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  • August 28, 2008 at 4:53 AM #13678
    garysears
    Participant

    I’m looking for a new place to rent and am concerned about renting a place in danger of foreclosure (or soon to be sold).

    The specific property I am considering today is:
    645 O’Meara Street 92114.

    Can anyone help me out with how to check potential landlord mortgage problems?

    I know that somehow refinance scam companies get this information. I’m assuming it is a paid subscription of some kind. Also, has this property been on the market in the past few years?

    If anyone has general advise for good ways the public can do basic rental due diligence it would be much appreciated. I know some forum topics have likely covered this in depth but it never hurts to refresh the topics or link to them.

    August 28, 2008 at 9:07 AM #262697
    jimklinge
    Participant

    I don’t know of any free websites where you can track mortgage amounts, but if there was one it would show that the owners had refinanced in 2006, with the original balances adding up to $343,000.

    Their payments are probably around $2,000 per month, and taxes are low, only $580 per year.

    They were trying to sell earlier this year, but gave up in April. Final list (wish) price was $360,000.

    August 28, 2008 at 9:07 AM #262998
    jimklinge
    Participant

    I don’t know of any free websites where you can track mortgage amounts, but if there was one it would show that the owners had refinanced in 2006, with the original balances adding up to $343,000.

    Their payments are probably around $2,000 per month, and taxes are low, only $580 per year.

    They were trying to sell earlier this year, but gave up in April. Final list (wish) price was $360,000.

    August 28, 2008 at 9:07 AM #262903
    jimklinge
    Participant

    I don’t know of any free websites where you can track mortgage amounts, but if there was one it would show that the owners had refinanced in 2006, with the original balances adding up to $343,000.

    Their payments are probably around $2,000 per month, and taxes are low, only $580 per year.

    They were trying to sell earlier this year, but gave up in April. Final list (wish) price was $360,000.

    August 28, 2008 at 9:07 AM #262909
    jimklinge
    Participant

    I don’t know of any free websites where you can track mortgage amounts, but if there was one it would show that the owners had refinanced in 2006, with the original balances adding up to $343,000.

    Their payments are probably around $2,000 per month, and taxes are low, only $580 per year.

    They were trying to sell earlier this year, but gave up in April. Final list (wish) price was $360,000.

    August 28, 2008 at 9:07 AM #262961
    jimklinge
    Participant

    I don’t know of any free websites where you can track mortgage amounts, but if there was one it would show that the owners had refinanced in 2006, with the original balances adding up to $343,000.

    Their payments are probably around $2,000 per month, and taxes are low, only $580 per year.

    They were trying to sell earlier this year, but gave up in April. Final list (wish) price was $360,000.

    August 28, 2008 at 10:25 AM #262986
    garysears
    Participant

    Thanks Jim! That is an incredible amount of information in just a few numbers. I don’t know what else the low tax base could imply other than a massive HELOC. It also explains why the asking rent had to be reduced.

    Foreclosure prices in 92114 seem certain to soon be under 200k for similar sized places. It definitely seems like a foreclosure driven zipcode. I would consider buying but I just don’t see prices stabilizing. Every month I don’t buy I know I am saving thousands of dollars.

    I wonder how long the owners here will bleed money before they give up on the market coming back. It is hard to not be tempted to buy when for the same payment with 20 percent down I could have a 15 year fixed loan.

    I just think I’ll have buyer’s remorse if I buy now.

    August 28, 2008 at 10:25 AM #263023
    garysears
    Participant

    Thanks Jim! That is an incredible amount of information in just a few numbers. I don’t know what else the low tax base could imply other than a massive HELOC. It also explains why the asking rent had to be reduced.

    Foreclosure prices in 92114 seem certain to soon be under 200k for similar sized places. It definitely seems like a foreclosure driven zipcode. I would consider buying but I just don’t see prices stabilizing. Every month I don’t buy I know I am saving thousands of dollars.

    I wonder how long the owners here will bleed money before they give up on the market coming back. It is hard to not be tempted to buy when for the same payment with 20 percent down I could have a 15 year fixed loan.

    I just think I’ll have buyer’s remorse if I buy now.

    August 28, 2008 at 10:25 AM #262934
    garysears
    Participant

    Thanks Jim! That is an incredible amount of information in just a few numbers. I don’t know what else the low tax base could imply other than a massive HELOC. It also explains why the asking rent had to be reduced.

    Foreclosure prices in 92114 seem certain to soon be under 200k for similar sized places. It definitely seems like a foreclosure driven zipcode. I would consider buying but I just don’t see prices stabilizing. Every month I don’t buy I know I am saving thousands of dollars.

    I wonder how long the owners here will bleed money before they give up on the market coming back. It is hard to not be tempted to buy when for the same payment with 20 percent down I could have a 15 year fixed loan.

    I just think I’ll have buyer’s remorse if I buy now.

    August 28, 2008 at 10:25 AM #262928
    garysears
    Participant

    Thanks Jim! That is an incredible amount of information in just a few numbers. I don’t know what else the low tax base could imply other than a massive HELOC. It also explains why the asking rent had to be reduced.

    Foreclosure prices in 92114 seem certain to soon be under 200k for similar sized places. It definitely seems like a foreclosure driven zipcode. I would consider buying but I just don’t see prices stabilizing. Every month I don’t buy I know I am saving thousands of dollars.

    I wonder how long the owners here will bleed money before they give up on the market coming back. It is hard to not be tempted to buy when for the same payment with 20 percent down I could have a 15 year fixed loan.

    I just think I’ll have buyer’s remorse if I buy now.

    August 28, 2008 at 10:25 AM #262722
    garysears
    Participant

    Thanks Jim! That is an incredible amount of information in just a few numbers. I don’t know what else the low tax base could imply other than a massive HELOC. It also explains why the asking rent had to be reduced.

    Foreclosure prices in 92114 seem certain to soon be under 200k for similar sized places. It definitely seems like a foreclosure driven zipcode. I would consider buying but I just don’t see prices stabilizing. Every month I don’t buy I know I am saving thousands of dollars.

    I wonder how long the owners here will bleed money before they give up on the market coming back. It is hard to not be tempted to buy when for the same payment with 20 percent down I could have a 15 year fixed loan.

    I just think I’ll have buyer’s remorse if I buy now.

    August 28, 2008 at 9:01 PM #262871
    jimklinge
    Participant

    Be very specific, and very picky about what house you would buy – then if you see the perfect match, at the right price, then you’d have some comfort in knowing you’re not moving for years.

    If you want to examine the future market, look at detached houses in Oceanside today under $200,000. There is such a frenzy to buy them that buyers are compromising like crazy on what they get, just to end the frustration. I’ve talked to plenty of agents who have written dozens of offers for the same buyers, only to get beat out time and time again.

    As prices go lower, the competition increases, which makes the obtaining of the perfect houses just as difficult. Everyone wants to think it’ll be easier if houses were cheaper, but I think it will be harder, because the frustration gnaws away at you – which tends to cause compromise.

    August 28, 2008 at 9:01 PM #263077
    jimklinge
    Participant

    Be very specific, and very picky about what house you would buy – then if you see the perfect match, at the right price, then you’d have some comfort in knowing you’re not moving for years.

    If you want to examine the future market, look at detached houses in Oceanside today under $200,000. There is such a frenzy to buy them that buyers are compromising like crazy on what they get, just to end the frustration. I’ve talked to plenty of agents who have written dozens of offers for the same buyers, only to get beat out time and time again.

    As prices go lower, the competition increases, which makes the obtaining of the perfect houses just as difficult. Everyone wants to think it’ll be easier if houses were cheaper, but I think it will be harder, because the frustration gnaws away at you – which tends to cause compromise.

    August 28, 2008 at 9:01 PM #263083
    jimklinge
    Participant

    Be very specific, and very picky about what house you would buy – then if you see the perfect match, at the right price, then you’d have some comfort in knowing you’re not moving for years.

    If you want to examine the future market, look at detached houses in Oceanside today under $200,000. There is such a frenzy to buy them that buyers are compromising like crazy on what they get, just to end the frustration. I’ve talked to plenty of agents who have written dozens of offers for the same buyers, only to get beat out time and time again.

    As prices go lower, the competition increases, which makes the obtaining of the perfect houses just as difficult. Everyone wants to think it’ll be easier if houses were cheaper, but I think it will be harder, because the frustration gnaws away at you – which tends to cause compromise.

    August 28, 2008 at 9:01 PM #263135
    jimklinge
    Participant

    Be very specific, and very picky about what house you would buy – then if you see the perfect match, at the right price, then you’d have some comfort in knowing you’re not moving for years.

    If you want to examine the future market, look at detached houses in Oceanside today under $200,000. There is such a frenzy to buy them that buyers are compromising like crazy on what they get, just to end the frustration. I’ve talked to plenty of agents who have written dozens of offers for the same buyers, only to get beat out time and time again.

    As prices go lower, the competition increases, which makes the obtaining of the perfect houses just as difficult. Everyone wants to think it’ll be easier if houses were cheaper, but I think it will be harder, because the frustration gnaws away at you – which tends to cause compromise.

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