January 30, 2007

HousingPANIC Homework Assignment - DUE TOMORROW!!!


1) In your local REIC-supported newspaper, pick out any new home or condo development advertisement

2) Give them a call, tell them you're relocating and must buy this week

3) Ask them if they'd consider a bid 30% below the asking price if you come down and buy today (go 50% if you got balls)

4) Quietly wait their response

5) Report back on your findings with details

Enjoy!!!!

23 comments:

striker said...

My dog ate my homework, sorry qweefy.

Anonymous said...

I just let the realtwhore fellate me. I gave her my fake business card that says I work for a hedge fund and tell her I'll call.

Works every time.

Don't bother low-balling them, just "ball 'em!"

Anonymous said...

I savor the experience.

Anonymous said...

Off topic, but I just had to point you to this before it goes offline. On tonight's broadcast of Yhe National ( http://www.cbc.ca/video/index.html# - click on "the national") which is the biggest TV news in Canada. If you skip ahead to around 55 minutes in, during the final comercial break, there's a comercial where a man is eating a meal in a restaurant, and the price listed on the sign keeps increasing as he's eating. JUST LIKE THE APOCRPHAL STORY ABOUY CUPS OF COFFEE IN WEIMER GERMANY. There's even a closeup on a coffee pot. Then, the next ad is for ATM equity-cash-out mortgages. From $20,000 to $500,000!

God help us. God help us all.

(note- the link will die at 11:30PM ET on WED when the new version of the national posts, so if you're going to post it, I'd do it early in the day. I'd grab a copy of it, but I don't know how to copy video from a streaming source. Maybe you have a geek who can figure it out. Cheers mate, your round.)

Anonymous said...

Better yet let's start prank calling

GrandInquisitor said...

Last weekend I started my search for a home. There are some real POS houses out there. The realtor I worked with was very open and honest. I've been asking her to email me listings for more than a year and never once has she been anything but nice. Never once has she pressured me. She knows my situation and how much I believe we are in a bubble. She doesn't disagree.

We looked at some homes and she suggessted offering 15% below asking price. She was very honest in pointing out homes that were way overpriced. She said the winter was brutally slow and that foreclosures are going through the roof. She said there are a lot of new listings coming on the market already....no doubt people looking to get out. I know of two people where I work who are in over their heads and are desperate to get out. They still believe they will make a profit. Meanwhile, sale prices are already where they were in 2005, and I think we'll see 2003 prices by the end of spring.

I think we are moving towards the end of the denial phase.

Anonymous said...

I called last week, and did JUST THAT!! When I mention 35% below asking, the realtclerk hung up on me. Boy was she ANGRY!

HAR HAR HAR!

Anonymous said...

KEIF,

Are you 16 years old? This sounds like the kind of prank a high schooler would pull.

Anonymous said...

man, realtors have no sense of humor!!!

David in JAX said...

OK, I did this today because I was out of town until late last night. Here is what I did.
1. Called a homebuilder that I know has existing inventory. I found out that asking price is between $300-500k in this subdivision.
2. Talked to a clerk and told her I just moved in from Texas because of an unexpected job transfer, that I’m living month to month in an apartment, that I haven’t sold my old house, that I can afford $200k because I will be making two payments, and that I’m going to buy a home this weekend.
3. I asked her if I could get an existing inventory home for $200k.
4. She said that we could definitely work something out and that I should set up an appointment to come out today.
5. I told her that I’m talking to a couple of homebuilders and that I would get back to her if I’m interested.

Unfortunately, I’m expecting her to call back this evening.

***Warning*** If you do this homework assignment you may get harassed by a real estate clerk. We had this same homework assignment over the summer. At that time I called a clerk and talked to them about getting a home for 50% off asking. I went out and looked at the home that weekend with the clerk and said I didn’t want it because it wasn’t worth 50% off (which it wasn’t). I posted a picture of the specific home and talked about what happened on this blog. Well, that clerk then called me on my cell about 50 times over the next two months. I'm expecting this clerk to do the same thing.

Anonymous said...

Great Idea. I think I will do a similar thing at the place of employment of the renters here. I'll walk into McDonald's and see if I can buy a Big Mac for 30% off asking price.

I'll post my report later today.

Anonymous said...

"Great Idea. I think I will do a similar thing at the place of employment of the renters here. I'll walk into McDonald's and see if I can buy a Big Mac for 30% off asking price.

I'll post my report later today. "

Sounds like a bitter home debtor!
HAHAHAH ROFL.

Anonymous said...

No go on 50% off but yes on a BJ

Anonymous said...

Because we all know the price of Big Macs has gone up 80% over the past 5 years.

Matter of fact to stay competitive i believe all of these fast food companies have created a "dollar" menu of sorts.

Maybe you real estate clerks can do the same, Pennies on the dollar menu.

You should be able to get tons of experince while working with those "renters" in a few months.

Anonymous said...

I told this realtwhore that I was waiting for prices to come down..here was her response:


I understand your hesitation. But, do you mean waiting to see if prices in
our project are going to go down? Or waiting for the market in general? I
can tell you that regardless of what the market does, prices won't go down
in ...... Castle & Cooke will not lower prices since they continue to
accrue costs and it is just not the history of their projects to do so.
However, the interest rates are going up, and to help with that, the
developer is offering a 2/1 Buy Down program. We can get you in to a 2 bd
townhome (priced at $340,000) at 2 percent below the first year and 1
percent below the second year. The third year and remainder of your loan,
the rate will go to what you lock in at today. Along with the tax savings
of home ownership, it really helps people get in the door and ease into
their payments. You might want to consider it, it is a huge cash savings.

Anonymous said...

Just as I suspected. Regular renters here are unemployed welfare receiving scum that have time to email developments.

Oh well everyone needs a hobby I suppose.

Anonymous said...

Q: Why don't ramen eating realtors have a sense of humor?

A: Because they're hungry

Out at the peak said...

The reactions are not surprising. Either they will reject you outright or try a long winded response that uses some financing trick to "get your foot in the door" without actually lowering the price.

Same thing happened to me in December.

Out at the peak said...

The reactions are not surprising. Either they will reject you outright or try a long winded response that uses some financing trick to "get your foot in the door" without actually lowering the price.

Same thing happened to me in December.

Anonymous said...

'Great Idea. I think I will do a similar thing at the place of employment of the renters here. I'll walk into McDonald's and see if I can buy a Big Mac for 30% off asking price.'

Hey, good idea. If you happen to spot 900,000 extra big macs under the heat lamp with another 50 added every five minutes and only three customers in line and Big Macs have gone from $3 to $10 in the past few years while the competition (renting) is still $3, then offer 50% off and go for that big mac! You deserve it!

Anonymous said...

I've been doing this 1/2 seriously in Chicago through ou the summer. The clerk's play is to get your cell number. All I want is a price, and they act like the computer is on the other side of the office...

Anonymous said...

Anonymous said...
Great Idea. I think I will do a similar thing at the place of employment of the renters here. I'll walk into McDonald's and see if I can buy a Big Mac for 30% off asking price.

I'll post my report later today.

Wednesday, January 31, 2007 5:52:45 PM

-----------------

You must be confused. It's FB homedebtors like you that are moonlighting at the Golden Arches to pay the suicide mortgage on their McMansion. The renters have the free time to check on the falling asking prices, and the (falling even faster) sales prices. It's free entertainment. As they say, some of the best things are free.

Anonymous said...

Anonymous said...
I told this realtwhore that I was waiting for prices to come down..here was her response:


I understand your hesitation. But, do you mean waiting to see if prices in
our project are going to go down? Or waiting for the market in general? I
can tell you that regardless of what the market does, prices won't go down
in ...... Castle & Cooke will not lower prices since they continue to
accrue costs and it is just not the history of their projects to do so.
However, the interest rates are going up, and to help with that, the
developer is offering a 2/1 Buy Down program. We can get you in to a 2 bd
townhome (priced at $340,000) at 2 percent below the first year and 1
percent below the second year. The third year and remainder of your loan,
the rate will go to what you lock in at today. Along with the tax savings
of home ownership, it really helps people get in the door and ease into
their payments. You might want to consider it, it is a huge cash savings.

Wednesday, January 31, 2007 8:29:30 PM

---------------------

Funny stuff with the subsidized teaser rate for the first couple of years. I guess they figure (mostly correctly) that sheeple are unable to think too far ahead. That "third year" must seem like an eternity away to the average "Idiocracy" homo idioticus.