Monday Open Thread (2012-10-15)

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Here is your open thread for Monday October 15th, 2012. You may post random links and off-topic discussions here. Also, if you have an idea or a topic you’d like to see covered in an article, please make it known.

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About 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. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.

8 comments:

  1. 1
    softwarengineer says:

    Is Filling Up the Car With $4.13/gal Gas and Paying the Monthly 4G/5G App Phone Bill Negatively Impacting Real Estate Sales in the Seattle Area?

    http://seattletimes.com/html/localnews/2019437605_apwagasprices.html?syndication=rss

  2. 2

    RE: softwarengineer @ 1 – I’ve commented before that I think spending on cell phone/internet/cable bills is adversely affecting employment. With the exception of building infrastructure, those things don’t require that many jobs.

  3. 3
    Howard says:

    Biggest short sale I have seen on Redfin..

    http://www.redfin.com/WA/Kirkland/10428-NE-43rd-St-98033/home/460109

    Aug 26, 2002
    Sold (Public Records)
    $1,812,950

    Oct 15, 2012
    Listed (Active)
    $1,250,000

    -$562.950

    Down 31% from its 1992 price.. Imagine if it was bought in 2006?

  4. 4
    Pegasus says:

    Inflation fighters unite….Social Security Cola will be a 1.7 percent increase or about $21.00/ month per retired worker. That should run the prices of homes up!

  5. 5
    ChrisM says:

    RE: Howard @ 3 – That would be a fun data mining exercise – in various markets, what is the largest (both absolute and percentage) reduction in sales price pre vs post foreclosure or sale vs. short sale. Rephrased: what bank(s) took the biggest bath where?

    Asking price can be all over the board…

  6. 6
    Fumagatos says:

    Weird question. I’m set to close on a house on Oct 31. It’s a short sale and the sellers are getting $30k from Chase. The loan forgiveness letter forbids any sort of rent back agreement. The seller is now claiming they can’t find a place to move to. I say tough, but how do I ensure that they are gone by closing? I mean, is there some mechanism in place that keeps the sellers of a house from becoming squatters?

  7. 7
    Pegasus says:

    RE: Fumagatos @ 6 – If they have a car they have a place to stay and if they are being given $30,000 to move they can’t claim poverty. Ya wahnts fer Lefty P ta talks ats dem?

  8. 8

    By Fumagatos @ 6:

    Weird question. I’m set to close on a house on Oct 31. It’s a short sale and the sellers are getting $30k from Chase. The loan forgiveness letter forbids any sort of rent back agreement. The seller is now claiming they can’t find a place to move to. I say tough, but how do I ensure that they are gone by closing? I mean, is there some mechanism in place that keeps the sellers of a house from becoming squatters?

    First, this is a legal question, and you’re asking it on the Internet. You really should be consulting an attorney who you hire, who will then review your documents.

    What you’re talking about is the “Arm’s Length” notice document. I wrote a blog piece on that some time ago explaining how agents are not qualified to give legal advice.

    http://www.trulia.com/blog/kary_l_krismer/2011/01/real_estate_agents_are_not_licensed_to_practice_law–part_iii_arm_s_length_transaction_notices

    If you read that you will see what they want to do might not be prohibited at this point, but you would need to hire an attorney to determine that, and also advise you of the risks of renting to them at this point in time. Also consider that if your loan was an owner-occupied loan, you might have issues there. But it sounds like you want them to leave, so perhaps none of that is an issue.

    But to answer your question about what keeps them from staying, if they stay you’ll have to do an unlawful detainer action against them. A real estate attorney could also advise you about that. With hindsight you could have put in a clause saying they would move out a day before closing, but that would be a highly unusual clause. I’ve never seen such a clause in the context of a short sale.

    I do have to ask though, if they’re getting $30,000 why can’t they find a place to live?

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