San Diego Housing Bubble News and Analysis

Do that and you have to change you name to BraveHart or CrazyCat depending on the place.
good luck

OK how about LionHart ??

Even homes advertised as move in ready can take an enormous amount of work I think you will find, It’s always a lot more than you think that ends up needing fixing.

So maybe TiredCat or WornOutCat

Generally seasoning takes about 6 months for a cashout refi. Check with your lender first as they all have different criteria. Also no I don't see rates running away. That is the only thing keeping the faux economy afloat right now.

One risk is that the whole thing gets flattened in an earthquake in the interim.

Another risk is that the financing you use later will be recourse.

Yet another risk is that someone else jumps out of an airplane to overcome their fears, accidentally lands on your house, srtikes the gas line and the whole place goes up in flames.

Then there's that whole Apophis asteroid Earth impact risk.

You guys are going to paralyze scaredycat w/fear.

what if we're willing to live in a dumpy place and there's no earthquake. im even ok with a recourse loan if it were cheap enough. isn't every place potentially a money pit? really bad cosmetics don't necessariyl mean anything, right? would need to rent a dumpster though. i was thinking of maybe making a lowball offer, just all the money we have, if they take it they take it...

BraveCat !!

worst comes to worst, we barbeque outside, use only the compost toilet and live without heat or a/c. not so bad.

I have seen the City condemn places after an investor type buy's it, they seem to wait until after a sucker closes then they come in and condemn the place and say you either have to tear it down or rebuild a good part of the place, but these are usually very old homes in very bad shape or just very old homes that are not up to code so buyer beware.

It would be nice if they would do this before but they must figure that first you would have to have all cash to buy the place so you would have the resource to fix it, otherwise they get stuck with it.

wouldnt an inspection reveal if it were condemnable

If they were competent, also your realtor should be able to give you some info.

I think the condemn case is very rare, I think it would have to be vacant a number of months before, also I think they give a lot more leeway if the owner/fixer is going to be living there (in RC anyway).

Usually I have see this in the older (were talking 60-70 years or more) neighborhoods close to the city centers. (they just don’t want eye sores in the city).

A couple of points.

If it's in the city of San Diego you can go look up whether there are any open inspection/citations on it. If it's already been looked at towards condemnation - there will be a record of it and you can get that info. The City Engineers office is down on Aero in Kearny Mesa.

(We found out the furnace we had purchased/installed by Sears was never inspected when we went to find out something with the companion unit... The sears installer never called for the inspection, gave us the info to call ourselves, etc... and it flunked inspection because of a door clearance thing... they had to come fix it. Good thing we randomly found out.)

2nd point - all this earthquake, sky divers, etc ... That's what insurance is for. Just because you pay cash doesn't mean you can't purchase an insurance policy with an earthquake rider from the state. If you're worried about this - buy insurance.

I like the plan you have, scaredy! But I'd do some work ahead of time to make sure the city doesn't have outstanding citations.

I like the idea too, scaredy.I like it even if you could never get financing later. You have two things in your favor,offering on stuff that most other people don't want and paying cash. You sound like you are ready for a challenge... buy a terrible fixer. Put your family to work on an on the job training sweat equity project.
The risk is going to get covered by the good deal,free labor, release from rent or mortgage forever and a potential cash flow asset. All this opens up a line of options perhaps not previously considered, and wonderful life experience for all . No doubt about it.

grrr. we were putting our offer together, things only been on the market 3 days, it went contingent. they should wait a little bit, shouldnt they?

If it's a good deal in TV you have about 3 minutes to get your offer in then you have to keep on the agents back to submit immediately so no one gets the chance to out bid you.

JJ but not really.

You can tell the deal may not be that good if you call an hour after it was listed and there are no offers on it yet.

I think what you are seeing in TV anyway is just that TV at the moment is still a little undervalued with respect to the rest of the region around it.

If you want a good deal in TV I think you need to be fairly aggressive at the moment, don't know if and when that will change.

But You can tell people that until you are blue in the face, but people believe what they want.

I actually think that it would be better for the average home buyers (you know the kind that needs to see the place on the weekend and then think about it) if the prices were to go up a bit from here (in TV), it really would not impact there monthly payments that much at this point (I guess it’s just the Idea), and then you would see a lot more present day home owners start to think about selling not just the REO inventory. REO inventory is not real inventory, it’s just highly discounted to move inventory, it’s not the same as real inventory IMO.