, that and my nice REI camping gear for inside the house I choose…

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  40. whatsmyname

    By David Losh @ 37:

    RE: ARDELL @ 36RE: whatsmyname @ 34

    The buyer can’t agree to something in a Brokerage agreement that isn’t defined, like the amount of money they would need to bring to closing. You can’t have an open-ended agreement, and call it enforceable.

    This is not an open ended contract. The amount of money that the buyer needs to bring to closing is the agreed upon price plus necessary closing costs. How they get that money to the table is their responsibility.

    The point of an appraisal contingency is to protect the buyer’s earnest money if they can’t OR don’t want to close, based on the appraisal. In some transactions with strong competition, if they want the house, they may need to decide up front whether they can and want to pay $X regardless of the appraisal. They should be very well informed of what they can generate relative to the possible range of appraised values – which is their responsibility. They should know what is at risk if they fail.

    I don’t have cause to think a lot about agency issues, but you are right. There is potential risk to anyone representing such a buyer. That person should be very sure that they have made understood the transaction risks, and that they are comfortable with the buyer’s abilities in this area before recommending such an action.

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  41. David Losh

    RE: whatsmyname @ 40

    I’ve had this discussion about contracts pertaining to a Listing Agreement, coupled with a Purchase and Sate Agreement. What Real Estate agents do is fill out boiler plate Agreements that are mostly there to protect the Brokerage.

    These Agreements may constitute a contract, but in many cases, like this, the contract is meant to be broken.

    To be more clear, an agent can say anything to a buyer to get them to sign. It’s the same for the listing agent, who might think this is a good idea.

    In my opinion the buyer, and seller are an after thought to getting more sales commissions on the table.

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  42. ARDELL

    One of the problems with the “must appraise” clause is that the appraisal is there to protect the buyer’s lender, not the buyer or the seller. Consequently the credentials of the buyer come into play, as the lender orders the appraisal and gives the appraiser instructions for each appraisal ordered.

    If the buyer is putting 50% down the instructions might be quite different than if the buyer is putting 5% down. In fact when I started in real estate I advised all of my clients to proceed at 5% down until after the appraisal was in, and then change the loan to 20% down prior to closing. This way they received a stricter and more accurate appraisal. It is one of the only ways for the buyer to get adequate protection from an appraisal, given the appraisal is to protect the lender, if and as needed, and not the buyer at all.

    But the situation of multiple offers and a rapidly rising market is quite different. The only real protection for a buyer in that scenario is to stay on the sidelines.

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  43. Howard

    By ARDELL @ 42:

    But the situation of multiple offers and a rapidly rising market is quite different. The only real protection for a buyer in that scenario is to stay on the sidelines.

    Our agent finally conceded it was best to get the popcorn and watch for a while. Is that what you are recommending to your clients?

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  44. corndogs

    RE: Macro Investor @ 30 – “…..last time I did that there were 3 shadow homes for each listed home. 300%. If you’re too lazy to verify it yourself, lay off anyone making claims that interfere with your real estate sales commissions.”

    What’s the significance of 300% mush brain?… Is it just a number large enough to make your a$$ pucker… what are you trying to prove?… If the the listed homes are at 1 month of inventory… and the shadow inventory is 3X that and all if it came to market in one day, we’d have 4 months of inventory which is still a sellers market…. He may be lazy but you’re dumb… what’s worse?

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  45. corndogs

    RE: Howard @ 43 – Howard, you need to quit pretending you are a Lake Washington area home owner and start looking for homes in Kent, waiting around isn’t gonna help, if you keep waiting around you’re going to end up living in Algona.

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  46. corndogs

    RE: David Losh @ 41 – “To be more clear” Don’t use this phrase ever….. for any reason!

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  47. Howard

    By Corndogs @ 45:

    RE: Howard @ 43 – Howard, you need to quit pretending you are a Lake Washington area home owner and start looking for homes in Kent, waiting around isn’t gonna help, if you keep waiting around you’re going to end up living in Algona.

    Why do you have at act like a school yard bully.

    STFU.

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  48. David Losh

    RE: Corndogs @ 46RE: Corndogs @ 44

    You should attempt to be clear, some time, any time, because you aren’t making any sense.

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  49. Mike

    50% of the houses also aren’t going pending in 2 weeks or less. Many of these homes have correctable problems and still sit on the market without multiple offers. Investors don’t want them because they can’t rent for a margin, flippers don’t want them because the profit isn’t high enough, 75% of owner occupiers don’t want them because they’re not turn key.

    These are the houses today’s buyers should look at if they don’t want to get stuck in a bidding war and pay top dollar.

    That said, if the problem is with the location, that is not fixable. Even in today’s market you’ll find not so perfect houses in good neighborhoods on a quiet street sitting because they’re a bit ugly or outdated.

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  50. eric

    Shadow Inventory On The Rise After 2012 Foreclosure Legislation
    http://www.mortgagenewsdaily.com/03282013_realty_trac_foreclosures.asp

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