Comments on: Video Explaining Condo Bulk Buy

By: Name

Name — Fri, 23 Oct 2009 08:48:34 +0000

Removing blatant personal attack. – Matt

By: Name

Name — Fri, 23 Oct 2009 01:48:34 +0000

Removing blatant personal attack. – Matt

By: realistx

realistx — Wed, 21 Oct 2009 15:19:38 +0000

Yes, this needs to go on YouTube, so the masses can be amused.

Smoke and mirrors, baby, smoke and mirrors!

By: bytes

bytes — Wed, 21 Oct 2009 14:24:47 +0000

30 seconds research would show you that Seattle is #1 in troubled construction loans. Why should consumers risk their financial security by playing russian roulette with a condo purchase in such a risky environment? There is no transparency on the true condition of any of these developers, but there is plenty of anecdotal evidence showing Schnitzer, Olive 8, Escala etc are in trouble, not to mention dozens of smaller developments. It's certainly not my job to help bail out banks and developers in this disaster.

I have to agree with Names post. I find this Realogics character to be on the same level as a purveyoy of perfect pre-owned personal pedomobiles, and his confusing bulk buy schtick is as believable as the “rust protection” the car yard insists I really need to buy for my new truck.

By: Ashley

Ashley — Tue, 20 Oct 2009 03:46:22 +0000

I disagree with your comment that everyone should wait and not buy in a project until it's 50% sold and let the developers go bankrupt. You imply that the bank will take over the property and sell at 50% less. This is where you're wrong in our current environment. I work in banking and banks are now working with existing commercial real estate loans on condos, office buildings, apartments, retail, etc to extend and restructure their loans as the banks know that we cannot do anything better with the properties in this market than the developer can. In this instance the asset manager at the bank will work with the developer to devise a plan to sell/lease the inventory in a way to maximize revenue even if its at a loss.

By not purchasing, the banks will become even more challenged as it will further depress the market and intimidate asset managers even further preventing more properties from going back to the banks as they would rather restructure the notes and create an alternative leaving it up to the real estate professionals that make their living building and managing real estate assets. There is no easy answer to the current market and commercial note disaster that banks are currently averting by restructuring and extending commercial notes.

My advice is for buyers to find a property they like, research the market and offer a fair price based on that research. If the seller does not accept the offer and logic you've provided move on and do it again. Eventually you'll find a wiling seller that is finding the market.

By: The MD

The MD — Tue, 20 Oct 2009 00:56:38 +0000

ROFLMMFAO!!!!!!!!! Probably one of the most funny things I've seen in months (I literally have tears in my eyes I'm laughing so hard). This video is going viral, baby! HILARIOUS! What an unbelievable banquet of bull sh*t! I've seen more inviting sales pitches from the crack whores down at 3rd and Bell.

By: EconE

EconE — Tue, 20 Oct 2009 00:08:15 +0000

Kinda reminds me of this...

http://www.youtube.com/watch?v=iQNdi-fRExc

By: Name

Name — Mon, 19 Oct 2009 21:47:49 +0000

Isn't this the guy that was telling everyone at the peak of the market things like “BUY NOW! This is a GREAT time to buy!” or “Our market is undervalued!” Oh yes! It is him! That would be Sam Cunningham! This is the same man that also denounced the notion of a significant real estate downturn, dispelling statistical facts and data and that were being presented within our own market during the time of the downturn, saying people were crazy to believe there would be market adjustments upward of 20%. Oh, wait! We're NOW seeing 35% discounts on MANY properties he has represented or is still representing.

Well, times have obviously changed, and the market has proven him wrong (remember, isn't he supposed to be the “expert?”) But, you sure don't see him admitting his previous short comings, errrrrr marketing B.S., do you? So, now that developers he represents cannot afford the carrying costs any longer on these places, this means many are facing the doom of bankruptcy. Which, in turn, means ol' Sam isn't going to get his pay day/commission for these developments.

Buyers, beware! Every time he makes the comment, “savings to the buyer,” please understand this means this is the actual value of the unit. You aren't saving a dime. This is the new market, and these are the actual values of what the homes are. A home is worth what someone is willing to pay – nothing more, nothing less. So, whatever you end up paying in this BBB B.S., please understand you have absolutely no instant equity as the term “savings” would imply. My advise to anyone looking to buy in a condominium complex that is less than 50% sold – WAIT! Do not buy a thing. Let the developers go bankrupt and then buy the condos for 50% of what they're going for today.

Notice the way he can't look even the camera in the eye. His ending line should have been, “And remember, with condo bulk buy, the more we sell, the more you save….. our asses from being handed to us by the banks.”

By: Name

Name — Mon, 19 Oct 2009 16:01:46 +0000

Reference MLS Rule 2 and lodge a complaint with the mls. Unless they disclose other conditions like subject to leinholder approval. If a person offers full price for a listed home with no contingencies (no finance, inspection, ect) a commission is due and payable to the agent.

By: Name

Name — Mon, 19 Oct 2009 15:57:00 +0000

I know of a project that diligently sought FHA financing. Only to be rejected after 8 weeks. I’m told the FHA approval process will take between 8 – 10 weeks after submittal. They are simply backed up and won’t expedite any project approval application.

Sounds like you’re going through a similar procedure as a short sale.