Foreclosure in Ruidoso>Question Details

Stephen Haley, Home Buyer in Ruidoso, NM

Am looking to buy a home in the Ruidoso area of NM. Am a cash buyer and looking at short sales. Seems like the banks historically take months?

Asked by Stephen Haley, Ruidoso, NM Wed Aug 10, 2011

I'm wondering if I make an offer that is realistic to what has sold in the area I am looking in and stipulate a 14 day answer, yes or no, would I be hurting myself?
Remember, I'm not trying to low ball someone, I would take the sqft price of homes that have actually sold and that are comparable to the home(s) I'm looking to make an offer on and just let the crumbs fall where they may?

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I guess you are not a lake fisherman Mr. Haley. I don't understand the concept of not waiting. It does not cost you any money to wait and if you have other pressing investments then you can always have your agent call the listing agent and cancel the contract if it has not already expired.
For a good list of REO properties go to http://www.Homepath.com (Fannie Mae), http://www.Homesteps.com (Freddie Mac), http://www.HUDHomestore.com (HUD). There are a few other sites but if you do not have the time to hunt then I know some agents that deal in distressed properties that will make the ownership of Ruidoso real estate easy and enjoyable.
Kind regards,
Arthur
1 vote Thank Flag Link Thu Aug 11, 2011
One point I forgot to mention is that there has been @ 100 homes sold in Ruidoso for the first 6 months of the year I believe. Now I could be wrong but that's what the system shows.
This breaks down to less than 4 homes a week for 26 weeks and there are about 3 to 4 dozen listed real estate agents/agencies in the Ruidoso zip code area.
So less than 4 homes a week for 36 to 48 real estate agents to share over 6 months is a pretty slim market in my opinion. But I'm not a realtor nor do I have any inside information regarding sales or the number of agents in the Ruidoso zip code area other than what one can find on the internet.

Just another reason why I feel the market is really soft/bad/buyers market.

Maybe people will just hold on to their properties till the market returns to the 2004-2007 glory days in 3 to 5 years, if it even recovers by then. I for one feel we are in a very deep recession that will only get worse as congress continues to destroy the middle class and grow the profits of corporate America and the powerful that actually run this old country. But then again that's only my opinion. I'm a simple guy.

Off my soap box, sorry for the rambling.

Stephen
0 votes Thank Flag Link Thu Aug 11, 2011
Oh and Tom,
The asking prices I have seen are not market prices. They are asking prices and the people just don't realize how far out of the market they are.
They can ask $165 per square foot but I can guarantee the vast majority of homes that actually sell will be much less than the asking price.
This is the predicament I'm in. I can make a good "market worthy" price based on today's real markets and the millions of homes sitting for sale or coming into the foreclosure/short sale ranks. But the sellers still have that old monkey on their back that tells them their home is worth "X" dollars, or it's worth more now than it was 5 years ago; and, in both instances, due to the economic situation and the "market" they are wrong.
Now I'm all for feeling sorry for someone upside down in a home but I'm not interested in bailing them out. They should have made better decisions, or had better luck, or ???????

So it's a catch 22. They think it's worth their asking price, but the market (in this case is the buyer) says it's worth a different price. Just hard to get the sellers to move to market levels when they are upside down, nearing foreclosure, and so on. Tough times for sellers it seems.

Stephen
0 votes Thank Flag Link Thu Aug 11, 2011
Tom.
I have looked mostly at conventional listings. There was one that just stood out as a strong possibility and I have never been involved with repos or short sales so I tossed my question in and was hoping to learn. It seems that banks have no more incentive to move a property than someone doesn't have to sell.
I will no doubt end up buying a conventional listing since I'm not much for dealing with people or institutions that just can't make up their mind in a reasonable amount of time. I don't have to move, don't have to sell my home in Red River, don't have to even think about it; but I believe in the long run that being in a better winter climate than my current 9000 ft plus location will make good sense as I get older. I'm 60 now, been retired since I was 53 and it's just not as much fun now trying to wade through 4 feet of snow from my cabin to my suv. I got old fast!lol Not interested in building another home at this time in life.
You folks have a great amount of information and it is really appreciated.
I'll keep looking and when I find something I'll call on one of you to help out in the transaction.
Stephen
0 votes Thank Flag Link Thu Aug 11, 2011
If you're impatient and willing to pay market price anyway, why not just skip short sales and purchase a conventional listing?
0 votes Thank Flag Link Thu Aug 11, 2011
I can pull up comps for you to show you what comparable houses are going for. If you make an offer, you would normally give them at least 24 hours to answer or counter. Then you can probably close within 2 weeks since it's a cash deal. Sooner if you push it. The title companies can usually get the work done fast and if you want a home inspection, an inspector can usually due the job within 3 days. Allyson Mansfield Assist2Sell
0 votes Thank Flag Link Thu Aug 11, 2011
If you are short sale fishing I would treat it like trolling. While the bank is getting their ducks in a row, I suggest that you test the waters on some REO properties. If one of those turn out to be a bargain then reel in all lines with a call to the other agents, making a courtesy call to agents who you might have offers out to and cancel any contracts (that have likely expired anyway). It is a good idea to have an agent organizing this kind of campaign.
Arthur
P.S. Teaming up with a Realtor to represent you is free to the buyer... the seller has already agreed to pay a cooperating broker compensation (in nearly all cases) when he/she brings a buyer that closes a transaction .
0 votes Thank Flag Link Thu Aug 11, 2011
Well I am a more impatient person than most but I have a great deal of flexibility in my decisions. I don't get emotional about a car, home, boat, plane, or other materialistic things. If it's what I'm looking for or if it will work for me then I just do some research and make an offer. If it goes through great, if not, then I feel I need to know as soon as possible so I can move on to another horse to break. I'm a retired builder from Texas and have met with many builders in the Enchanted Circle area of Northern NM and with many in the Ruodoso and Cloudcroft areas and in all seriousness for the sqft prices that some of these 1 bathroom, 2 bedroom, under 900 sq ft homes I can build an absolutely perfect home. New homes are well under the $165 per sqft range in Ruidoso.
I really do appreciate all of the input, I'll keep looking and when I find a useful property I'll make an offer on it and it does not have to be a short sale I was just wondering what if any requirements I could place on my bid.
Thanks to all of you, I'll check back if and when new info hits the site.
Stephen
0 votes Thank Flag Link Thu Aug 11, 2011
Ruidoso and Alto do not normally have many foreclosures or short sales, but in the last couple of months we have had a small surge of froreclosures. There are some deals to be made, but not like you would find in larger communities. I am aware of two homes in the Alto Lakes Golf and Country Club that are being offered at $100 a square foot or less when normally prices range from $150 to $180 a foot. There are some buys.....
0 votes Thank Flag Link Thu Aug 11, 2011
Don't have the interest or time to wait around for suits to make a decision as to whether or not to sell a property.
Am a cash buyer, do not have any interest in a moho or other non-standard site built property.
I'm 60, retired when I was 53 and have been enjoying my time in Red River but the winters are too much to exist up in the mountains all winter. Therefore I go back to my home in Arlington, TX from Dec thru March at the very minimum.
I have traveled for years in my Motor Home and Ruidoso has much easier winters and the summers are not that bad. Or at least not as bad as Big D.
So I am one of those people that when they look for something, they find it, make an offer and if it goes through, great. If not, I need to press on to the next opportunity. That's all.
Stephen
0 votes Thank Flag Link Wed Aug 10, 2011
Hi Stephen,
There is really not enough info for an expert to confirm a good chance of getting a response within 14 days. The only situation that I can think of is if the seller has already submitted the required documents to the lender, a negotiatior has been assigned and a list price has been approved.
Is there a particular reason why you need an answer in 14 days?
There is a 1999 manufactured house in Capitan that sits on close to 2 acres that you could pick up for close to $50,000. Let me know if you would like to preview this house or other REO properties in the area.
0 votes Thank Flag Link Wed Aug 10, 2011
Hi Stephen. I don't think it's probable to get a response that quickly for most short sale listings. Finding a good local Realtor can help immensely and may even save you money, without charging you a commission. Would you like help finding one?
0 votes Thank Flag Link Wed Aug 10, 2011
You would not be hurting yourself, as the note holder does not get emotional in these transactions. As a realtor that has listed and closed many distressed properties over the years, I dont believe you will get a response within 14 days. The process is slow due to the bureaucracy within the banks.

Eddy W Gibson
State Broker , Connect Realty
egibson@usa.net
RuidosoProperties.Com
575-808-1074
0 votes Thank Flag Link Wed Aug 10, 2011
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